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New business formation or company incorporation is the process of legally establishing a business entity within Singapore's thriving commercial district, Cecil. Determined by the Companies Act, the framework of incorporation involves various legal aspects including securing a company name, identifying business structure, defining shares and liabilities, and ensuring procedural compliance for licenses and permits. The Accounting and Corporate Regulatory Authority (ACRA) oversees this process.
Starting a new business involves complex legal procedures and compliance with numerous regulations. You may need a lawyer when establishing the business structure, drafting contracts and agreements, understanding tax obligations, and protecting intellectual property rights. Legal professional's advice can help to prevent any violations, disputes, and ensure the long-term viability of your venture.
Key aspects of local laws related to business formation include the Companies Act, which governs the process and requirements of setting up a business. Business structures include a Sole-Proprietorship, Partnership, Limited Liability Partnership, or Private Limited Company, each regulated under distinct laws. Furthermore, companies must also comply with the Employment Act, Central Provident Fund Act, and various industry-specific regulations. The Inland Revenue Authority of Singapore oversees taxation.
While possible, navigating laws and regulations can be complex and time-consuming. It's advisable to engage a legal professional to assist and ensure compliance.
The structure depends on your specific needs and liability level. Each structure carries different implications for liability, tax, and compliance. Consulting a lawyer can provide personalized advice.
Besides capital, you need a unique business name, address, director, company secretary, and shareholders for a private limited company. Some industries may require additional licenses or permits.
The Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS) are crucial. Additional bodies may be involved depending on the industry.
Non-compliance can lead to penalties, fines, revocation of business licenses, or even criminal charges. Hence, adherence to regulations is crucial.
For further information, you may reach out to Singapore's ACRA and the Ministry of Manpower (MOM). In addition, the IRAS website provides essential tax-related information, and the Business Grants Portal offers coverage on available grants.
If you need legal assistance, begin by researching prospective law firms with expertise in business formation. Enquire about their services, competencies, and consultation fees. After choosing a legal professional, prepare a set of questions about your venture to gain specific, personalized advice.
