What’s Next After Company Registration?
Once your company has been registered, you’ll need to get your company’s directors and shareholders to fill out a company director’s declaration form.
This form essentially ensures that all of the directors listed on your company’s articles of association have been verified by the authorities and are eligible to hold such positions.
Another form that you’ll need to file is the company shareholder’s declaration form, which is essentially to show that the shareholders listed on your company’s articles of association have been verified and hold their respective shares. Now the Complete Process For Register Your Business in Singapore.
Advantages of Registering a Company in Singapore
There are several benefits associated with registering a company in Singapore and setting up a legal entity. One of the biggest advantages is that your business will be taxed at a lower rate as compared to if it were operating as a sole proprietorship.
There are also some other benefits associated with company incorporation in Singapore.
- Some of these include: You can claim tax deductions: The company that you register is taxed at a lower rate than if it was operating as a sole proprietor, which is the default business model in Singapore.
- You can raise funds from investors more easily: If you plan on raising funds from investors, it’s much easier to do so when you’re operating as a company compared to as a sole proprietor.
This is because investors usually prefer to put their money into companies that have been incorporated and registered. You can hire employees: If you want to hire employees, you’ll need to register a company. This is because sole proprietors cannot hire employees.
You need the Following Next:-
- Nominee directors’ details
- Requirement of minimum paid-up share capital.
- Nominee shareholders’ details
- Requirement of minimum paid-up share capital
- Name of the company secretary
- Requirement of minimum paid-up capital
- Name of the company secretary
- Name of the company auditor
- Requirement of minimum paid-up capital
- Name of the company auditor
- Requirement of minimum paid up capital
- Name of the company auditor
- Name of the company auditor’s representative
- Name of the company auditor’s representative’s employer.
Disadvantages of Registering a Company in Singapore
There are also a few disadvantages associated with registering a company in Singapore.
- The biggest disadvantage is that you’ll have to pay more taxes. Another disadvantage is that you’ll have to file more paperwork, which can be a bit of a hassle.
- You’ll also have to comply with a number of regulations, which can be challenging to comply with. If you fail to comply with the requirements, you risk getting fined.
Final Words:-
If you’ve been thinking about starting your own business, you’ll need to register a company in Singapore. You can do this by choosing a company name and filing the necessary documents at the Accounting and Corporate Regulatory Authority (ACRA).
Once you’ve registered a company in Singapore, you can hire employees, apply for grants, and apply for a loan. Company registration in Singapore is a long and complicated process that requires you to file various documents at ACRA. Once the process is complete, however, you’ll be able to reap a lot of benefits.
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