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Forming a company requires entrepreneurs to identify the major process and the policies that are commonly used to assist those potential industrialists which is important to guide them towards understanding the Government Law and Regulations, taxes, schemes and other information needed to get their business up and running. Provided here are the steps to set up your business for both local and foreign investors, preparing them to invest on the Singapore soil.

Step 1: Register with EnterpriseOne
Future entrepreneurs are obliged to sign up in EnterpriseOne’s website, a site that caters to the latest updates on law changes, regulations, and assistance schemes provided in the site’s monthly newsletter.

However, for foreign investors and budding entrepreneurs, they are required to adhere to the additional regulations and permits which are compulsory to non-Singaporean citizen stating that they need to apply for their EntrePasses and travelling VISA to allow them to be registered as entrepreneurs and also to make it easier for them to travel in and out of the country for business and investment purposes.

Step 2: Certify Business Premises
Certifying the business premises for the company’s commercial, industrial, residential, retails or other types of property and land are also compulsory prior to setting up a company. All premises should be registered with the respective Ministries and most importantly is for the premises to be approved of its safety.

Step 3: Apply Operating License and Permits
All entrepreneurs are required to apply for business operating licenses and permits from the EnterpriseOne website to allow them to legally trade their goods and services in the country. Entrepreneurs are allowed to apply more than one license and permits deemed suitable for the business and investments that they are involved in.

Step 4: Get to Know the Tax Incentives for Business Entrepreneurs
A few schemes were especially created for Start-up Enterprises to help conserve their cash flow and profits. Incentives given to potential entrepreneurs are aimed to attract more people to start their business in Singapore and also to create more job opportunities for its citizen.

Incentives provided by the Singapore Government are exemptions from taxes up to a certain amount of taxable earnings; tax breaks for registered company’s losses involving developing new products, services and processes; and also providing research and development cash grants for the company’s tax losses.

Step 5: Acquire Government Assistance to Start Up Business
By filling the free online assistance form in the EnterpriseOne website, entrepreneurs will be provided with the list of schemes required to start their business. Filling the form will help specify their business needs from the Government agencies that they can tap into to get assistance such as to apply grants, loans and tax incentives.

Step 6: Register Your Business with the Central Provident Fund (CPF) Board Prior to Hiring the First Member of Staff
The enterprise will be automatically registered in the CPF Board when it makes its first contribution to its first employee. After the first contribution, CPF Board will provide the company with its own Employer Reference Number, Employee Contribution Form, GIRO Form, and also an e-Submission Form.

Step 7: Submit Post-Registration Requirements with the Accounting and Corporate Regulatory Authority
Registration approval to run the business will be given at this stage. All entrepreneurs are advised to study and understand the regulations related to their specific type of business as any break of rules is punishable by fines or face custody by the Government.

Step 8: Business is up and running!
The company is ready to operate.