Entrepreneurs Looking to Start Spa : Guide to Set up Company in Singapore
Are looking to expand from being a freelance massage therapist to setting up a spa in and set up company in Singapore? For many freelance massage therapists, they are registered under a sole proprietorship with ACRA and the Singapore government. Aside from needing to find trusted employees and experienced massage therapists, starting a spa requires you to become a business owner. This would mean to transition from a sole proprietorship to set up company in Singapore in the form of either a partnership or private limited company.
Thankfully for all Singaporeans, Singapore, in current and past decade has been rated as one of the top few countries as the best places to conduct business by the World Bank Group. From strategic location, attractive tax systems, stable political environments and business friendly policies, Singapore is definitely the ideal place for entrepreneur and investors to consider to set up company in Singapore.
Other than efficient and excellent infrastructure, tax and law system, the process to incorporate company in Singapore can be done conveniently and easily through the Accounting and Corporate Regulatory Authority’s (also known as “ACRA”) portal for businesses. You can easily incorporate company in Singapore easily online in just an hour with ease at your own home.
Before you embark on the registration process of your new company in Singapore, do go through the comprehensive step-by-step guide on the process of company incorporation Singapore.
Step 1: Schedule a consultation with a company incorporation Singapore service provider
If you are a first timer looking to incorporate company in Singapore, it is advisable that you engaged the service of a Singapore registered Incorporation service provider to guide you through the statutory requirements and legislation of ACRA and ensure that your new company is in compliance with the Company Acts.
The service provider should charge affordable Singapore company incorporation fees and provide you with a free consultation. Also, should you be unsure of the type of entity that suits your business best, you can count on them to advise and recommend you the entity that will best suit your requirements and business nature.
The company incorporation Singapore service provider will also guide you through the process of setting up a new company, making the process easier and fuss-free for you. However, it is not compulsory for Singaporean / Singapore P.R to engage the help of an Incorporation service provider but, for foreigners looking to set up a new company in Singapore, it is required and compulsory for them to use a company incorporation Singapore service provider with affordable Singapore company incorporation fees for the incorporation process.
Step 2: Information required for Setting up a New Company in Singapore
After assessing the business entity suitable for your business, you will be required to provide your company incorporation Singapore service provider with the details of your new company for their due diligence verification, these details will include:
Proposed Company Name
Prior to starting the process to incorporate company in Singapore, you are required to provide your proposed company name to your company incorporation Singapore service provider who will in turn, reserve the name on ACRA for the actual company incorporation Singapore.
In Singapore, you will need to take note of a few pointers when reserving or registering your Singapore company name in ACRA:
- The proposed name must not be similar to existing Singapore companies
- The proposed name must not contains any obscene or undesirable term or words
- The proposed name must not contravene on any registered trademarks
- The proposed name must not contain controlled words such as “Bank”, “University”, “Treasury”, “National” etc.
If your name does not infringe any of the above criteria, you should be able to get the approval of the reservation within an hour. The reservation will be valid for up to 120 days, hence if the company incorporation Singapore does not take place within 120 days, you will have to submit a reservation request again.
Companies registered in Singapore will have to provide at least one and up to two business activities that are listed under the Singapore Standard Industrial Classification Code (“SSIC”). The choice(s) of business activities must be the one(s) that best describe your business nature and industry.
Director of the New Company
For all private limited companies in Singapore, it is compulsory to have at least one Singaporean/ Singapore Permanent Resident director registered in the company when going through the process to set up company in Singapore. A foreigner cannot be registered as the sole-director of the company unless he/she is holding an EntrePass. Most of the registered company incorporation Singapore service providers offers affordable Singapore company incorporation fees and nominee director services for companies who do not have candidates for the local resident director position.
Paid Up Capital and Shareholders
The requirement for minimum paid up capital is $1 and there have to be at least 1 registered shareholder in the company during the company registration. Unlike the directorship of the company, a foreigner can be the sole shareholder of the company and it can also be a corporate entity.
A company secretary is part of the officers appointed by the company who will be mainly responsible for compliance and documentations as required by the Company Act and other statutory requirements. Some of the duties include issuance of company’s resolutions for changes, mandatory filing of returns and maintaining the company’s books.
It is compulsory for all companies that have gone through the process to set up company in Singapore successfully, to appoint a company secretary within 6 months from the date of company incorporation Singapore. Aside from affordable Singapore company incorporation fees, a good service provider should also provide company secretary services.
Local Registered Address
During the set up company in Singapore process, the applicant must provide a registered office address based in Singapore for the application. The address is not necessary the location where operations are carried out but it has to be the location where all correspondence and notices are delivered to and also where the company’s record are kept. The address indicated must be accessible to the public during working hours at all times.
Step 3: Documents required to set up company in Singapore
When the information required in Step 2 of the guide are finalized, you will need to provide form of documentations to the company incorporation Singapore service provider for their due diligence verification. A good company incorporation Singapore service provider that provides affordable Singapore company incorporation fees will inform you of a list of necessary documents that you will need to provide. These documentations includes personal details such as a proof of address, company constitution, Consent to Act forms, “Know Your Customer” check for compliance on anti-money laundering.
Once the documents are in order, the incorporate company in Singapore service provider can proceed with the registration on ACRA.
Step 4: Incorporate company in Singapore on ACRA
After verification and provision of the documents and information required, the company incorporation Singapore service provider can submit the application on ACRA for the registration of the new company. The process will be done online and should not take longer than an hour before approval.
Step 5: Getting Ready to Kick-Start Operation
Congratulations, your new company is set up at this stage and you can legally commence your business in Singapore! However, for many companies, successful registration of your company is just the 1st step to start operations, to be fully operative; you may need to consider your next steps:
- Bank Account Opening
- Application of Relevant Business License (E.g. NEA, BCA, STB)
- Register for Goods and Service Tax (GST
- Manpower and Work Pass Requirements
- Business Financing / Loans
An established company incorporation Singapore service providers will be able to assist you in your subsequent steps to incorporate company in Singapore, while charging you reasonable Singapore company incorporation fees.
In conclusion, setting up a new company in Singapore and getting your business ready for operation can be made easy and fuss-free with the right company incorporation Singapore service provider!
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