Accounting Service Singapore

4 Things to Consider for Managing Workflow of Business in Singapore

Many small businesses in Singapore are unaware of legal norms of ACRA and IRAS authorities in the country, which are necessary to be followed for managing setup and good workflow of their companies in a legal manner. For betterment, you may get in touch with authorized business registration agencies or corporate advisors in Singapore, who can help you to understand the norms of legal bodies in the country and how to follow their rules to get the intended goal as well.

Here are some necessary things that every small business in Singapore has to complete or follow up for running operation of company legally in the industry such as:

Company Registration

Every foreign or resident company in Singapore has to follow up legal process of business registration as per genuine rules of Accounting and Corporate Regularity (ACRA) authority and ensure that it is done by secretary of the firm on time. For company registration in Singapore, you firstly need to fulfill the requirement of company incorporation such as:

Setup company name and take its approval from ACRA.
Give details of company’s shareholders and directors to government.
Make sure company has paid-capital up to S$1 at least.
Submit details of company’s address proof, bank account, etc.
Company should appoint a company secretary in-house after completing six months of the organization.

KYC Due Diligence

To do proper management of business and its customers, it is necessary for every company in Singapore to do proper KYC due diligence of its clients according to the Know Your Customer Regulations Act that was introduced in 2001. By having KYC verification of your customers, you can track all the business transactions and activities being done between your company and clients easily. You can also avail services of KYC due diligence from recognized business registration service agencies in Singapore too. This service will entertain small businesses in Singapore to keep track details and information of all customers, suppliers, investors, and stakeholders of them and ensure for transparency in business dealings with them.

Company Secretary Appointment

It is also mandatory norm to appoint a skilled company secretary in-house by every small to large level company in Singapore after completing six months of the organizations. Here the role of a professional company secretary is crucial, who will be responsible for managing company’s all administrative works, legal issues, give aid to the company directors and shareholders in business growth and development plans and many more. However, the duties of a company secretary in Singapore are always significant that need to be understood by all level companies in the country.

Have Valid License of Business

There are many businesses in Singapore, which require particular business licenses to operate in the industry such as Public Entertainment Companies, Animal Exhibition firms, Event Management Companies, Copyright Permit firms, etc. So, if you are involved in any of those particular business industries and want to setup small business of same domain in Singapore, you are also supposed to apply for the genuine license of the company for legal operations of it through genuine process.

Thus, above are four significant things that every small or large level company has to be gone through or follow up wisely to run business in Singapore in a legal way.