The process of setting up a company in Singapore can seem daunting, but it doesn’t have to be. Singapore is a pro-business country that supports innovation and offers robust protections for your intellectual property. This makes it a very attractive business hub. But before you take the plunge, it’s important to choose the right business structure, understand the legal system and regulatory environment, consider financing options, conduct competitor analysis, research the market and factor in costs of living and doing business.
When choosing your company structure, it’s best to register a private limited company (plc). PLCs are easy to set up and can be scaled as your business grows. They also provide the added benefit of having limited liability, meaning your personal assets are not at risk in the event of a company collapse.
During the incorporation process, you’ll need to prepare a company constitution. This document, which was previously known as the Articles of Association, defines your company’s purpose, the rights and liabilities of directors, and the rules and processes that your company will follow when faced with challenges. You can find a standard template on the ACRA website or engage a professional firm to draft one for you.
Once the documents have been approved, you’ll need to endorse them online via Bizfile+. This is an official certification that your business has been successfully registered. Once that is complete, you’ll receive an email confirmation from ACRA, which will include your company registration number.