Why Set Up a Consulting Company in Singapore?
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Strategic location in Asia
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Strong Economy and Stable Political Environment
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Access to Regional and Global Markets
Taking into consideration the above factors, Singapore offers consulting companies access to companies not only in Asia, but also around the world, at the same time providing companies with a peaceful and conducive environment to run businesses without having to worry about major upheavals or conflicts in the country.
Step-by-Step Guide to Setting up a
Consulting Company in Singapore
Step 1: Decide on your company’s business type
- Identify your target market and the clients you would like to serve.
- Determine what kind of services your company wants to provide – one-off projects, long-term advisory, or specialised services. Your choice will shape your company’s business model and marketing strategies.
Step 2: Define the legal structure of the company
- Choose a business entity which suits your operations – options include Private Limited Companies (Pte Ltd), Branch Office or Representative Office.
- Register your company with the Accounting and Corporate Regulatory Authority (ACRA). Registration includes choosing a company name, appointing directors and providing a registered office address.
Step 3: Obtain the Relevant Licenses (if applicable)
- If your consulting firm deals with specialised services, you should seek the necessary specific approvals or licenses from the relevant authorities.
- Ensure that you obtain the required industry-specific licenses as well as certified and qualified professionals for sectors such as legal or accounting consulting.
Step 4: Set Up Business Operations
Set up the essential aspects of your business – these include a corporate bank account, hiring an accountant and registering for the necessary taxes with IRAS.
Step 5: Employ staff for your company
If you plan to hire foreign employees, you will need to apply for the necessary work passes for them (eg Employment Pass, S Pass etc) depending on the employees’ qualifications.
In Singapore’s competitive economic scene, setting up a consulting company can seem like an overwhelming task with the many regulations acting as roadblocks to success.
With Scailable’s assistance, you can stop worrying about maintaining compliance, and keep your thoughts on what’s really important – how far your business can go.