A Few Crucial Things to Consider Before Company Registration Singapore
Although the Singapore economy has been heading towards the technical recession lately, it could hardly cast its ill effect on the spirits of entrepreneur enthusiasts across the globe. The potential entrepreneurs still view Singapore to be the most promising launching pad for their startup venture. They continued to immigrate to the island nation in the pursuit of company registration Singapore. The process of Singapore company registration has long been known for its straightforwardness and minimal bureaucratic hurdles. Nevertheless, it could be a daunting task unless you have excellent knowledge of the legal procedures. This is the main reason why many experienced entrepreneurs advised the new entrants to hire a good company incorporation specialist in the city-state. The professional services providers ensure to provide end-to-end services vis a vis company registration in Singapore.
Singapore Company Registration: The Key Facts The Singapore Companies Act, Cap 50 regulates the process of Singapore company registration. One must undertake two steps to accomplish the process successfully. 1) company name reservation and 2) company registration (filing of application form & necessary documents). Both of the steps must be done with the authority called ACRA (Accounting & Corporate Regulatory Authority). It should not take much time to get the registration done unless your application needs to be reviewed by the approval authority. Once approved, the name will be reserved for 60 days, and one can register the business within the said period. Nevertheless, you can also extend the company name reservation period for another 60 days by filing an application with authority. Upon the filing of the application form, the applicant will receive mail from ACRA confirming the successful registration. The soft-copy attached with the mail will be treated as official incorporation certificate. There are few minimal requirements which must be met before registration process.
The Minimal Setup Requirement for Company Registration Singapore are: At least one local director of 18 years of age and above. He must be either a PR, natural citizen or holder of EP/EntrePass. ● At least 1 or up to 50 numbers of shareholders. A shareholder can be a company or individual. ● A registered office address. It should be a physical one. P.O. Box address is not accepted. ● The minimum value of paid-up capital is S$1. ● A qualified company secretary must be appointed within six months from the date of company incorporation. ● Here is a checklist of few things to consider before taking the plunge into company registration Singapore.
Build & Expand Your Business Network in Singapore Building a strong business network is paramount for every entrepreneur. It helps you grow your business exponentially. You may start attending business events, trade shows, exhibitions to get exposure in your areas of interest. A smart entrepreneur spends around one fifth of his time on building a relationship with peer businessman and strengthening the bond. Many business communities organize events and meetups in Singapore. You may join the communities to share and exchange the business ideas. It would help broaden your knowledge as well as business network.
Define and Focus on Niche Audience It is important for any business to define and focus on the target audience. You should know exactly who your customer are. Once you know your niche audience, you can design a specific marketing plan. With the help of the marketing actions, they will begin to know who you are and get to liking your product and services. They eventually come and buy from you. If you try to cover everyone with one marketing strategy, you will lose more 50% of your audience just because it does not apply to them.
Spend a Few Dollars to Get Professional Assistance It is wrong to assume that the investing a few dollars on hiring professional services is a wastage of money. In fact, taking the help of expert incorporation specialist will save you from the legal troubles you may come across in the course of company registration due to your lack of knowledge of Singapore Companies Act. You may find one good service provider who will seamlessly work with you and help your business thrive.
Delegate the Tasks to Right People Delegation simply does not ensure business success; It is equally important to delegate the tasks to the right people. So, make sure to hire the right employees for your company as they are the key driving force behind your success. Many times, businesses face downfall simply because of a pool of wrong resources. If you appoint the employees who are qualified but do not possess the drive, your business is likely to witness slow progress. Sometimes, the growth stops and the business become stagnant. The team of your company must have a clear business vision and goal. These are the surefire ways to become a successful entrepreneur after company registration Singapore. Make sure to follow these guidelines so that nothing can stop you from achieving the business goals.
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