Get the wrong business structure early and you will be feeling it years down the line. Majority of founders who incorporate in Singapore go directly to the Private Limited Company -the Pte. Ltd. and frankly speaking, that is the correct instinct. It is established as a separate legal person, prevents your own personal resources being involved in the corporate liabilities and requires the minimum paid-up capital of SGD 1 to get started. That is in contrast to the case of a sole proprietorship, where you and the business are treated as one, and a contract dispute turns into a very personal financial catastrophe. The Pte. Ltd. also portends credibility. Banks, investors, and clients become aware. That is more than most people would like to acknowledge. When you’re ready to proceed, open link to access registration support.

Every registration in Singapore is done by ACRA -the Accounting and Corporate Regulatory Authority. To get them to sign your company, you must have a scrutinized name of the company, at least one director based locally, a registered office address in Singapore (not a P.O. box), one or more shareholders and a company secretary to be appointed within six months of incorporation. Miss that six-month window? Penalties follow. The fact that Singapore permits 100 percent foreign ownership of a Pte. Ltd. is good news to foreigners. The sting is that local director condition – your director must either be a Singapore citizen or permanent resident or valid pass holder. No exceptions.

And this is where a company such as Hub Corporate Services literally makes its money. Headquartered in Chinatown point, with more than 20 years of experience, Hub takes care of the whole process of incorporation, name reservation, ACRA registration, drafting of company constitution, providing of registered address, and introduction of bank accounts. One client mentioned being incorporated within less than one week. Another one replied that it was easy to work with Hub, and ACRA and IRAS problems were resolved fast and without any drama. Such a track record is important when time and money are already limited when starting a business.

The date of your Financial Year End is worth more consideration than it gets with most founders. It is not merely a formality in the accounting system, but it determines when you submit annual returns to ACRA, when your Annual General Meeting should be organized, and when your corporate tax returns are submitted to IRAS. Most importantly, it will also influence your eligibility in the Tax Exemption Scheme of New Start-Up Companies that ensures partial or complete tax exemption during your initial three consecutive years of assessment. Making a mistake prior to incorporation translates to having it fixed later at the expense of time and money that you had not planned to spend.

Continuous compliance is what is bringing more businesses to a halt than registration. Annual returns, AGMs, good financial books, payroll, CPF — these are just accumulated quickly after the thrill of the launch is over. It is all included in Hub corporate secretarial packages, which include bookkeeping, tax filing, and CorpPass establishment. Consider a good corporate services partner not as a vendor, but as a co-pilot. Still flying the plane, but knowing you have someone who cannot be deceived checking the instruments, you can now concentrate on the destination.