We Take the Worry Out of Business Setup
Launching a successful business, demands careful attention from day one. Beyond dreaming up the concept and securing financing, the legalities must be tended to in order to ensure smooth operational sailing. This is where LCC Global comes into play. Our team of experts is here to help clients with business setup in Singapore and beyond. Offering the legal known-how to setup company documents properly, our team is poised to assist not only legal residents of Singapore, but also foreign nationals in making their business dreams come true.Singapore is one of the easiest places to do business in the world. Popular as the fourth leading financial centre, the country offers strong trade and investment opportunities to both local and foreign entrepreneurs. The process of setting up a company in Singapore is hassle-free and usually takes a couple of days to complete, when all the guidelines are adhered.
Business Setup Singapore – Pre-setup Checklist
If you are considering Singapore business setup, make sure that you have clear idea about type of business you want to setup. There are various options available for business setup in Singapore like sole proprietorship, partnership, Limited Liability Company, a subsidiary, a branch office, a representative office, and so on. However, having a clear idea about your requirement is a must, as it can affect various aspects of your business, like liability, creditability, business expansion abilities etc.The best option for entrepreneurs for Singapore business setup is opting a Private Limited Company. It supports entrepreneurs with better creditability options amongst investors, regulations and banks, and get various support and benefits from the government of Singapore on setting up.
The existing companies can opt for setting up a branch office, a subsidiary company or a representative office in Singapore.Once the type of the company is decided, promising company owners must decide on a unique company name, which should not be similar to the name of some other existing company. Also, company owners must provide a local Singaporean address which will act the official address of the company. Once the address gets registered, all the legal documents will be sent to this address only. The chosen premise must get approved by Urban Redevelopment Authority (URA) of Singapore, before it can be used as commercial space. For small entrepreneurs, who wish to run their company from a flat or a house, they must have the location approved by Housing Development Board (for flats) and Home Office Scheme (for homes) of Singapore.
If you are unsure about, which will be the right option for you, we can help you making the right choice.Before applying for the incorporation of the business in Singapore with Accounting and Corporate Regulatory Authority (ACRA), go through all the legal process and documents to avoid any casualties. Depending on your business type, you might require various license from various authorities before you can run your business. Foreign entrepreneurs and business owners would need EntrePass, Employment Pass or Dependent Pass from the Ministry of Manpower. These will be provided to professionals of managerial levels and executive teams for 1-2 years and can be renewed from time to time.
Business Setup Singapore – The Process
The process of setting up a company in Singapore is basically divided into three steps. The very first step involves online registration of the company with ACRA. The incorporation is done through Bizfile – ACRA’s one-stop business filing and information retrieval system. Through Bizfile, entrepreneurs can apply for registration of company name, reservation of domain names & GST, application for corporate account, etc. The process takes about a couple of hours, when all documents are submitted and guidelines are adhered. The name of the company will be reserved for 60 days and notice of incorporation will be sent by an e-mail.
Business Setup Singapore – The Government Support
Singapore Government provides excellent support to entrepreneurs with the aim of setting up a company in Singapore. The entrepreneurs can seek help of various government agencies for investor support, support in financing, capabilities and management development, technology and innovation, and access to markets. Agencies such as ACRA can support business owners with information on new business assemblies, compliance requirements, and corporate governance practices.When LCC Global steps in to assist with business setup in Singapore, clients can rest assured our experience and expertise will help them get off the ground in no time at all. In addition to offering clients the know-how needed to file incorporation papers, we also offer such vital services as local nominee directorship, work passes, accounting, secretarial services and more. Our team can even assist with bookkeeping, taxation and auditing.At LCC Global, our mission is to help clients get their businesses setup Singapore properly to lay the groundwork for future and sustained success.