How to start a Consulting Business in Singapore.

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How to start a Consulting Business in Singapore
Bestar Services Pte. Ltd
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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore

• Singapore is one of the most productive
  south-east states which has led to the origin,
  development and prosperity of many industries. A
  consulting business in Singapore ranges from
  management to marketing, business, law and more
  actually provides accurate expert advice as well
  as business solutions to its clients. A
  consultant is like a fresh pair of eyes who can
  gauge the situation as per their calibre thereby
  providing solutions pertaining to the subject
  matter. As a result, businesses when faced with
  certain difficulties visit these consulting
  businesses as per their niche. These consulting
  businesses with a team of individuals will do a
  thorough research on the conflict thereby
  presenting strategic solutions for the conflict.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore

• However, as a beginner in Singapore who is about
  to start a consulting business of their own, you
  may be faced with individualistic difficulties.
  Through this blog, we will walk you through the
  entire processes involved before beginning a
  consulting business.
• These steps are given below-

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step-1 Decide the niche or area of domain of
your Consulting Business

• As you are about to form a business in Singapore,
  you should firstly decide as to what will be the
  specialisation of your consulting business.
  Consulting business ranges from IT industry to
  financial technology and more. However, present
  market scenarios emphasise that financial
  technology-based consulting services have an
  upper hand. After deciding the type of your
  consulting business, let us move on to the next
  step.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step-2 Get the name approved legally

• Once you have finalised the unique name of your
  consulting business, it is important to register
  the same. As per the Singapore laws, Accounting
  and Corporate Regulatory Authority (ACRA) can
  help your business register the name officially.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step-3 Gather enough funding to keep your
business right on track

• The money generated through shareholders will
  help in keeping your business in momentum for at
  least six to twelve months. In Singapore any form
  of company be it limited liability company is
  legally allowed a minimum share capital of S1
  with no maximum limit. Small business owners can
  flag off as start ups thereby infusing funds from
  time to time till it turns into a business
  corporation.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step-4 Appoint business directors

• A business consulting service in Singapore is
  permitted to have both local and foreign
  directors. However, it is legally obligatory to
  have at least one director who is a citizen or
  resident of Singapore.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step-5 Identify a corporate secretary

• A corporate secretary who is a resident of
  Singapore cannot be a sole director or
  shareholder of the company as well. It is
  required to hire a corporate secretary within six
  months of starting a consulting service business
  so that the secretary can look over government
  rules and regulations thereby ensuring that the
  company is incorporating the same while doing
  business.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step-6 Identify shareholders

• Your company can have shareholders anywhere from
  1 to 50 at max. These shareholders can also be in
  the form of corporate entities in terms of
  private limited liability companies. Moreover,
  these shareholders are not legally bound to a
  citizen of Singapore. In addition to that post
  registration of a company, these shares can also
  be easily transferred from one person to another.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step-7 Compile draft documents

• Accounting specialists at Bestar are here to
  offer you a hand in gathering all the essential
  documents that you will require before opening a
  consulting service in Singapore. These documents
  will have all the information about your business
  including your registered address. Lastly, you
  need to submit these documents over the online
  portal of ACRA called Bizfile. As a foreign
  entrepreneur, remember to share your passport as
  well address proof. At Bestar we can help you in
  assembling all the important documents together
  so that you can easily register your company and
  go about with your business.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step- 8 File for Goods and Services Tax (GST)

• In Singapore, companies need to apply for GST in
  the time period of thirty days after the
  companys registration has been done. All
  companies with a possible turnover below 1
  million or even exceeding the same are required
  to file for GST.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step-9 Register for Licences and Permits

• Licences and permits are essentially required
  before starting a business in Singapore. If for
  example a financial based consulting service is
  being set then permit from Singapore Chartered
  Accounts is mandatory. Likewise for different
  niche based consulting services require permits
  from different departments.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore
Step-10 Finish the Application

• After gathering all the documents together, the
  last step requires you to submit your application
  to the ACRA for further processes. If any follow
  up questions are required to the same it might
  take some time. However, in other case scenarios
  your consulting service business will be out and
  about within a day or two. The government agency
  charges S315 upfront for the services it
  provides in terms of registration cost.
  Otherwise, it is needless to say that when you
  have all your documents in order, you will
  experience a hassle free consultancy business
  registration in Singapore with the help of Bestar.

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How to start a Consulting Business in Singapore?
Tax Planning While Being In Singapore

• At Bestar, you are guided by a team of experts
  for all your concerns regarding establishing a
  business consultancy. Not only that, we ensure
  with our team of professionals that your
  consulting services grow fruitfully in the years
  to come. So, now when you think about setting up
  your business consulting service in Singapore,
  think about Bestar. Schedule a call now!

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