The process of company incorporation Singapore can be confusing and complicated. The question of how to register a company in Singapore is often at the top of new entrepreneurs’ to-do list. Singapore offers entrepreneurs a variety of business entities types – sole proprietorship, partnership, private limited company – that they can register in Singapore to carry out their business. It is highly recommended that one should go through each and every of the entities’ type before starting the process of company incorporation Singapore to determine its suitability for their business operations.
If you are unsure of the type of entity you should register, you should always engage a professional company incorporation Singapore service provider to assist you in selecting the most suitable entity based on your business requirements.
In this article, we will give you an insight into answering the question of how to register a company in Singapore, as well as of both the characteristics and registration process of a sole proprietorship and partnership type business entities available when going through the process to set up company in Singapore. Alternatively, you could also find a service provider that offers a free Singapore company registration consultation.
Sole Proprietorship
A sole proprietorship is the simplest form of business entity available which can only be owned and run by an individual. There will be no legal distinction between the sole-proprietor and the business itself. Hence, the sole-proprietor is liable personally for debts and losses occurred in the course of business and can sue or can be sued in the name of the sole-proprietor.
However, this also means that the process of company incorporation Singapore for a sole proprietorship is relatively easy and hassle free! Therefore, setting up a sole proprietorship is often the go to for new entrepreneurs challenged by the question of how to register a company in Singapore.
Taxation:
Profits are taxable according to individual personal income tax rate.
Registration Requirements:
The sole-proprietor has to be at least 18 years of age. Undischarged bankrupts are not qualified to manage or set up company in Singapore unless they have the approval from the Court or the Official Assignee. Only Singapore Citizen, Singapore Permanent Resident and EntrePass holder are eligible to apply. If you are a foreigner that has the question of how to set up a company in Singapore, find a foreigner company set up service provider for a free Singapore company registration consultation.
For Non-Singapore Resident, they have to appoint an authorized representative who is an ordinarily resident in Singapore and it is compulsory for them to engage the services of a registered filing agent in order to set up a sole-proprietorship company for a free Singapore company registration consultation.
Continuity:
The sole-proprietorship exists as long as the business license is renewed on a timely basis and the sole-proprietor is alive. However, prior to new registration and/or renewal, MediSave account must be topped up, or the company incorporation Singapore application will be rejected.
While we have been on the topic of how to register a company in Singapore, being aware of the process of closing a business is important as well. Closing the business is a breeze by terminating the business license through ACRA or non-renewal of business license.
Partnership
A partnership, similar to sole-proprietorship, is one of the simplest forms of business entity available which is run by two or more individuals (Maximum 20 partners). There will be no legal distinction between the partners and the business itself. Hence, partners can be personally liable for debts and losses occurred in the course of business and can sue or can be sued in the name of the partners. Therefore, it is important to fully understand the entity structure of a partnership. For more detailed information, visit a service provider for a free Singapore company registration consultation.
Taxation:
Profits are taxable according to individual personal income tax rate.
Registration Requirements:
All the partners in the Partnership have to be at least 18 years of age. Undischarged bankrupts are not qualified to manage or set up company in Singapore unless they have the approval from the Court or the Official Assignee. Only Singapore Citizen, Singapore Permanent Resident and EntrePass holder are eligible to apply.
For Non-Singapore Resident, they have to appoint an authorized representative who is an ordinarily resident in Singapore and it is compulsory for them to engage the services of a registered filing agent in order to set up a Partnership. To find out more regarding the topic of how to register a company in Singapore, contact a trusted service provider.
Continuity:
The Partnership exists as long as the business license is renewed on a timely basis. However, prior to new registration and/or renewal, MediSave account must be topped up or the application to set up company in Singapore will be rejected.
Closing the business is a breeze by terminating the business license through ACRA or non-renewal of business license; however, it is subjected to the agreement between the partners. For more information on closing a partnership, contact a local services provider for a free Singapore company registration consultation.
Importance of Company Branding and Web Design to Represent the Company Brand and Culture
It is without a doubt that having a website is integral to any business – especially after going through the process to set up company in Singapore. However, it is also important to understand the significance of an amazing web design to help your new company to make its mark.
Your website is your chance to make a good first impression
The first thing a potential client or employee does to find out more about your new company is to check out your website.
Having an aesthetically unappealing web design could deter clients from even picking up the phone, as well as result in high bounce rates. On the other hand, a beautiful website that portrays your new company’s company culture and values will help to make a positive first impression and convince potential clients and employees to find out more about your new company. In addition, having sharp colors and an easy-to-navigate website will prompt users to find out more about your products and services.
A good web design increases website conversion
Your website is a key part of any marketing campaign. Whenever a potential customer clicks on social media ads, they will be immediately brought to your website. An easy-to-navigate web design with clear call-to-actions and clever use of images and space will boost conversion rates. Needless to say, an amazing web design is even more important for online businesses such as eCommerce stores.
No customer is going to purchase an item from an eCommerce website that looks unsecure, old and in need of an upgrade. While it may not be obvious at first, a website can’t simply be functional. It has to be user-friendly, responsive to mobile devices, and portray professionalism and your company culture. Customers only want to shop with trusted brands. Having beautiful photographs and videos showcasing your products will help you to increase sales for your new eCommerce store.
If you are keen to set up a beautiful website for your new company, contact Lemonade at +65 31583831!
