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Starting a new business in Tanjong Pagar, a major commercial area in Singapore, involves navigating multiple regulations, procedures, and legal requirements. Singapore law is very supportive of entrepreneurs and business owners, but it does mandate compliance with certain guidelines such as registering the business, understanding the tax implications, and abiding by employment rules.
Given the nuances of starting a business, a lawyer can be of immense value. They can guide you on the legal structure for your business (sole proprietorship, partnership, company), facilitate the drafting of contracts, advise on compliance with the Companies Act, and assist in obtaining necessary licenses. Missteps can lead to legal consequences, financial losses and delays, which is why professional legal advice can be beneficial.
Critical local laws that you should be familiar with include the Companies Act, which oversees company formation and operations; the Employment Act, which prescribes certain minimum terms and conditions of employment; and laws related to intellectual property, tax, and industry-specific licensing. Additionally, compliance with the Personal Data Protection Act (PDPA) is critical if your business processes personal data.
The minimum paid-up capital for setting up a company in Singapore is SGD 1. However, this amount can be increased at any time after the incorporation of the company.
Yes, every company incorporated in Singapore is required to appoint a company secretary within six months of its incorporation.
Yes, foreigners can start a business in Singapore. However, they are often required to hold an EntrePass, a work pass for foreign entrepreneurs set up by Singapore's Ministry of Manpower, before starting a business.
In most cases, the process of registering a new company in Singapore can be completed within a day to a few weeks, but this timeline can vary depending on the specifics of your business.
If your company’s annual taxable turnover exceeds SGD 1 million, you will be required to register for GST in Singapore. GST registration can be compulsory or voluntary.
The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities. The Inland Revenue Authority of Singapore (IRAS) deals with tax laws. The Ministry of Manpower provides information regarding hiring practices and guidelines.
If you need legal assistance, look for a lawyer experienced in Singapore's business law. Prepare a list of questions for your initial consultation, including specifics about cost, timeline, and potential challenges. Always keep yourself informed about changes in laws and regulations to ensure your business’s ongoing compliance.
