Doing Business in Singapore: What does a Company Setup Provider Do?
If you want to establish your own business, you can either register one for yourself, buy a franchise business, or find a company that has a speciality in setting up a business.
The first option is the hardest one as you have to start from scratch. You need to think of a name for your business and have it registered. Furthermore, you have to find a location, hire people for the operation, find raw materials for your production, and many more.
The second option could be less hard but it would require you a great amount of money to start with. Franchise Fees aren’t usually cheap. However, there’s a good side to it. Your business name and your product line is already known to people, which makes it stable.
The third and last option is the easiest. You can avail of services that help you to setup company in Singapore that will help you build your business from scratch. The following are the usual services they provide:
Corporate Service Providers Can Do the Following for You
- Assist in Creating a Name for your Business. Creating a name for your business is the first step of having a business. Company Registration Service Providers can do brainstorming and give you a shortlist of the names. All you have to do is choose.
- Develop your Business Plan. The Business Plan is a blueprint to run your business. It includes your business goals, the materials you need in order to achieve those objectives, the different processes and people involved, and last but not least, the provisions on how you are going to evaluate your objectives. Company registration services can do this for you if you subscribe to their services.
- Get a Tax Identification Number (TIN). Getting a TIN for your company and for your employees is one of the requirements of the government in order for your business to operate. With assistance from a CSP, they can help you to process those TIN.
- Set up a Bank Account. Opening a Bank Account may have different requirements especially for business. The company setup firms can help you with those and process it for you.
- Buy or lease a location for your business. Every company needs a physical office to operate. Even if you’re just selling online, you need an office where you can meet your employees and do the usual business transactions. It’s your choice whether you want to buy or lease a property for your company. However, a setup company can always give you advice regarding this matter.
- Get Licenses and Permits. Before your business can operate, you will need some Licences and Permits. These include Environmental Permit, Health Permits for your workers, Fire Regulation Permit, etc. The registration service provider can help you process all these.
- Scout for Employees. Your business performs different tasks daily and it can’t be done by one person only. You need to hire several people. If you hire a company setup service, they can be the one to do the process for you. It’s as simple as that.
- Set up your Account System. Every company needs a system for its accounting to monitor its finances. The setup company can do the work for you once you subscribe to them.
- Subscribe your company for insurance. Unexpected events happen when we don’t expect them. There’s a storm, earthquake, and now COVID-19. It’s better to be always prepared. The setup company can help you subscribe to companies who sell insurance for your protection.
- Organize your Business. The setup company can conduct a study for your company in order to improve its operation and organization if you hire them. All those headaches will be gone.
- Do you need a Company Setup Service in Singapore?
If you need further advice as to what a registration service provider offers, you can contact 3E Accounting. They are among those known Accounting Services in Singapore that can offer you a quality registration service in Singapore.