Business formation timeline in Singapore
Do you feel ready to pursue your dreams of becoming an entrepreneur? It is crucial to understand the process of setting up a company for a successful start, and Singapore provides a favorable setting for business ventures. This detailed guide takes you from the initial idea to officially creating a company, providing estimated timelines and helpful advice to help you make well-informed decisions.
A step-by-step guide
We have outlined the essential procedures for setting up a business, including a projected timeframe and our comprehensive strategies to simplify the process for you. It is important to note that the duration for establishing a company can differ greatly, as each business has its own distinct registration process that is dependent on specific circumstances and criteria.
Define your business plan (1-2 weeks)
Before beginning the formalities, it is crucial to have a clearly defined strategy in place. Our team of professionals is ready to provide expert guidance and help you develop a comprehensive corporate plan tailored to your goals. Schedule a consultation with us to kickstart the process.
Reserve your company name (1-2 days)
Choosing a unique and enduring business name is a crucial part of your marketing strategy. Our fast and simple name reservation services ensure that your desired name is available and secured immediately, giving you the confidence to move forward.
Draft and sign the articles of association (1-2 weeks)
The Articles of Association establish the legal structure of your company, detailing its objectives, organization, and internal rules. Our team of legal professionals can help you create and analyze these important papers to guarantee adherence to Singapore’s legal requirements.
Opening a business bank account (1-2 weeks)
To facilitate financial transactions for your company, it is necessary to set up a business bank account. You may need to provide identity documents, proof of company registration, and other relevant paperwork. This process typically takes between one and two weeks.
Deposit share capital (1-2 weeks)
In Singapore, companies are required to deposit a minimum share capital amount based on the chosen legal structure. Our team will help you with preparing the necessary documentation and will support you in depositing the required funds into your newly opened bank account, to ensure that you comply with legal requirements.
Register your business (1-2 weeks)
Signing up your business with the Trade and Companies Register is an essential part of setting up. Our experts take care of the necessary documentation, communicate with the officials, and speed up the registration process, saving you both time and energy.
Obtain necessary permits and licenses
According to the nature of your business operations, you may need specific permits or licenses to operate legally in Singapore. Our regulatory specialists will help you navigate the intricate regulations, determine the required permits, and support you in efficiently securing them. The timeframe for obtaining the necessary permit will differ based on the type of license.
Tax registration (2-3 weeks)
Registering for taxes is a crucial step in establishing a business. It involves obtaining a distinct tax identification number, a process that can vary in duration but typically takes two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
If you are considering bringing on staff members, it is essential to create payroll systems and employment contracts that meet legal requirements. Our HR experts can help you with setting up payroll systems, creating employment contracts, and guaranteeing adherence to labor regulations, so you can concentrate on assembling a skilled team.
Establish accounting and bookkeeping practices (2-4 weeks)
It is crucial for any business to keep precise financial records. Our accounting specialists assist in setting up strong accounting and bookkeeping procedures to guarantee adherence to Singapore accounting regulations.
Starting operations
With all the necessary regulatory procedures completed, your company is now ready to begin operations. The timing of this step may differ based on factors such as your company’s industry, market conditions, and readiness for the market.
Form a company with us
Are you ready to begin your business journey in Singapore? Contact us now for a consultation and let our experienced team guide you through the process. We will collaborate with you to achieve your business objectives.