Opening a company does seem difficult at the beginning, what with all the documents you need to secure before you can submit your application for registration. And this does not even include the capital you have to raise so that you can start operating once you complete registration. But as in any venture, business is certainly very taxing, but when it is done right, the rewards certainly make up for all the investments and costs.
All too often, on the other hand, businessmen commit mistakes that stall the registration of their business and waste resources along the way. If you are looking into starting your own business, here are a few singapore company registration errors you ought to avoid.
Submitting incomplete documents: you need to submit essential requirements like proof of identification, employment pass, and proof of residence along with your application. Submitting incomplete documents (or for that matter, incorrect documents) nullifies your application and wastes registration fees you shell out in the process. How to avoid: read the ACRA or Accounting and Corporate Regulatory Authority website, which lists the documentary requirements for application for all types of business you can open in Singapore.
Applying for the wrong business type: before anything else, ensure you fully understand the differences between the types of business you can put up, such as their makeup, their requirements, and applicable fees. Every business type is of a varied nature, and it has its individual tax rate computations and privileges under Singapore law. How you can steer clear of this mistake: read up on each business type’s distinction to find out which is the best fit for you.
Not appointing an ordinarily resident officer in Singapore: according to ACRA, you have to appoint a member of your business who is ordinarily resident in Singapore. This member, who is either a Singapore citizen or Permanent Resident, will represent your business particularly if it is owned by foreigners who do not reside in Singapore. In terms of Company Incorporation Singapore is very strict with this rule, so make sure you appoint one even before applying for registration.
Author: Kris TannerThis author has published 1 articles so far.