Setting up a local company in Singapore is a pretty challenging task. A country can have simple processes guiding the incorporation of a new company. However, these are technical provisions that can easily be forgotten or incorrectly interpreted. A lack of attention to detail might cost you precious time and money, only to be rejected or forced to rework a significant portion of the project. Luckily, there are company registration firms that, as the name suggests, help businesses with company registration in Singapore. For both Singaporeans and non-citizens alike, the process of starting a business in Singapore involves many details that must be carefully considered in order for the company’s launch to go as smoothly as possible.
Why hire a company registration firm?
A company Registration firm is quite an asset to have when trying to register a business in Singapore. In addition to having the knowledge of local laws, they are also familiar with local practices and have knowledge of industry-specific regulations. There are various reasons why a company should opt to avail of the services of a company registration firm; however, here are the top three reasons that need to be highlighted:
-
Simplification of processes:
When setting up a local company in Singapore, the processes and technicalities are in accordance with the Singapore Companies Act. The act is quite extensive as it lays down all of the legal requirements, dos, and don’ts that new businesses must follow to the T. These processes can appear complicated to unfamiliar individuals. There often are a lot of loopholes and amendments which need to be kept in mind. There may also be some provisions that apply only to some specific types of businesses. A company registration firm is well-versed with these laws and regulations and explains the same to you after understanding the nature of your business. The firm will also help out in doing some research work necessary for the registration application, including finding an appropriate name, finding the right directors and shareholders, and other tasks.
-
Minimizing errors:
For company registration in Singapore, there is a lot of documentation that needs to be filed and completed before filling the application. With so much regulatory and compliance-related paperwork, the chances of making errors are also high. A company registration firm helps check and recheck all the paperwork before submission to avoid any errors. This directly helps in maximising the chances of acceptance in the first go. This also means that you do not end up making mistakes that would cost you highly. In this way, a business registration firm can also be viewed as an investment.
-
Knowledge of networking:
Creating and expanding your professional network can be done in a variety of ways, depending on where you live. A strong network is essential to the success of any business. Understanding these social processes can assist local businesses locate and work with the right partners for their clients. In order to register a corporation, local directors, secretaries, and shareholders must be present in order for it to be legal.
Interesting Related Article: “Best Guide On How To Register A Private Limited Company in Singapore“