Starting a business can be a daunting task. But with the right resources, it can be manageable. This complete guide to business registration will walk you through every step of the process, from choosing the proper business structure to registering your company with the state. This guide on Jobandedu has you covered whether you’re just starting or you’ve been in business for years. Let’s get started.
Choose a Business Name
This is one of the seemingly straightforward steps in the process, but choosing your company’s name is an important decision that should be taken seriously. When picking a name for your business, you want to make sure it is unique and memorable, as well as one that reflects the products or services you offer. The brand name can also be associated with why you want to work there and your ultimate objectives.
You should also check your state’s regulations for choosing a business name. If you are unsure about how to go about picking a business name, consult with an attorney or small business advisor, who will be able to guide you through the process and help you choose a legally proper name.
Select Your Desired Business Structure
There are different options available on the aspect of structure, including corporations, limited liability companies (LLCs), partnerships, and sole proprietorships. Each comes with its requirements, so it’s essential to carefully consider your options before making a final decision.
Some of the factors you may want to take into account when making your choice include the following:
- The amount of flexibility and control you need
- Whether you’ll be able to raise capital or accept investment from others
- How much risk you’re comfortable taking on in your business venture
- Your tax liability and compliance requirements
No matter which business structure you choose, it’s essential to make sure that you thoroughly research your options and consult with a qualified legal professional before making any final decisions.
Get Your Singapore Standard Industrial Classification Code
Once you’ve selected your desired business structure, the next step is to register with the Singapore government. This will require you to obtain a Singapore Standard Industrial Classification Code.
Your SSIC is an identifier that helps the Singapore government categorize and track businesses, so you must obtain this code as soon as possible. Fortunately, the process for obtaining the code is relatively straightforward. You can apply directly with the Economic
Development Board or hire a professional service to help you through the process.
Gather information widely on everything regarding this code, as completing this step will be the cornerstone of your business registration process. Nowadays, online platforms can assist you with all the details you need. The more you know about SSIC codes, the easier it will be to navigate the registration process. At the same time, learn more about the tax system and the procedural aspects of starting your business in Singapore. It helps you to be prepared for when you start your business.
Register with the Accounting and Corporate Regulatory Authority (ACRA)
Never look down on the ACRA! It should be part of your business succession plan. Once you’ve obtained your SSIC, the next step is to register your business with the Singapore government’s Accounting and Corporate Regulatory Authority (ACRA). This will require you to fill out several forms and submit various documents, including your company’s incorporation documents and related records.
While the exact process will vary depending on your business structure, you can generally expect this step to require significant time and effort. Prepare by gathering the required documentation, completing all necessary forms, and consulting with a qualified legal professional.
Continue building relationships with your suppliers, customers, and other relevant stakeholders in your business. In addition to helping you grow as a company, maintaining healthy relationships will also help ensure you can stay compliant with the Singapore government’s regulations and policies moving forward.
Register With the State or Local Government
This is where you’ll submit your business registration application and pay the associated fees. Once this step is completed, you’ll officially be a registered business in your state or local area. Depending on the business structure you selected and the state where you’re registering, additional steps may be involved, such as obtaining any necessary permits or licenses.
In addition to completing your business registration is essential to familiarize yourself with any regulations and other requirements that may be specific to your industry or location. Suppose you need help figuring out where to start. In that case, you can contact your state or local government for more information or consult with an experienced legal professional who can help guide you through the registration process.
Set Up Your Corporate Bank Account
Setting the proper infrastructure for your funds to flow smoothly is significant. Besides the usual opening and maintaining a local bank account, setting up and maintaining an overseas bank account is highly recommended.
An overseas bank account allows your funds to flow through easier across borders without much restriction from government regulations in the countries involved as long as you have obtained the relevant tax information provided by any requisite countries in terms of the business.
A local bank account is still recommended because you’ll need to maintain the local presence, despite having no operations or employees within that jurisdiction.
Besides, keep all your documents safe together by trying to automate certain aspects of your business operations. This is where the right software can help you keep a check on all copies, invoices, and other information, as it’s an integral part of audits or government inspections if required at a future date.
Starting your business can seem daunting, but with the correct information and preparation, you’ll be ready to take on each step. Be sure to stay organized and focused as you go through each stage, as this will help ensure that everything is completed correctly so that you can start selling your products or services as quickly as possible.
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