More than a few local as well as foreign investors find the idea of company formation in Singapore as an attractive business opportunity. Hence, a growing number of them come to a decision to make their presence felt in Asia by registering their businesses in this city-state. So if you are interested to follow their lead, read about the basics mentioned here below and may it be useful for you in one way or another.
When it comes to singapore company registration, an applicant will come across the ACRA or Accounting and Corporate Regulatory Authority. It’s the designated regulator of business entities as well as public accountants. After the registration, the applicant will be required to submit the Articles of Association to the Registrar of Companies for statutory compliance. For grounds like being a possible threat to national security, detrimental to welfare of the people or any other purposes deemed illegal, the Register of Companies has the right to deny a business entity’s application for registration.
When you register company in Singapore but are denied of your application, you’ll be given a chance to appeal. There’s a thirty day period during which you can file your appeal for reconsideration to the Minister of Finance. Truth be told, not all applications are successful but it is comforting to know that a second chance is afforded to the unsuccessful applicants.
Once the suspicion that the business entity for which you are applying for registration is a threat to the city-state, the government and the people, is proven to be unjustified, then you can expect positive results in your appeal. As soon as that happens, you can then take advantage of the positive image that setting up a business in this city-state brings. Even the international business players acknowledge the edge secured by the companies doing business here in Asia’s fast progressing hub.
So suggest that you make the most out of this rewarding and exciting opportunity from the moment it was given to you. Remember that in business, time is of the essence. And while you can enjoy the benefits which come with this opportunity, prepare to deal with the challenges that are certain to confront you along the way too. The Singapore business scene is very competitive. That said, it gives the players a great learning experience just as it brings tough tests designed to bring the best of the rest.
Author: Florian JacksonThis author has published 1 articles so far.