Let us assume you have decided to register a business, agreed upon the appropriate business structure. Now is the time to get a bit technical.
You need to decide how many members can join you in the business (Except for sole proprietorship which is limited to only one). Technically, more members will bring more capital for the business, but then there are also certain legal limits on number of people. E.g. for all the types of partnership the minimum number is 2 with certain conditions.
Also you need to appoint an officer who is resident in Singapore as local manager for proprietorship and partnerships whereas company secretary and director for companies.
Then you need to check on the renewal status for the registered business. For Sole proprietorship, General Partnership and Limited Partnerships you need to renew your business yearly with a fee and with up to date medisave payment.
Then you need to check on the requirement to appoint auditor, company secretary which will be based upon what type of business you have registered and your turnover at the year end.
So once all this is taken care of you are almost set to open up the shop…..
