Need help setting up a business in Singapore the right way?
Starting a company in Singapore can be quite easy, but you may need help or expertise with various aspects. For example, you’ll potentially need to think about company constitutions, professional and legal services, as well as accounting solutions and employee benefits packages. Here are four areas to look at when setting up a business in Singapore – and some companies who can help you with doing it the right way.
#1 One-stop partner from setup to ongoing compliance
The path from “I want to start a business in Singapore” to actually running one involves many steps. This includes navigating multiple government agencies, regulatory requirements and professional service providers. Excellence Singapore Group simplifies the journey of becoming a business owner, by handling everything under one roof.
The journey begins with an assigned team advising on the right entity structure for starting a company in Singapore. Whether you need an Employment Pass, or you’re operating under a Dependant’s Pass with a Letter of Consent, the team guides you through the eligibility requirements and application process. For founders looking to put down roots, the firm also assists with Permanent Residence applications.
After incorporation, the same team takes care of your company’s ongoing compliance and operational needs. This includes corporate secretarial duties for maintaining statutory registers and filing annual returns with ACRA, as well as monthly bookkeeping, financial statements and corporate tax filing. The firm also maintains partnerships with local banks to assist with opening corporate accounts, and they handle payroll processing, including CPF contributions for local hires. For GST-registered businesses or those approaching the registration threshold, Excellence Singapore also manages quarterly GST submissions.
The firm is a certified QuickBooks Online ProAdvisor and Xero Silver Champion Partner, and is a Promising SME 500 award recipient. In the team are chartered accountants, chartered secretaries, accredited tax practitioners and a licensed MOM employment agency. Beyond daily compliance, the firm advises on tax planning opportunities available to new companies, such as the Start-Up Tax Exemption scheme. Excellence Singapore also handles Singapore trademark registrations and international filings. This intellectual property protection is useful for expat founders during the busy early stages of building a brand.
6899 4033 | enquiry@excellencesg.com
excellencesg.com
#2 Contracts and employment law for expat and local hires
Hiring here involves more than just choosing the right candidate. When setting up a business in Singapore, business owners must also meet their obligations according to MOM rules.
Legal Expat SG provides support for expat-run businesses by addressing practical hiring concerns, which it says helps minimise the risk of any future disputes. For example, it offers assistance with drafting employment contracts for full-time and part-time hires, compliant with Singapore’s Employment Act. This includes minimum notice periods, salary frequency, CPF contributions for locals, probation terms, termination triggers, IP ownership and confidentiality obligations. The law firm also assists in drafting company handbooks, HR policies and variable incentive schemes when starting a business.
Companies that are hiring across borders are also supported. This can involve engaging remote contractors in the region or hiring fellow expats in Singapore. The law firm advises on the legal differences between independent contractor and employee relationships, helping business owners manage legal risk and classify hires appropriately. Additionally, it assists in drafting freelance and consultancy agreements for clarity of job scope, deliverables and liability limitations.
For foreign employees, Legal Expat SG will guide clients through work pass requirements, and advise on structuring roles and salaries in accordance with MOM rules. The firm also ensures that contracts are drafted in line with the Singapore’s Employment Act and remain enforceable. If there are sensitive matters such as employee termination, non-compete clauses, severance packages and dispute resolution, the team can also assist with those.
The firm says its goal is to help expat founders build strong, compliant employment frameworks from the outset. This is regardless of whether you’re hiring your first employee or growing a small team across multiple jurisdictions.
8093 4393 | info@legalexpat.sg
legalexpat.sg
#3 Think about employee benefits when setting up a business
When starting a company in Singapore, it’s essential to rethinking the employee benefits package when competing for top talent. Pacific Prime CXA recommends creating flexible employee benefits packages that cater for various career and professional growth. Flexible benefits allow employees to choose from a wide range of options tailored to their diverse needs. The variety of options for consideration include gym reimbursements, work-from-home flexibility and additional time off.
pacificprime.sg
#4 Digital solutions and professional services when setting up a business in Singapore
D Next Stop focuses on outsourced cloud accounting and other corporate services for starting a company in Singapore. These include company secretarial and outsourced payroll for small-to-medium businesses. It also offers a range of other digital solutions such as payroll solutions, payment solutions, data processing solutions and more that integrate seamlessly with Xero.
dnextstop.com
Now you’ve got some great tips on starting a business in Singapore, read more about living in Singapore and the best things to do this weekend.
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