If you are thinking to start a business in Singapore, you must choose the legal structure for it. There are many legal structures available for people such as sole proprietorship, Limited Liability Company, and private limited company. For the business owners, it is essential to pick the best legal structure among the other choices for a company. The business is considered to be the part lawful thing from its owners and provides the most flexible, advanced and scalable kind of business structure in Singapore. You can hire A1 Business in order to get aid and support to your company.
What you will get
With a business, you can able to enjoy legal as well as tax benefits. The legal structure you choose makes it easy and simple for you to lift capital for your new scheme. In a company, the liabilities of the business owners are limited to the assets in the company. As well as their potential assets are secluded from the company liabilities. Here are some of the benefits of a company:
- Tax benefits
- Easy transfer of ownership
- Ease of raising capital
- Perpetual succession
- Limited liability
- Separate legal entity
- Professional image to employees and partners
There are two main kinds of companies in Singapore such as private limited companies where there are less than 50 shareholders and public limited companies which have at least 50 shareholders. The person who is interested to start a new business must typically register their company as a private limited company. The A1 company formation will provide reliable service to customers.
How to start a company
The business incorporation process in Singapore contains two main steps such as registering the company name and incorporating the company. All the Singapore companies must register with ACRA. The ACRA is standing for Accounting and Corporate Regulatory Authority. We offer A1 Singapore virtual office address service to customers. Follow the steps given below to start an own company:
Step 1: Register a company
Before you register a company, first you need to secure a name for the business from ACRA. The approval procedure for the company takes 1 to 2 hours. The name contains with the restricted world must need the review as well as approval form a government authority. To speed up the approval process, make sure it is not identical or similar to other local company names and does not violate with any other trademarks. An approved name will be reserved after 60 days from the date of application.
Step 2: Incorporate Company
The next step is to fill the incorporation request and get approval from ACRA. This can be done in a few hours. The person must need a person like shareholders and directors. Here are some of the documents needed for incorporation of a Singapore company:
- Company name
- A brief description of business activities
- Copy of ID card for Singaporeans
- Shareholders details
- Director’s facts
- Company secretary information
- Registered address for the business