getting in sync with business setup services in singapore
- Understanding the basic business structure:
One has to understand the right business structure apt for their business needs and this decision is the foundation to the entire process. There are many types, namely, Branch, Partnership, Subsidiary, Private Limited company- local and foreign individual, sole proprietorship.
- Registration of a business:
Any business in Singapore must be registered with ACRA, the Accounting and Corporate Regulatory Authority. A foreign company that wants to start a branch in Singapore must hire two local agents who should have work permit, citizenship or permanent residency to act on their behalf. Businesses that are registered in Singapore are usually under the Company Act(CA).
- Visa process:
For starting a business in Singapore, the employees need to have a mandatory work permit- Entre PASS. There are some requirements for any given company to obtain this permit-
- The applicant should hold 30% of the company shares
- The company must have been registered as private limited company
- The business should be legal
- The company should have at least 50,000$ capital.
These are a few of the regulations required to be followed to be eligible for the Entre PASS.
- Seeking local professional services:
There are many agencies with expertise in this area that provide in depth understanding of the local business situation and help in the smooth business startup process. They also help in maintaining the business, providing assistance in the form of appointing local directors, accounting, auditing, maintaining tax reports, visa processing and more. A recruitment company in Orem can also provide support and insights to help guide you through selecting candidates for your company. The entire process of starting a business becomes less of a task with help from these agencies.
On a related note, the effectiveness of an audit is crucial to an operation in the long term. Thus ensure that any auditing program used by any agency or a branch of your business is conducted as professionally as it can be. When an audit report is carried out, a range of variables must be investigated if you want to grant compliance.