Do you want to open the company in Singapore? Well, you should consider certain aspects before registering your company. It helps you to finish all the process involved in the registration easily and quickly without any hassles. Continue reading the article to know those aspects and then step into the process of your Singapore company registration!
Consider these things before company registration
- Select the business structure
The first thing you should consider before registering your business is choosing the right business structure for your company. To decide this, you need to consider things such as capital, the number of owners for the company, and risks. Register your company as the sole proprietorship, especially when you are the only person operating your business. It needs less administrative requirements and less management as well. Therefore, you need not face any hassles in registering the company.
Do you have an intention to open a business with one or more partners? Well, it is the right decision to open the company as a partnership. Additionally, the partnership need not have to file its accounts and make them audited. In case you and your business partners want to limit your liabilities by not being liable personally for the debts of the partnerships, an LLP is a perfect choice to go with.
- Select the company name
Next, you must decide the name of the business, which you wish to start in Singapore. Run the quick online Google search to spot out whether the currently registered company already accesses the proposed business name. In the case of being the similar name of another company, you should change the name immediately. Also, run your proposed business name via the entity search function on the BizFile+ site.
This website is the online filing and information retrieval system of the ACRA. Kindly refer the guidelines on choosing the company name given by the ACRA. It helps you make the right choice on the business name, which is efficient and perfect for your company operation. Do not forget that the name you choose is much similar to the used business name or accessed before ACRA will reject the title to register.
- Pick up the business address
Finally, you require the business address where you have to keep all the legal documents of the company. When you do not want to rent any office space, you should consider registering your home address as your company address. This residential scheme will help you to operate the approved small-scale registered company from your home address. Keep in mind that certain business types are eligible for this scheme.
After reading the article, you will come to know the essential aspects which required considering before company registration in Singapore. When you do all the things mentioned above correctly, you can able to open the company in Singapore without any hassles. If you confront any issues in registering the company in Singapore, then seek help from the experts who give enough assistance to perform company registration.