Many entrepreneurs flock to Singapore to start a business. Like any city, there’s a demand for laundromat services, and you may be thinking about starting your own laundromat business. The thing is, it can get confusing about how you should go about setting up your company. Even purchasing the machinery and washing machines needed can be taxing.
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Why choose Singapore and can foreigners register a company?
Singapore, a small island nation, ascended to the top of the World Bank’s list of the best places to do business six years ago and has remained there ever since. In Singapore, the process for establishing a company is simple and free of red tape. Furthermore, the government offers tax breaks to companies that incorporate in Singapore and assists them with a variety of programs in their early stages. Both local and international company owners benefit from using a registered filing agent to form a corporation in Singapore. This is particularly true for foreigners seeking how to set up a foreign company in Singapore.
Foreigners are not allowed to self-register and must instead use a local corporate entity. They must also obtain a Singapore work visa or pass in order to work here. So if you’re looking to set up your laundromat business here, professionals familiar with the company registration process in Singapore will advise you on the best way how to register your laundromat business, saving you both time and money.
Apart from its business-friendly regulations and flexible immigration rules, one of the primary reasons Singapore has topped the list for so long is its simple tax filing system. In this article, we will discuss the five things to bear in mind while starting a new business, as well as how to establish a corporation in Singapore.
#1 Singapore’s minimum criteria for starting a company
Singapore offers new businesses the following tax breaks:
- One Singapore dollar is the required minimum paid-up capital to commence the company registration process in Singapore. Businesses may offer new resources at any moment.
- While both Singaporeans and foreign nationals may serve as directors of a Singaporean company, at least one of them must be Singaporean. This may be a Singaporean citizen, a permanent resident, or a holder of an Entrepass.
In Singapore, if you start your laundromat business, you must employ a qualified company secretary within six months. The secretary must be a Singapore local.
Every new Singaporean company is required to have a local address. This cannot be a P.O. Box number.
#2 Determine the firm’s legal structure
Despite the fact that alternative options exist, many growing businesses choose to register as private limited companies with the Accounting & Corporate Regulatory Authority (ACRA) due to their scalability. Furthermore, lenders are not liable for obligations or damages in excess of their equity. Because it has been categorised as such, the newly established business is a taxable entity.
#3 Establish your laundromat business as your company
Private limited corporations are governed by the Singapore Companies Act, and they must abide by the rules of ACRA and the Singapore Inland Revenue Authority (IRAS). Among the many titles are:
- The company name must be approved by the ACRA.
- A minimum of one shareholder is required.
- One of the directors’ offices must be located in Singapore.
- Company Secretary – Must be a Singaporean resident as well.
- It is necessary to have a minimum paid-up capital of S$1.
As a newly established laundromat business, you may get a business profile from ACRA. This electronic report contains information about your business, such as your UEN, registration date, shareholders, and so on. This profile will be used to open a corporate bank account, apply for licences and permits, and do due diligence on potential business partners.
#4 Market structure selection influencing factors
The total number of shareholders, members, and associates would be an important component in the structure of your laundromat business. If you want to be your own boss, establishing a single proprietorship may be beneficial. You will have complete control over all the business’s decisions and legal actions. Forming an LLP may be advantageous if you are two or more professionals/companies with complementary skills. A private limited partnership may be a suitable choice for you if you are a group of 1-50 individuals who want to buy the majority of the company’s resources with little risk.
