How do You Incorporate a Company in Singapore?

 It may be that you are struggling with a question. As a local, "Do I really have to carry out company incorporation in Singapore?" One another frequently asked question is, "Can a foreigner register a Singapore company?"

If your business activities are going to generate money, then, "YES!" you will need to open a company in Singapore. Let us see how you can go about it, hassle-free. And, “YES!” foreigners can also set up their Singapore company and own 100% of its shareholding.

In Singapore, the ACRA (Accounting and Corporate Regulatory Authority) governs all the companies. It also acts as the Company Registrar. To start your company, you will need to apply to ACRA.

Procedure for Company Registration in Singapore

The procedure is simple and has only 3 steps in it. You can initiate the process online if you can log-in on the ACRA's portal BizFile+. Or, you can hire a registered filing agent to do the task for you.

In the first step, you register the name of your proposed company with ACRA. It involves checking the availability of a company name. Your agent can help you with it. Send them a list of 3-5 names. They will also pay the ACRA's fee of S$15 and register the available name for your use.

In the second step, you will need to collect all the incorporation documents. You will need to submit the English version of your documents.

In the third step, your agent applies to ACRA to register your company and pays S$300 in fees.

The process for company incorporation Singapore is highly streamlined. It takes only 1-3 days. On the successful Singapore company registration, ACRA sends an email to you or your agent. It contains the details of your newly opened company.

SBS Consulting Pte Ltd is a reputed registered filing agent and specializes in offering services related to company registration in Singapore. The firm employs experts who keep in touch with you at every step of the task and advise you. They also advise you on the post-incorporation activities like opening a corporate bank account and CPF account.

If you have questions about how to do company registration in Singapore, email us at info@sbsgroup.com.sg or call us on +65 6536 0036 for answers.

Singapore Company Formation: Finding Initial Customers

When you opt for company registration in Singapore, you have every right to hope for its success. However, the road to it is full of challenges. If you are bootstrapping your Singapore company formation, it becomes imperative to surmount each of them. You also economize on your resources. You can actually start it by hiring cost-effective Singapore company registration services.

You have to focus all your energies on selling your business idea. At every turn in the road to the successful entrepreneurship, you have to keep in mind that you are not on an adventure like Google and Microsoft went on with Motorola and Nokia respectively. You don’t have that kind of money. The only money that you are going see out of your company registration in Singapore is what you are going to earn from it.

Sell to Ensure Your Survival

As a bootstrapper, you must be ready with a plan to attract as many paying customers as possible right from the day one. You have to spend every second of your day to make your products and services appealing to them. It is a top priority, as you must sell to generate revenue and to ensure the survival of your limited private company in Singapore.

Prepare the Ground

However, the question is, “Is the market prepared to take you seriously?” It will happen only if you have a product that satisfies a major need in your business niche. Even after having such a product you may find it struggle to attract your initial customers. But you should not let your heart sink because every startup owner has to go this phase. You should be actually prepared for it.

Get Feedback and Suggestions

You have to be very careful how you treat your initial customers. It is going to set the tone of your business activities. At this stage, you should invest yourself in finding out what they think of your product; feedback and suggestions. You should convince them with your responsiveness and approach towards customer satisfaction.

Once you have sufficient amount of feedback, you should take sincere steps to improve your products or services to add more value to them. Make sure that they are successfully addressing the problems faced by your targeted customers. They go back to the board and redraft and refocus your marketing activities like content marketing, ad campaigns, or referral programs to drive the massive growth.

@SBS_Consulting a #Company #Registration #Services firm, Wins Singapore 500 Enterprise #Award https://t.co/F4JquuHkbK#achievement#success#entrepreneurs

know more: https://t.co/XBasVH4iJN pic.twitter.com/Ienkx0WHrk

— SBS Consulting (@SBS_Consulting) April 3, 2018

Attracting Your Initial Customers

1#. Market Research & Survey to Find Pain Points

You cannot just go and make what you want to offer to your customers. If you are seriously interested in taking your company registration in Singapore on the road to success, you need to conduct market research and surveys.

You need to find the pain points and go to the drawing board and if needed, rethink your business idea and develop it into something that is much needed. You sell what your targeted customers need not what you have developed blindly.

2#. Piggyback on Your Competitor’s Content Marketing

Every new Singapore company formation finds it hard to acquire recognition. The consumers are a bit wary of unknown sellers. And in general, things move slowly for them.

However, there is a way to accelerate the things and get wide recognition. You can piggyback on the competitor’s efforts. It involves finding out the media and channels they are using to promote their products. Then, post your content there to market similar products.

However, you cannot use this approach if the product is based on a new idea, or offers the different set of solutions. You will have to make it a full-fledged marketing activity to promote your product.

3#. Get Inputs from the Experts

If you could, you should also talk to experienced individuals that are witness to the ups and downs of your business niche. You could meet product reviewers, product developers, suppliers, or investors who could give worthwhile inputs to you.

It is obvious that not all of these individuals you are interested in talking to will accept your invitation and allow you to pick their brains. You, if needed, may think of hiring them.

Each year, thousands of aspiring entrepreneurs pay company set up cost stipulated by the Singapore company registrar. However, nursing a new Singapore company formation and creating enough room for it to grow in a competitive market is a tough thing to do.

Contact us:
SBS Consulting Pte Ltd
Visit: https://www.sbsgroup.com.sg
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

3 Tasks to Delegate After Singapore Company Registration

After paying Singapore company incorporation fees to get your startup going, you should be choosy in the tasks you spend time on. Your first priority is to grow the new Singapore company registration to its fullest extent. You should take the time to identify the tasks that you absolutely must do on your own.

In fact, you should brainstorm the business of the delegation of tasks right before setting up a private limited company in Singapore. After all, you could hire one of the Singapore company registration services to see to the faultless execution of the Singapore company registration process.

Setting Up a Private Limited Company in Singapore

The company incorporation in Singapore with ACRA is not a difficult task. However, hiring an expert to do it for you takes a load off your mind especially, when you are a foreigner and new to jurisdiction. The ground reality is that you could limit the cost to set up a private limited company if you choose one of the promo incorporation package.

These packages are designed to reduce the Singapore company registration cost. Singapore company registration services like SBS Consulting Pte Ltd offer multiple services for the cost of one.

Delegate Tasks Post Singapore Business Incorporation

As a startup business owner, rearing to go, you should get rid of the tasks that can eat up your time, mental, spiritual, and physical space. You have to identify them before they become a nuisance.

Also Read: Company Registration Singapore: 6 Tips to Grow as an Entrepreneur

Tasks Needing Physical Efforts or Travel

When you have a product, you must see to it that it reaches to your whole sellers and retailers in time. However, it does not mean that you have to deliver it personally. Surely, you have better things to do. If you hire someone and delegate the task, you will have spare time to think about adding more value to the product and making it more attractive to your customer.

When you supply your products on time, you must make sure that you get the check on time. However, in real life, it may not work as smoothly as you want it. You may find yourself visiting a few clients’ and waiting on them multiple times for your payment.

It is utter waste of your time. Such incidences may also harm your cash flow drastically. You should think about establishing a network to distribute your products. The distributors may also come handy in increasing your reach as they have their own contacts and resources.

Tasks Needing Technical Knowledge

The marketing gurus advise the startup owners to establish the business website as soon as possible. It helps in marketing and branding your company. You could use it to spread awareness about your products and business activities among your potential or targeted customers.

If you have the expertise, you could actually design and develop the website on your own. However, if the technical knowledge that you will need to execute it is out of your reach, it is better to outsource the task to the experts.

Delegate Non-Core Tasks

Every Singapore business, including the startups, have to discharge administrative functions. They have to regularly update their books of accounts, execute their payroll on time, be prompt with the audits, taxation, statutory filings, holding of AGMs, etc.

However, all of these are non-core tasks of the business. They generate no profit for it and you must have expert knowledge to discharge them. It is not something that you try to do on DIY-basis. You will be better off by appointing the experts to take care of them.

As the owner of a growing Singapore company registration you will need to take critical decisions from time-to-time. They may include delegating tasks to your employees so they could have thorough understanding of them. You may also choose to give a breathing space to your new employees by delegating an established and streamlined tasks to them. On the other hand, you could also decide to saddle them with the one you hate most freeing your mind.

Contact us:

SBS Consulting Pte Ltd
High Street Center,
#17–02, 1 North Bridge Road,
179094 — Singapore
Phone: +65–6536 0036
Email: info@sbsgroup.com.sg

Know What Singapore Company Registration Services You Can Get in $699

Looking for a reliable Singapore company registration services firm? When a creative person starts offering a new service or comes out with a new product, there are always copycats to follow a leader. After a time, the market is so full of these entities; you cannot even identify the initiator unless you were there at the start.

Locating a proud Singapore company registration services provider is not an easy task to register company in singapore for foreigner. In fact, it is also difficult for the Singaporean entrepreneurs who are opting for Singapore company formation for the first-time.

Keep the Cost of Singapore Company Formation Down

If you are bootstrapping your business, then the cost of incorporation will be your main concern. The best option to limit it is to search for the Singapore company registration agents like SBS Consulting Pte Ltd that offer freebies. You should actively search for the promo or combo packages that offer multiple services but charge only for one.

You should also examine the add-on FREE services carefully and determine whether they are essential for the task at hand. It will enable you to keep the ultimate Singapore company registration cost under manageable level. If it is possible, make sure that you will not have to pay for the essential services in future.

Look for Freebies

As per the Companies Act, you must provide a local registered office address at the time of applying for the registration of Singapore company. You also appoint an experienced and qualified company secretary within the six months from the registration date. Hiring SBS drastically brings down the Singapore company formation cost as you get $540 worth of services FREE.

Check for Hidden Costs

Your internet research will reveal different pricing policies pursued by the Singapore company registration services firms. You will also realize that not all of them are open and forthcoming about the final cost of setup a company in Singapore. If you must, you should contact and discuss it with them. Make sure that there are no hidden costs which will cause you to regret your choice of the services provider.

Promo Package for Setting a Company in Singapore

After appointing a competent provider of company registration services in Singapore, you can expect following incorporation services:

• Checking availability of company name & reserving it
• Preparation of M&AA, Form 45, Form 45B
• Company registration with ACRA
• Electronic Certificate of Incorporation
• Company profile/extract from ACRA with UEN Number
• Minutes of first board meeting
• Share certificate(s)
• Common seal
• Preparation of company kit
• FREE assistance for opening Bank account in a Singapore bank

Process for Singapore Business Registration is Easy

The process to set up a private limited company in Singapore is a simple one. You need to provide proper incorporation documents to your agent along with the list of 4-5 names for your proposed company. They will use the available name to register your company. Within no time, you will have your brand-new Singapore company.

However, the process will take 14 days to 2 months if the company name has terms like “Bank,” “Education,” “Financial” in it. These applications are referred to the appropriate authorities, and the approval takes time.

Complete Post Incorporation Activities

Wait! Don’t start your business activities, as you are not yet. There certain post-registration activities that you must complete. These include the opening of a corporate bank account in a local bank in Singapore, opening a CPF account and topping it, check whether you need to register your company for GST.

You may also need to apply and acquire business permits and licenses if your business activities require them. Your Singapore company registration services providing firm may be of assistance in completing these activities. These firms employ experienced professionals, and you will be better off by discussing your needs with them.

Contact us:

SBS Consulting Pte Ltd

High Street Center,

#17-02, 1 North Bridge Road,

179094 - Singapore

Phone: +65-6536 0036

Email: info@sbsgroup.com.sg

Looking for a reliable Singapore company registration services firm? When a creative person starts offering a new service or comes out with a new product, there are always copycats to follow a leader. After a time, the market is so full of these entities; you cannot even identify the initiator unless you were there at the start.

Locating a proud Singapore company registration services provider is not an easy task for the foreigners wanting to set up a company in Singapore. In fact, it is also difficult for the Singaporean entrepreneurs who are opting for Singapore company formation for the first-time.

Keep the Cost of Singapore Company Formation Down

If you are bootstrapping your business, then the cost of incorporation will be your main concern. The best option to limit it is to search for the Singapore company registration agents like SBS Consulting Pte Ltd that offer freebies. You should actively search for the promo or combo packages that offer multiple services but charge only for one.

You should also examine the add-on FREE services carefully and determine whether they are essential for the task at hand. It will enable you to keep the ultimate Singapore company formation cost under manageable level. If it is possible, make sure that you will not have to pay for the essential services in future.

Look for Freebies

As per the Companies Act, you must provide a local registered office address at the time of applying for the registration of Singapore company. You also appoint an experienced and qualified company secretary within the six months from the registration date. Hiring SBS drastically brings down the Singapore company formation cost as you get $540 worth of services FREE.

Also Visit: Incorporation Promo Package

Check for Hidden Costs

Your internet research will reveal different pricing policies pursued by the Singapore company registration services firms. You will also realize that not all of them are open and forthcoming about the final cost of setup a company in Singapore. If you must, you should contact and discuss it with them. Make sure that there are no hidden costs which will cause you to regret your choice of the services provider.

Promo Package for Setting a Company in Singapore

After appointing a competent provider of company registration services in Singapore, you can expect following incorporation services:

• Checking availability of company name & reserving it
• Preparation of M&AA, Form 45, Form 45B
• Company registration with ACRA
• Electronic Certificate of Incorporation
• Company profile/extract from ACRA with UEN Number
• Minutes of first board meeting
• Share certificate(s)
• Common seal
• Preparation of company kit
• FREE assistance for opening Bank account in a Singapore bank

For More: Company Registration Singapore — A Ready Reckoner

Process for Singapore Business Registration is Easy

The process to set up a company in Singapore is a simple one. You need to provide proper incorporation documents to your agent along with the list of 4–5 names for your proposed company. They will use the available name to register your company. Within no time, you will have your brand-new Singapore company.

However, the process will take 14 days to 2 months if the company name has terms like “Bank,” “Education,” “Financial” in it. These applications are referred to the appropriate authorities, and the approval takes time.

Complete Post Incorporation Activities

Wait! Don’t start your business activities, as you are not yet. There certain post-registration activities that you must complete. These include the opening of a corporate bank account in a local bank in Singapore, opening a CPF account and topping it, check whether you need to register your company for GST.

You may also need to apply and acquire business permits and licenses if your business activities require them. Your Singapore company registration services providing firm may be of assistance in completing these activities. These firms employ experienced professionals, and you will be better off by discussing your needs with them.

Singapore Company Registration: Research, Test, & Sell Your Business Idea

As a first-time business owner, you may commit a horrible mistake even before getting your Singapore company registration. If you have a groundbreaking business idea, do not sit on it or delay the registration of your company.

For a business to be highly successful, the product or the service it is going to render has to be right. It is the biggest puzzle that you will have to solve before committing to company registration in Singapore. That is why the first thing you should do is to analyze the business idea.

Research the Market & Add Value to Your Product

See, if it can be realized in a product. At this stage, you will also have to go to the market and find out your targeted end-users of the product, existing competition, and the where your product stands.

If your product is falling short of customers’ expectations, find out what they need. Revisit your idea and see, if you can add more value to the product so as to make it more pro consumers. The success of your proposed Singapore company registration may depend on it.

Judge the Strengths & Weaknesses of Competitors

You should fully exploit your market surveys and research activity to find out as much about the competitors’, their strengths and weaknesses. It will help you in the launching of the product. Surely, you will like to go full-throttle in the markets where they are weak.

You may also like to postpone meeting them head-on in the areas where they are strong. Of course, if you have the considerable marketing budget, you can make it a completely different ball-game. It will be a great help in establishing your new company registration in Singapore.

You cannot go wrong with the market research and surveys, or it will be a lot of money down the drain. You also need to correctly interpret the collected data and see, how it affects your business idea and model.

Be Flexible to Make Changes to Your Idea or Plan

At this important stage in your company incorporation - yes, it is, as you are judging its potency- you need to be flexible and come up with solutions that your targeted customers need. Or, you will be saddled with a product that only a few customers want. It could lead your startup Singapore company registration into troubles. You must sell in order to survive.

Moreover, it is not enough for a startup company registration to sell the product once. It should be able to attract the customers repeatedly which will go a long way in generating revenue and profits for it. It will also reduce your cost of acquiring a customer.

Every new Singapore company registration should try to create a loyal customer-base. However, you can attract them to you, only if, you have the right product, effective marketing campaigns, and loyalty programs to retain the existing customers. And you should always be ready to stare the competitors in the eye and take them on to protect your business niche.

Contact us:

SBS Consulting Pte Ltd

High Street Center,

#17–02, 1 North Bridge Road,

179094 — Singapore

Phone: +65–6536 0036

Email: info@sbsgroup.com.sg

Singapore Company Incorporation: Bootstrap or VC Funding?

You are interested in Singapore company incorporation, and you want to bootstrap your business like the yesterday’s entrepreneurs did. Yes, it was a time when entrepreneurs used to identify a problem and come up with a solution for it.

Nowadays, the startups have swamped the business world. These entities work differently than the old ones. They go from a funding round to another to raise capital from Venture Capitalists (VC). Most of them, especially those in the e-commerce or the online selling, are more focused on capturing the market share than solving a problem or making a profit. There are a few notable exceptions. However, a new Singapore business incorporation isn’t the same for the old-timers.

Is Singapore the Right Choice?

Your choice of location for starting your new business is not bad at all. After all, Singapore is a favored destination by the entrepreneurs for its lower tax rates. It also straddles one of the main sea routes between the East and West and works fine as an Entrepot. It is a great market to establish a regional office in for Southeast Asia. And it is within the flying distance from the regional markets in Asia. By all standards, it is the right to register a company in Singapore & incorporate it.

Key Tips for Bootstrapping Your Business

There was the time when the only way left to entrepreneurs was to bootstrap their business. The thinking was that you need capital only to expand your business or extend the products line. With the arrival of venture capitalists, a lot has changed. However, the entrepreneurs have not stopped preferring Singapore company incorporation. Whether it is bootstrapped or backed by VCs, it is a great thing to implement your business idea and business plan.

Identify a Problem

The heart of the matter is that the bootstrapping your Singapore business incorporation is not for all. As discussed it is not all about running after funding, but, finding a solution to a problem that people would buy from you. And, it is tough.

Alternatively, you can take up an existing solution and try to improve it cost-wise or quality-wise. There is always scope to add value to existing products and services, increase their availability and bring to the masses. 

Know about Your Competitors

You need to be aware of the competition and the struggle to stay afloat and kicking in your business niche. In fact, you should start working on collecting the information even before opting to incorporate a company in Singapore.

Market Research and Surveys

If you want to sell your business idea, you need to find the people who need it most. You can do so, only by having the thorough knowledge of the market. You need to conduct market research and surveys to get the goods on your competitors and collect demographic data about your direct customers.

Find and Reach Out to Your Customers

In the beginning, you may have to work on your own & multitask to take care of your business. However, when you are in the position, hire the right employees. After identifying the target customer, run marketing campaigns, use content marketing, social media, your business website, to reach out to them.

Selling to Your Customers

Selling is a difficult art. However, if you want your Singapore business incorporation to succeed, what other alternatives you have, but to master it. It is especially important when you have bootstrapped your business. It is the only way you are going to attract money to your business. 

Try to hold on to your existing customers by offering them value-added service. Always keep in mind that the cost of acquiring new customers is greater than that of retaining them.

In the market, you may hear a number of stories about the life-expectancy of new Singapore company incorporation. Yes, a large number of them perishes within the first two years. You can prevent your company from taking the same path. Be pro-active, stay tuned to the market, and respond to the emerging market trends by fine-tuning your products and services.

Contact us:
SBS Consulting Pte Ltd
High Street Center,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: +65-6536 0036
Email: info@sbsgroup.com.sg