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The law regarding new business formation in Thomson, Singapore is regulated by the Accounting and Corporate Regulatory Authority (ACRA). This law oversees everything from initial registration to legalities around business structure selection, criteria for company directors and shareholders, licensing procedure, and business name registration. It also outlines the expectations regarding filing of yearly returns and requirements for ongoing compliance.
Engaging a lawyer might be necessary for several reasons while opening a business in Singapore. Firstly, you may require legal counsel to comprehend the regulatory requirements and to ensure that your business complies with Singapore laws. Secondly, if you're considering a partnership or a joint venture, a lawyer can assist in drafting agreements to protect your rights. Thirdly, lawyers can guide in matters of intellectual property protection, employment contracts, and standard terms of trade. Lastly, commercial disputes or litigation necessitates professional legal representation.
The key considerations in accordance with local laws for new business formation in Thomson, Singapore include business structure (whether a sole proprietorship, partnership, or company), filing systems, tax regulations, and legal obligations. A new business has to be registered with ACRA. The Companies Act stipulates minimum one shareholder and one director is required for business set-ups. Business owners are also liable to annual filing requirements and financial statements presentation. Businesses also need to adhere to Singapore's stringent Anti Money Laundering regulations.
Businesses are registered through the ACRA's online filing system, BizFile+. This process involves the submission of necessary personal and business-related information and payment of registration fee.
Yes. According to Companies Act, every Singapore-incorporated business is mandated to have at least one locally residing director.
The primary business structures include sole-proprietorship, partnership (general, limited, or limited liability partnership), and company.
Not all businesses need to be GST-registered. It's only mandatory if your annual revenue exceeds SGD 1 Million. However, voluntary registration is allowed.
Ongoing compliance involves submitting annual returns and financial statements, holding annual general meetings, and renewing business licenses if applicable.
The ACRA's official website and the SME Portal by Enterprise Singapore are valuable resources for new business owners. These resources provide comprehensive guidelines on starting, managing, and growing a business in Singapore.
If you need legal assistance in new business formation, consider engaging a professional legal or corporate service firm well-versed in Singapore's corporate regulations. Ensure they can help in registration, set up, advising on company structures, and ongoing statutory compliance matters.
