News & Updates
Company Registration Singapore
May 25, 2022
The location of your business plays a significant role in its success. Remember, no matter how much you take care of the internal factors of your company, it will still face threats of failure if you don’t look into the internal environment. For this reason, you need to choose a place that will only give you little to no hassle from company registration to operations.
Well-developed countries like Singapore give company owners and aspiring entrepreneurs a conducive environment for business success. Here’s why:
Ease of Doing Business
Provides a Strategic Location
Excellent Tax Structure
- Income Tax
- Goods and Services Tax
Reliable Legal System
Access to Exceptional Talent Pool
Availability of the Latest Communication Technology
Singapore constantly clinches one of the top spots when it comes to the best countries in the world to do business. As featured in Forbes, Singapore ranked eighth in 2018, while it is first in trade freedom and sixth in property rights in the same year.
Not only that, data from The World Bank revealed that Singapore ranks second in the ease of doing business index in 2019, right next to New Zealand. The reason being is that the country has business-friendly regulations.
Singapore has continuously proved these findings by being efficient in the company registration process and requiring only 1 Singaporean Dollar for paid-up capital. It will only take you about two days to incorporate your business in the country as long as you prepare the requirements beforehand.
Being in the central part of Southeast Asia, Singapore opens doors to countless opportunities for entrepreneurs. In addition, the country’s world-class ports pave the way for convenient flights to over 330 major cities in the world, which ultimately established connections with prominent countries.
For these reasons, Singapore’s logistics performance is among the best in the world—making it easier for businesses to complete economic transactions.
The country is also home to approximately 120 commercial banks, 30 merchant banks, and 600 capital markets services license holders. Therefore, business owners have a stable location and less risky investment possibilities.
One thing that adds a burden to business owners is the tax they have to pay to the government. In most cases, these are the types of taxes a business must pay:
– It is the money levied by the government based on the income a business earns. To determine how much tax t are obliged to pay, they need to file an income tax return on a yearly basis.
– It is the money collected by the government for the sale of goods and services. This is the additional percentage that the consumers have to pay when purchasing goods or acquiring services. However, businesses don’t directly pay sales tax to the authorities since the retailers collect it during the point of sale, then transfer it to the government. *You only need to account for GST if you are a GST registered entity.
So, what makes Singapore different in terms of taxes?
The simplicity and rationality of the country’s tax system is something that merits an acknowledgement. The governing body in Singapore doesn’t levy tax on a business’ capital gains and dividends. Moreover, Singapore’s headline corporate tax rate is only 17% as of this writing.
Based on data from Forbes, Singapore ranks sixth as the least corrupt country in the world as of 2018. The country’s officials and its citizens value transparency, giving business owners an assurance that there will be no fiscal distortions and financial damage is less of a possibility.
Furthermore, the strong legal system of Singapore protects both investors and business owners from fraud.
For a corporate entity, skilled workers are the lifeblood of their operations. Without these people, it will be impossible to deliver quality products or services to the customers.
In Singapore, the lack of skilled employees is not something you have to worry about. The country has exceptional talents, who are mostly bilingual—establishing effective communication between parties. The workers in Singapore are also productive and efficient, who follows good conduct and ethics.
Singapore’s world-class infrastructure is a great advantage for business owners. First, it enables the workers to report to work safely and on time. Also, it helps customers to go to your stores more easily.
The country’s world-class airport also provides a smoother path for trading, which can power business. Apart from ports, it also has an advanced highway system, towering commercial buildings, and modern subways.
Now that we are in the modern era, having fast internet speed is essential, especially in the field of communication. It fosters good relationships and enables collaboration between teams. In Singapore, this is something you can enjoy. In fact, about 99% of the citizens have access to the country’s broadband network.
Start a Business Today!
Data from the Accounting and Corporate Regulatory Authority (ACRA) showed that Singapore has over 547,000 registered business entities as of July 2021. It is an increase of approximately 8,000 registrants from the 539,000 registered businesses last January 2021. As the country’s economy continues to rise, more and more entrepreneurs establish their businesses in Singapore.
Now that you know the advantages of setting up a business in Singapore, are you planning to follow the paths of the business people who succeeded in the country? If so, leave the company registration process to our skilled company registration consultants. Take care of your business plans while we set up your company in Singapore. Call us on 8666 3633 for company registration and secretarial matters, and let’s do business.
April 22, 2022
Setting up your business requires monetary resources, and it is a known fact anywhere, not only in Singapore. Although it is easier to start a business in Singapore compared to other countries, expenses remain one of the deciding factors whether to invest in a new business venture or not.
That being said, knowing how much it would cost to set up your own company in a booming business landscape plays a vital role in achieving success. Suppose you are just starting to get around Singapore’s business hub and think about forming a company. In that case, there is a high possibility that you bump into various information on what is required and an array of price rates.
It is easy to get different information about the cost of starting a business in Singapore because anyone has access to a few sources online. However, not all of them are reliable. Thus, doing your research and digging a bit deeper into multiple search engines will be worth it.
This blog will explain how some factors dictate the cost of company incorporation and the importance of company incorporation services Singapore. Learn more by reading through this article.
What Are the Factors That Affect the Cost of Company Incorporation Services Singapore?
Many factors affect the cost of company incorporation services in Singapore. All of them are regulated by the government, and that is why you have to cherry-pick the service provider you entrust your business’s incorporation process. Ensuring that each step in the process is not missed is essential for setting up a business in Singapore flawlessly.
When it comes to government transactions, you will not have a problem with complete transparency because they will provide the related costs of the services in Singapore. You can check their website for added assurance. There might be changes as the rules and regulations over Singapore’s businesses are consistently changing.
Every business in the country had to take the first two major steps that lead them to entrepreneurship. Check on the Accounting and Corporate Regulatory Authority’s (ACRA) website as they provide the details of the following for company incorporation:
- Company Name Application
- Company Registration
These requirements have associated fees and have to be maintained after your business is successfully established. After the preceding requirements are sorted out, start complying with the other essentials of business formation in Singapore. Get familiar with the following:
- Approved Company Name
- Registered Office Address
- Share Capital
Although you can be as creative as you want in naming your business, it has to be approved by ACRA first. Your office address can be a commercial or residential place in Singapore. However, PO boxes are not permitted by the law. If your business is one of the private limited companies, it is required to appoint at least one, up to a maximum of 50 shareholders. Singapore’s laws allow 100% foreign ownership, and you might want to consider this.
Moreover, as a startup owner, you need to appoint a local director (resident director) who has Singaporean citizenship or a permanent residence in Singapore. A person with a working Employment Pass is also qualified to be a local director. You can now appoint a limitless number of resident and non-resident directors when a local director is appointed.
Lastly, to register your company in Singapore successfully, you only need a minimum of S$1 worth of issued share capital. Even though you are no longer required to have a minimum paid-up capital, startups in a regulated industry are subject to different requirements for the minimum share capital.
Corporate Secretary as a Part of Company Incorporation Services in Singapore
The last thing contributing to the cost of company incorporation services in Singapore is a corporate secretary. A startup is required to appoint a corporate secretary within six months of its formation. Your corporate service provider will also provide this for your business.
As a business trying to have a breakthrough in a saturated and competent corporate landscape like Singapore, it can be overwhelming to handle everything at once. Thus, to pave the way to a profitable business, you must hire the right people. One of the employees onboard your company should be a corporate secretary.
A starting business may face challenges in its first year of operation. Because of this, you have to explore all available resources to help you achieve your goals and be a better business. The best thing you can do is engage in a corporate secretary. They are professionals who will work with you in managing your company’s administrative and technical tasks in line with incorporation, taxation, and bookkeeping, among others. With them on board, you will have peace of mind knowing that everything is taken care of.
Importance of Company Incorporation Services in Starting a Business
Now that you already know the factors affecting the costs of company incorporation services in Singapore, you probably ask why a startup should engage in such services? But before that, take note that the best way to determine the costs of company incorporation services in Singapore is by consulting a service provider itself. Get in touch with them and talk to them about what you want to get done.
Professional company incorporation services take the weight off your shoulders through expert solutions that will help you establish, run, and grow your business in Singapore. They do not only assist you in setting up your business, providers of company incorporation services in Singapore also offer extra services that may come in handy for your business.
Are You Looking for Company Incorporation Services in Singapore?
If you are looking for a provider of company incorporation services, turn to ContactOne now. We can help with setting up your business in Singapore. We are well aware of the statutory requirements needed to put a business successfully. You know that we are reliable because our firm is approved by ACRA.
With our several years of experience in the industry, we guarantee fast and smooth transactions with the appropriate offices. Call us on +65 6333 0633 or +65 8666 3633. ContactOne will be your long-term partner in delivering high-quality corporate services.
April 22, 2022
Like in most countries, it takes a lot of work to start a business in Singapore. Setting up a company and finding your way around the saturated and competent business hub in the country may become even more challenging if you don’t know where to start. Even though Singapore remains on the list of business-friendly countries, as a would-be startup owner, there is more than one thing that you should consider. Company incorporation services can indeed take the weight off your shoulders when it comes to company incorporation Singapore because they will take care of everything related to business formation. However, it is essential to understand what these service providers are getting into. At the end of the day, transparency plays a significant role in establishing customer trust. If your service provider does not involve you with their plans, it is your wake-up call to turn to a more reliable business partner.
We have gathered some of the most asked questions when company incorporation in Singapore is being brought up in a conversation. We have also listed these questions below and some answers to tell you more about company incorporation. Continue reading.
What Should I Know as I Plan to Start My Company in Singapore?
It takes more than a compelling business plan to successfully set up a company in a business hub like Singapore. Do not take a business plan for granted because it will also ensure that your startup achieves its goals on time.
Before you register your business, here are a few things you need to take note of:
- Before registration, any startup name should be approved by the Accounting and Corporate Regulatory Authority (ACRA).
- An emerging business should appoint at least one resident director. After that, you can add an unlimited number of resident and non-resident directors. They should pass the requirements, be at least 18 years old, have monetary resources, and be free of illegal charges.
- Shareholders should be part of your company. You can have at least one, or up to a maximum of fifty shareholders. Take note that they may or may not be one of the directors. Local and non-local individuals or companies can become shareholders in a Singapore startup. Even a business that is composed of 100% non-local shareholding is acceptable.
- Singapore’s regulatory bodies require hiring a qualified corporate secretary within six months of a business’s establishment. It is best to reach out to a corporate service provider because they know when it is crucial to appoint a secretary for your startup. Ensure that your corporate secretary is not a sole director or shareholder because the laws do not allow it.
- To successfully make a breakthrough in the Singaporean market, you need at least S$1 as a paid-up capital (also known as share capital). This amount is not fixed as Singapore’s businesses’ rules, and regulations are ever-changing. Catch up with these changes by looking them up online or consulting your service provider.
- You also need to provide an office address as a part of the company incorporation process. It can be any commercial or residential place in territories under Singapore’s jurisdiction. But be careful not to provide a PO box because the laws do not permit it.
- If you register a company in Singapore, there are perks like tax exemptions and incentives. All this depends on your returns, though. For more details about business taxes in Singapore, it would be best to refer to the country’s corporate tax guide.
What Do I Need If I’d Like to Incorporate a Company, But I’m not a Singapore Resident?
Company incorporation in Singapore is not yet done after completing the requirements mentioned above. Many things should be considered for a business person who is not a Singapore resident but would like to consider setting up a business. But there is a solution to this concern.
A foreigner vying for a place in the Singaporean business landscape should engage in an expert. A professional corporate service provider can help non-Singapore residents with company registration seamlessly under the country’s laws through appropriate entities and organisations.
The good thing is that non-Singapore residents are not required to comply with a Singapore work visa to form a private limited company. Foreigners only need a visitor visa if they need to attend activities related to their company. However, you will not be allowed to work for the company in Singapore without a work visa. While is it is an easy start; foreign startup owners should work with a local director whose residency is under Singapore’s laws. Doing this also completes the minimum requirement of one resident director. Additionally, you can appoint a local director who will represent you on your behalf.
As a non-Singapore resident, you only need to be physically present if you intend to open a bank account at any bank based in Singapore. Otherwise, you do not have to fly to the country for company registration and work permit processes.
How Long Does It Take to Register a Company in Singapore?
As a country ahead of its time, almost everything can be done online in Singapore. Even registering a company in the country is computerised, and the well-optimised technologies make the process as fast as possible. Given that convenience, it still depends on some circumstances.
To make things easier from the get-go, do not miss these steps:
New company names registered under Singapore are either approved or rejected within an hour of application. But there is an exception for company names with specific words, like bank, finance, law, and media, among others. In this case, the corresponding external government authority has to review and approve this. Company name approval may take days or even weeks under this condition.
Company registration can be completed within hours when your company name is approved and all paperwork is signed. Prepare the information of your company’s shareholders and directors in case of authorities request them.
Can I Expedite Company Incorporation Singapore?
Yes, you can! Not only that you can make the process faster, but you can also make it easier. Turn to ContactOne now, and we will help form your company in Singapore. Whether you are a local or not, it is a smart move to work with us. Knowing that we can help set up, run, and grow your business, you can focus on more key elements to achieve a profitable business venture. Call us on +65 6333 0633 or +65 8666 3633.
March 29, 2022
A company registration service provider plays a crucial role in achieving success for new businesses. You can achieve short- and long-term goals through a reliable provider that can help form your business. However, because many companies offer business supports in Singapore and all of them are vying for new clients, choosing the right one for your enterprise can leave you scratching your head. That is why finding the company registration service provider that matches your business needs is essential.
There are several key points to look out for before outsourcing a service provider. Aside from weighing which service provider to turn to and who their previous clients are, it would also be best to know how they will help set up and handle your business. Always keep in mind that not every corporate service provider will suit your business’s structure. Hence, before you hire a service provider to help with company registration, here is a list of things to remember:
Identify the Specialty of the Service Provider
A company specialising in the services that a business offers or the products they sell increases productivity and provides an advantage compared to a company that handles everything haphazardly. With this level of familiarity, business owners can focus on certain areas of the field they operate in and guarantee high-quality services. Based on your business, hire a company registration service provider who specialises in whatever you want to achieve.
Moreover, service providers also offer additional business support on top of company registration, such as corporate secretarial, accounting, and tax services, among others. In case you are considering many services at once, ensure that the service provider you work with offer these services under specialised departments.
Don’t Miss Out on Good Organisation
Although Singapore is one of the best places to start a business, challenges are still inevitable. Most of the time, the challenges come from the ever-changing laws and regulations over the business industry in the country. And it can be difficult to keep up, especially for a startup owner who is a newbie and has limited knowledge about the statutory requirements of Singapore.
A company registration service provider with a good organisation can easily find its way around the legal requirements and other paperwork. You can tell if a service provider has a well-organised company by assessing its inventory and interviewing the customer service department.
Do not hesitate to turn down an offer if you think a service provider is internally challenged based on your assessment. It will save you time and resources. Move on to finding another company registration service provider instead. For sure, you will find the best one for your enterprise if you know where to look.
Always Consider Reliable Communication
Forming a company in Singapore involves a lot of liaising works. A good deal of information is exchanged with the client during various transactions. And, sometimes, a corporate service provider has to confirm some details on behalf of the client. With good communication, it is easier to negotiate and ensure that goals are achieved.
As a client looking for reliable business support services, good communication should be something you should take a closer look at. Work with a service provider that has a customer care desk and an open communication channel to cater to customer concerns all the time.
In addition, effective communication helps foster a good relationship between a business owner and a service provider. Without proper communication skills, it leaves all parties involved unsatisfied and unaccomplished in doing their respective tasks. It is the last thing you want to happen as a startup trying to emerge in a business hub like Singapore.
Dig a Little Deeper into the Firm’s Reputation
Some of the best recommendations come from referrals, or what most of us know as word-of-mouth. What other businesses say about a service provider they worked with is the most honest marketing tool.
Before signing a contract, ask a service provider for a list of past clients. If you reach out to that reference list, past clients will tell you about their experiences. When it comes to finding the right corporate service provider for your business, leave no stone unturned and always conduct a thorough assessment.
Let Transparency and Assurance Seal the Deal
As a new business in Singapore, you should turn to a service provider with the intention to set up your business successfully. That is why is it vital that you outsource a company that is willing to be open about all the transactions and other processes they will take on to form your business. If a service provider does not do so, it is your wake-up call to discontinue working with them.
What makes an excellent service provider is their willingness to be transparent of their plans to help your business become its best version. Lack of transparency means lack of trust moving forward. And it would be best if you avoid this.
Working with a qualified service provider that matches the effort you need to register your company can give you an edge in achieving your business goals. More than that, your business ensures compliance with statutory regulations, which every business in Singapore needs to work towards corporate success and sustainability.
Get the Best Company Registration Services in Singapore from ContactOne!
Why choose ContactOne? As a country experiencing constant growth in businesses and startups, Singapore welcomes new investors who want to start their businesses. Although it has been said that Singapore is business-friendly, some things should be taken considered, too. ContactOne is well-aware of these things and ready to take on the job to help form your business.
We are approved by the Accounting and Corporate Regulatory Authority (ACRA). And that is how you know we guarantee the best results if we act on behalf of your business in company registration and secretarial lodgment needs. To know more about ContactOne and our services, call us on +65 6333 0633 or +65 8666 3633. We will get things done for your business on time!
March 29, 2022
Singapore is consistently acknowledged as a good place to start a business. The city-state has a significant role as an epicentre of trade in Asia. How did Singapore come this far?
Many factors are contributing to Singapore’s success in being a global business hub. These are impressive infrastructures, stable politics, open business policies, a skilled workforce, and a high English fluency rating, among others. All this puts Singapore on top of the list of excellent places to start a business.
The Common Problem of Starting a Business in Singapore
However, setting up an enterprise is not as easy as it seems, even in Singapore. Although the country always welcomes new business ventures from investors, many things should be taken care of before a business owner can successfully establish a local company. One of the most common difficulties a startup may face is company registration. Because registration kicks off the entrepreneurship process, it can be challenging, especially for inexperienced people with limited knowledge of running a company in Singapore.
The good thing is that there is a solution to problems connected with company registration. A company registration services provider can help register your company in Singapore and provide additional supports, such as company secretarial, accounting, and tax services. Company registration is now less hassle and cost-efficient if you turn to company registration services.
Continue reading the list below and find out how company registration services can make the registration process easier for business owners. Let us take a closer look.
Company Registration Services Make Company Formation in Singapore Easier
There are many Singapore-based service providers that can help with company registration. With many service providers trying to win over clients, it can be difficult to choose one. Finding the right company registration services provider is very crucial because it can make or break your company. It is important to understand what you are getting into by determining what services you can get from these service providers.
Here is how the company registration services help make business formation easy in a business landscape like Singapore:
Uses Professional Methods
The laws and regulations governing businesses in Singapore are ever-changing. Sometimes, it can be hard to keep up with these changes on top of the daily business operations. A firm working with a company registration services provider is no longer required to process legal requirements because the service provider will do this.
With an extensive knowledge of what documents are required by the Accounting and Corporate Regulatory Authority (ACRA), a company registration services provider can single-handedly comply with the laws on your company’s behalf. Only professionals understand the ins and outs of running a business. Thus, it is only right to hire a service provider today.
Assists in Setting Up an Enterprise
Try to picture this—after successfully setting up your business, it is easy to think you know how to run it. But the truth is, it is only the start of the real challenge. After days, weeks, and months of doing everything from taking phone calls to hiring trusted employees to look after various business operations, you can quickly justify your business knowledge. But in case there is an operation you and your employees cannot handle, a service provider can.
When it comes to setting up an enterprise in Singapore, a provider of company registration services can help establish a robust business foundation. This takes away some of your responsibilities; thus, you can focus on other key elements essential for business growth. Always put your best foot forward, especially in company registration, because it is one of the avenues that help your business succeed.
Offers Affordable Solutions
Believe it or not, hiring a service provider to handle company registration saves time and money. Running a business requires hefty financial resources. And if you employ more people than your business can pay, the possibility of overspending is high. A corporate services provider can easily get things done with their expertise and knowledge about the business industry. Their experiences are equivalent to a team composed of several members. Thus, a business can cut costs by outsourcing than hiring full-time employees.
Promotes Time-Bound Solutions
According to the World Bank’s Doing Business 2019, Singapore is one of the world’s best places to start a business. This result is from a survey conducted in 189 economies around the world. With that said, it is easier and quicker to form a company in Singapore. Given all the proper requirements, the process of business registration only takes one day. But things could be an uphill battle if the government changes some laws. This circumstance is when a company registration services provider becomes more beneficial than ever.
Forming a company on your own is a time-consuming task. You have to understand the business laws and Singapore’s legal issues. In doing just that, you would not have time to go through the process of company registration and other business activities. It is best to entrust the entire registration process to a service provider. You can rely on them to go above and beyond, accomplish your goals by taking care of legal matters relevant to your business. There is no other perfect time like the present to turn to a company registration services provider.
Are You Looking for a Service Provider That Will Help in Forming Your Business?
Turn to ContactOne to provide you with corporate services. We understand that running a business in a competitive business landscape like Singapore is not easy to take on personally. Because of that and the ever-changing business industry, we tailored our services to guarantee the best results.
Being registered under ACRA, we are accredited to act on behalf of other businesses or represent them in legal transactions. Let us work together and incorporate your business with our professional methods. Call us now on +65 6333 0633 or +65 8666 3633. If you want to leave a message, send it through [email protected].
March 29, 2022
Every business transaction a company undergoes comes with a document that legitimizes and records the negotiation. Without documents, you will be prone to disputes you can’t counter and risks you may find hard to mitigate. That is why you need to have the essential paperwork, and you have to start from the company registration documents.
Company Registration Documents: The Complete Checklist
1. Company Name – your company name is as important as the services or products you offer. It must represent your brand values because this is what your target market remembers. So, before anything else, finalize your company name and get approval from the Accounting and Corporate Regulatory Authority (ACRA).
2. Summary of the Business Activities – prepare a brief description of the primary purpose of your company and what it offers to the market.
3. Company Constitution – formerly referred to as Articles of Association, a company constitution details how a company can operate. It is a legal document that sets forth the rights and responsibilities of the people involved in the company. You may get the standard version of this document from ACRA, or you can create one yourself.
4. Signed Consent to Act as a Director – this written consent specifies the agreement made by the director to be a part of the company. Failure to provide this document will make the appointment void. Note that you have to appoint at least one resident director for your company, while you can appoint an unlimited number of directors, whether they are residents or non-residents.
5. Signed Consent to Act as a Company Secretary – a company secretary plays a vital role in the operation of a business. That is why it is essential to provide such a document when you register a company. One couldn’t act as a company secretary without this document.
6. Directors’, Company Secretary’s, and Shareholders’ Particulars – this document should include essential details of the aforementioned people, such as their names, nationality, residential address, and date of birth. Moreover, don’t forget to specify the rights and responsibilities of the signatories.
7. Documents for Know Your Customer (KYC) Due Diligence – if you are working with a corporate service provider, you have to provide proof of identity and address as well as information regarding the stakeholders’ professional background. Your corporate service provider will need this document to conduct a KYC due diligence as required by the ACRA.
Want to Start Your Business with ContactOne? Bring These Documents
Some business owners in Singapore find the company registration process complicated. If you don’t want to undergo such a procedure or you simply don’t have the time due to your hectic schedule, we can help you set up your business.
Just reach out to us and provide us with the documents needed, and we’ll take care of the rest. Refer to the list below:
For Singapore Residents
If you are a resident of Singapore, we only need your identification card. It can either be your NRIC or FIN. This also applies to holders of eligible Employment Pass, Dependant’s Pass, Long-Term Visit Pass, and Student Pass.
For Singapore, Residents Partnering with Foreign Residents
We only require identity cards for Singapore residents. On the other hand, we need foreign residents to verify their personal information and proof of participation in the company. There are two ways to do this, depending on whether or not you are physically present in Singapore.
1. If you are a foreigner residing in Singapore, we need your passport and proof of residence. You can submit your utility bills or bank statements as proof of residency.
2. If you are a foreigner who is not physically present in Singapore, we will give you a Letter of Intent to incorporate a company in Singapore for your authorization.
A notary public in your location must notarize the letter of intent and a copy of your passport.
Note: Documents not written in English must be translated.
For Companies with Corporate Shareholders
If the company you will set up will have one or more corporate shareholders, we will require the following additional documents from you. These papers are necessary for the incorporation.
1. A Board Resolution from the Singapore Company – this document must lay out that during the incorporation process, there is an authorized person to act on behalf of the corporate shareholder. Their role includes signing the papers for incorporation.
2. A Board Resolution Approving the Setting Up of a Singapore Private Limited Company – this document must have the essential information, such as the first appointed directors, other shareholders, shares the corporate shareholder will hold, and the total share capital on the new company’s incorporation.
3. Company Profile – Singapore companies can get a copy of their recent Company Profile from ACRA. Meanwhile, foreign companies must provide a Certificate of Incorporation and a Company Profile from their country of residence.
5 Reasons Why Documents Are Important in Businesses
Compiling documents can sometimes be an inconvenience, not just for businesses but also for individuals. Imagine having to secure documents every time you need to enroll in a school, apply for a job, opening a bank account, and so on. Regardless, compliance with the requirements helps you in more ways than you can imagine, especially for companies.
Documents aren’t just for formality’s sake. Here are five reasons they are essential for your company:
1. It helps you build your reputation—making you a trusted company for the suppliers, customers, and employees.
2. It governs the flow of your business operations for a smooth-sailing business procedure.
3. It sets out the rules and regulations everyone in your company must follow and giving you the right to hold them accountable in instances of violation.
4. It increases opportunities and decreases risks.
5. Legally binding documents like contracts prove that a mutually beneficial agreement is present between two or more parties.
If you are about to set up a company, start processing your documents now. For more information about company registration in Singapore, feel free to visit our website. We’ll be happy to be of assistance!