If you have friends in Singapore, one topic that may have cropped up recently is “why don’t we set up a business?” Of course, making it a reality may take some more effort than just chatting about it. But it’s worth a shot, especially if you have a brilliant business idea that you can implement as a group. This means undertaking Singapore company incorporation as a group rather than as individuals. There is always strength in numbers.
Why You and Your Friends Should Do Company Incorporation in Singapore
Singapore is arguably one of the better choices for running a business in the world. The Singaporean government is promoting it now as an attractive hub for business. This means even savvy investors may be giving Singapore more than just a casual glance. The Singaporean government has streamlined the business registration process to make it quicker yet still meets regulatory needs. One innovation that Singaporeans can be proud of is that even foreigners can take ownership of a company they set up in Singapore. So, you and your friends will be able to compete amidst other corporate hopefuls by pursuing Singapore company incorporation as a group.
How to Start
First of all, you and your friends must learn how to incorporate a company the right way. This means doing your research about the rules set by the Accounting and Corporate Regulatory Authority, or ACRA. If your group has both Singaporean citizens and foreigners, it is wise to determine how many company shares each of you get.
You should check to see how much each of you can afford as capitalization of the company. This depends also on what kind of legal structure you want your Singaporean company to have. You may ask a lawyer or accountant to explain to you the differences between the types of the company allowed to operate in Singapore before you settle on one.
Separation of Duties Brings Everyone Closer in the Group
You should also know how to divide the work even before you do Singapore company name search to choose a name for your firm. Each person in the group probably has something valuable to contribute to the effort. For example, one person could be handling the incorporation proper, since there is no need to have everyone doing this. Another member of the group may do research on the line of business that everyone feels would be profitable yet fulfilling. Someone else may scout for locations within Singapore that could possibly house the company office. Yet another may look for personnel to hire, such as an accountant and an auditor. It all depends on what each is willing to do for the group effort to pay off.
If you have never run a company before, it is only natural that you feel nervous at the start. After all, each of you will be putting out real money into the venture. There is always the risk of losing that money. There are other risks as well, such as when the group members disagree on issues concerning the company in Singapore. Some may want to go in one direction while others think there is a better way of doing things.
To overcome newbie jitters, you should always have open lines of communication within the group. Treat objections as valid points of view. Then act decisively so that you move forward as a group. That way, your Singapore company incorporation as a group will succeed despite the apparent risks.