Setbacks People Face on Singapore Company Incorporation
Creating a new company and starting your own business can be exciting and challenging at the same time. It’ll be even more exciting when you incorporate your company in Singapore because it can help you take things to the next level.
However, incorporating your company may not be as straightforward as you think. There are a few setbacks of company Incorporation in Singapore that you should be aware of if you plan to do so.
If you’re not sure if incorporating your business is right for you, read on to find out more about some potential challenges of Company Incorporation in Singapore in 2022.
Even before you open the doors to your new business, there are a few things you’ll need to do and decisions you’ll need to make. The first big decision you’ll need to make is when to incorporate your company. There are a few factors you may want to consider when making the decision. The first factor is how long you want your business to last.
If you want the company to be a long-term business, incorporating early on may make sense. However, if you want to keep things simple and close the business after a short period of time, incorporating sooner may not be the best option.
The next factor is your company’s finances. Depending on the type of company you choose to incorporate, you may need to have a certain amount in the bank before you can register your company. For example, if you’re starting a private limited company, you’ll need at least SGD50,000 to start the business.
Set Aside Funds for Company Incorporation
If you want to incorporate a private limited company in Singapore, it’ll cost you a few thousand dollars to do so. The cost of company registration in Singapore will vary depending on the type of company you choose as well as the size of your company.
If you plan to incorporate a private limited company, you should expect to pay around SGD5,000 in government fees and SGD10,000 depending on which lawyer you hire. A public limited company will cost you more to incorporate.
You can expect to pay around SGD20,000 in government fees and SGD30,000 depending on which lawyer you hire.
Limited Company Name Availability
If you have a certain company name in mind, it may be available. However, if you want to be super safe, you may want to check the availability of your company name before incorporating.
In Singapore, you can do a search for the availability of your company name at the Accounting and Corporate Regulatory Authority.
If your company name isn’t available, you can submit a request for a name change for free. If your company name is available but you don’t like it, you can submit a request for a name change but there will be a small fee associated with it.