Incorporating a new company in Singapore can be difficult and time-consuming for business owners with limited knowledge of the entire process.
First, you have to determine the different government agencies that play a significant role in helping your business take off the ground.
In Order to Proceed with Ease and Success, take note of the Seven Singapore Government Agencies that are Influential in the Process of your Company Incorporation.
- Economic Development Board (EDB) – Whether you’re searching for the most profitable business ideas, trying to figure out which of the emerging industries is right for you, or deciding to invest in an already in-demand market, the right Singapore government agency to consult with is the Singapore Economic Development Board (EDB).You can find on the EDB website a complete list of investment programs and set-up schemes for start-ups and newly-incorporated companies that will help you hit the ground running. It is also the go-to place for finding out the comprehensive list of government-supported industries as well as for fast-track assistance for Singapore Permanent Residence (PR) application of individual investors.
- Accounting and Corporate Regulatory Authority (ACRA) – Any type of business, big or small, has to undergo the registration process with the Accounting and Corporate Regulatory Authority (ACRA).The ACRA is the Singapore government agency that handles all registration applications of new companies through Bizfile, its online portal.You can find here all information and requirements for company incorporation process as well as assistance for determining entity type and available localised domains.
- Inland Revenue Authority of Singapore (IRAS) – The Inland Revenue Authority of Singapore (IRAS) facilitates all tax requirements your newly incorporated company need to comply in with. This is the Singapore government agency that provides information, forms, and assistance for filing:
- Corporate Tax
- Goods and Service Tax
- Individual Income Tax
- Withholding Tax for Non-Resident Companies
You can also find here useful information on tax schemes, tax incentives, as well as tax credits and rebates that your business can be entitled to.
- Ministry of Manpower (MOM) – All foreigners who intend to establish a company or run a business in Singapore must have a work visa or a valid pass before doing so. If you have foreign employees in your workplace and/or you have family members with you, you should also make sure that they are current pass holders.The Ministry of Manpower (MOM) is the Singapore government agency that serves as the official authority on all work visa applications and permits as well as renewals of the following:
- Singapore S Pass and E Pass
- PEP Pass
- EntrePass and all work-related permits
Check out the MOM website to determine which pass is suitable for you, your family member, or any foreign individual under your employment as well as the eligibility requirements and application procedures you have to go through.
You can also inquire here on about workplace safety and health requirements, employment rates and common practices, even blacklisted vendors in Singapore.
- Central Provident Fund Board (CPF) – The Central Provident Fund (CPF) is the Singapore government agency that requires mandatory contributions for all companies and employees to fund their retirement, healthcare, and housing needs.This comprehensive social security system is in charge of prescribing appropriate employer rates as well as corresponding employee obligations (via salary deduction).
- SkillsFuture Singapore (SSG) – To make sure that local citizens play an active role on any business in Singapore, the SkillsFuture Singapore (SSG) requires their right for employment on all newly-formed companies.This is also the Singapore government agency that is in charge of providing necessary training and development schemes to keep the Singaporean workforce on track and in demand in the marketplace.This kind of local employment support is possible through the SkillsFuture Development Levy (SDL), wherein all business owners register to. All SDL funds are specifically used for sending these local employees to accredited training courses and specialty programmes to hone and upgrade the relevant talents and skills for the job.The SkillsFuture Singapore (SSG) also partners with organisations that offer such training and development schemes to ensure that the Singaporean workforce will have access to more employment opportunities.
- Enterprise Singapore – If your newly-established company is searching for financial or non-financial assistance, Enterprise Singapore is the right place to be.The alliance between International Enterprise (IE) and SPRING Singapore led to the creation of this particular government agency for the main purpose of providing business toolkits, start-up assistance hubs, as well as loans, insurance, and grants to new company owners.One of the most important roles of Enterprise Singapore is being the government’s official accrediting organisation to uphold national standards of locally-produced products and services in terms of its quality and safety.
Getting Professional Help from Corporate Services Singapore
If you want to set up your company in Singapore, Corporate Services Singapore offers comprehensive information as well as ready-made service packages that can help your business get up and running.