Setting up an office in Singapore involves planning and adherence to some major steps that will ensure the fulfillment of obligations related to local regulations.
- Business Registration: The first step is to register the business with the Accounting and Corporate Regulatory Authority (ACRA). The company may be set up as a private limited company, branch office, or representative office, depending on the nature and form of the business operation. This process generally requires submission of details related to the company name, structure, and directors.
- Choose a Business Location: This search for an office location may decide the very course of a business. Companies can either lease commercial office space or use serviced offices, depending upon the operation requirement and budget.
- Hiring Employees: Companies have to count on the labour legislation of Singapore when hiring staff: from observing the Employment Act to the need for work visas in the case of foreign employees, to the granting of decent working conditions.
- Obtain Necessary Licenses: Depending on the nature of one’s business, certain industries may require additional licenses or permits to lawfully operate in Singapore. This means that research into the particular requirements for the specific business sector involved is quite important.
- Open a Corporate Bank Account: Though opening a corporate bank account is not mandatory for the registration of the company, it is an important step for maintaining business operations and transactions efficiently.
In conclusion, opening an office in Singapore requires a number of regulatory steps starting with business registration and finishing with obtaining the right place and staff. One IBC Singapore offers professional support for ensuring that the business will be able to establish itself in the easiest way and at the same time fully in accordance with the requirements of local legislation.