Incorporating a company provides a variety of benefits. For one, it gives a much-needed exposure for the business. Secondly, it gives your company asset security and even tax breaks on certain circumstances. These reasons, along with the many other benefits of business incorporation, are why many entrepreneurs are choosing to incorporate.
However, business incorporation can be tedious for many, even with the ease of doing business in Singapore. People just don’t want to be burdened with the stress and fuss of preparing documentary requirements and going through the process’s steps.
This article provides a brief overview of the incorporation process and how it may be challenging for some. Further, we outline here the key benefits of availing an incorporation service provider.
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The Incorporation Process
In general, there are three steps you’ll have to take to incorporate a company in Singapore. Of course, these steps, the documentary requirements, the costs, and the duration will vary depending on company size, structure and sector.
Register Company Name
The first step is to have your company name approved. You can do this step online, which you can complete in an hour. However, you have to follow the Accounting and Corporate Regulatory Authority (ACRA) guidelines in choosing a corporate name. Your name must not be identical to that of an existing company, not infringe any trademarks, not vulgar, and not reserved by another company.
Further, a name may also be referred to another government authority for approval if it contains regulated business words like “legal”, “finance”, “school”, etc. Once your corporate name is approved, you reserve the exclusive right to claim this name for 120 days. If you don’t incorporate your company within this period, another entity may claim the name and use it for their company.
Prepare Documentary Requirements
The next step in the incorporation process is to prepare the necessary documents and details for the application. The applying company must strictly follow the incorporation guidelines. For instance, there must be at least one local director and a local corporate secretary. If you do not follow these rules, this may cause the delay of the incorporation process.
Additional documents may be necessary for foreign companies incorporated in Singapore. Before they can apply with ACRA, they must obtain an Entrepreneur Pass (EntrePass) or Employment Pass (E-Pass). Further, more documents will also be required if the foreign investor wants to set up a branch office, representative office, or a subsidiary. To aid in the ease of foreigner incorporation, ACRA recommends that they seek local corporate service providers’ aid.
Submit and Process Documents with ACRA
Lastly, the entrepreneur will have to submit the documents for processing. On this step, the applicant will have to bring with him the requirements for incorporation. This step can take just a day if there are no issues with the documents.
As presented, with only just three steps and the minimum processing time, Singapore’s incorporation process may be less tedious than other countries. However, it may be better to avail of incorporation services from professional service providers.
Key Benefits of an Incorporation Service Provider
Provides Consultation
Getting the input and advice of a professional is one of the benefits of hiring an incorporation service provider. This advantage is especially helpful if you set up a business for the first time or register in a new location. With an incorporation service provider, you can get your questions, concerns and issues addressed by an expert. You can then rest assured that your company is in good hands.
Hassle-Free
With a corporate service provider, you only have to inquire about your particular type of business requirements, prepare them, and then wait for your application to get approved. The professional firm will be the one to process your incorporation; thus, it will be hassle-free for you. And you do not have to fret at home while waiting for the process to be complete. The professional service provider will also update you on the progress of your incorporation.
Focus More on the Business Aspect
Because you will free up your time and effort from the incorporation process, you will have more time to focus on planning and strategizing your business launch. You can spend more time researching the industry and the market to outline your short-term and long-term activities. Or you can also use your time to look for funding or hire your staff.
Supplementary Corporate Services
Another perk of hiring an incorporation service provider is that you receive supplementary corporate services. You get to choose the type of services you can depend on the service package you avail. For example, you can get a package where you can get corporate secretarial services in addition to the incorporation services. With a professional firm, you can get more corporate services in one package.
Why 3E Accounting Is the Preferred Choice for Incorporation Service
If you are looking for a trusted incorporation service provider in Singapore, 3E Accounting is the one for you. Founded in 2011, our company has been in pace with the current incorporation procedures for every industry. With our goal to help you reach your business objectives, you can trust that we offer premium services with care.
Accreditations & Awards Received, Incorporated >4000 Companies
Not only is 3E Accounting featured and mainstreamed in many various local and international media channels, but our company is also a holder of multiple awards recognising the quality and the impact of our services. With our vision to deliver better services, we can confidently provide optimum quality service.
One-stop Solution for Business Needs in Singapore
3E Accounting does not just specialise in incorporating start-ups and other companies; we are also renowned for offering other corporate services. Offering bookkeeping, accounting, taxation, secretarial, immigration and many more services, our firm is your one-stop solution to all your corporate needs.
Assist in Incorporation Within 2 Hours
Having incorporated more than 4000 companies in Singapore alone, our professionals are very well-versed in the guidelines and procedures. As such, we can give you ways and options to expedite your incorporation, in just two hours.
Professionals to Look After Your Business Needs
Our directors, leaders and staff all work with the confidence of giving our clients quality services. Highly-experienced and professionally accredited directors and team leaders lead our teams. And our staff all hail with diverse academic, cultural and professional services.
Competitive Package Fees With Free Value-added Services
You can rest assured that the services we offer in 3E Accounting are in line with f today’s time’s corporate needs. Our systems and methods are always updated to adapt to the changing demands of the industry and technology. Offering competitive packages at reasonable fees, we can help you choose the one that will best give you value.
Set up a company in Singapore with 3E Accounting experts today. Contact us and learn more about how our firm can help your company grow and flourish.
