Singapore is one of the most productive south-east states which has led to the origin, development and prosperity of many industries. A consulting business in Singapore ranges from management to marketing, business, law and more actually provides accurate expert advice as well as business solutions to its clients. A consultant is like a fresh pair of eyes who can gauge the situation as per their calibre thereby providing solutions pertaining to the subject matter. As a result, businesses when faced with certain difficulties visit these consulting businesses as per their niche. These consulting businesses with a team of individuals will do a thorough research on the conflict thereby presenting strategic solutions for the conflict. However, as a beginner in Singapore who is about to start a consulting business of their own, you may be faced with individualistic difficulties. Through this blog, we will walk you through the entire processes involved before beginning a consulting business. These steps are given below:-
Step-1 Decide the niche or area of domain of your Consulting Business
As you are about to form a business in Singapore, you should firstly decide as to what will be the specialisation of your consulting business. Consulting business ranges from IT industry to financial technology and more. However, present market scenarios emphasise that financial technology-based consulting services have an upper hand. After deciding the type of your consulting business, let us move on to the next step.
Step-2 Get the name approved legally
Once you have finalised the unique name of your consulting business, it is important to register the same. As per the Singapore laws, Accounting and Corporate Regulatory Authority (ACRA) can help your business register the name officially.
Step-3 Gather enough funding to keep your business right on track
The money generated through shareholders will help in keeping your business in momentum for at least six to twelve months. In Singapore any form of company be it limited liability company is legally allowed a minimum share capital of S$1 with no maximum limit. Small business owners can flag off as start ups thereby infusing funds from time to time till it turns into a business corporation.
Step-4 Appoint business directors
A business consulting service in Singapore is permitted to have both local and foreign directors. However, it is legally obligatory to have at least one director who is a citizen or resident of Singapore.
Step-5 Identify a corporate secretary
A corporate secretary who is a resident of Singapore cannot be a sole director or shareholder of the company as well. It is required to hire a corporate secretary within six months of starting a consulting service business so that the secretary can look over government rules and regulations thereby ensuring that the company is incorporating the same while doing business.
Step-6 Identify shareholders
Your company can have shareholders anywhere from 1 to 50 at max. These shareholders can also be in the form of corporate entities in terms of private limited liability companies. Moreover, these shareholders are not legally bound to a citizen of Singapore. In addition to that post registration of a company, these shares can also be easily transferred from one person to another.
Step-7 Compile draft documents
Accounting specialists at Bestar are here to offer you a hand in gathering all the essential documents that you will require before opening a consulting service in Singapore. These documents will have all the information about your business including your registered address. Lastly, you need to submit these documents over the online portal of ACRA called Bizfile. As a foreign entrepreneur, remember to share your passport as well address proof. At Bestar we can help you in assembling all the important documents together so that you can easily register your company and go about with your business.
Step- 8 File for Goods and Services Tax (GST)
In Singapore, companies need to apply for GST in the time period of thirty days after the company’s registration has been done. All companies with a possible turnover below $1 million or even exceeding the same are required to file for GST.
Step-9 Register for Licences and Permits
Licences and permits are essentially required before starting a business in Singapore. If for example a financial based consulting service is being set then permit from Singapore Chartered Accounts is mandatory. Likewise for different niche based consulting services require permits from different departments.
Step-10 Finish the Application
After gathering all the documents together, the last step requires you to submit your application to the ACRA for further processes. If any follow up questions are required to the same it might take some time. However, in other case scenarios your consulting service business will be out and about within a day or two. The government agency charges S$315 upfront for the services it provides in terms of registration cost. Otherwise, it is needless to say that when you have all your documents in order, you will experience a hassle free consultancy business registration in Singapore with the help of Bestar.
At Bestar, you are guided by a team of experts for all your concerns regarding establishing a business consultancy. Not only that, we ensure with our team of professionals that your consulting services grow fruitfully in the years to come. So, now when you think about setting up your business consulting service in Singapore, think about Bestar. Schedule a call now!