Singapore Government Agencies that Aspiring Business Owners Should Know About
Posted: Oct 12, 2020
You have a fantastic business idea. You know it is path-breaking and will leave your mark on the Singaporean marketplace. It means you are ready to register a company in Singapore. It also means you should know government agencies you will need to deal with for a successful Singapore company incorporation.
Setting up a Singapore company can be quite complicated for both locals and foreigners. It is especially challenging for foreigners as they are new to the Singapore company incorporation and do not know the rules and regulations. Knowing which government agency needs a particular document is knowledge not easy to come by.
Here is a list of government agencies that you will find helpful in registering your company in Singapore:
Accounting and Corporate Regulatory Authority (ACRA)
ACRA registers and governs all companies registered in Singapore. The incorporation agents start their conversation by naming this agency. ACRA has made an online portal (BizFile+) available for company registration. It has simplified the process of company registration.
You can get useful information on the ACRA website about the business entities you can register and invaluable legal information. You need to file your company's financial statements in XBRL format and annual returns with ACRA. An accounting services provider that also offers XBRL filling Services Singapore can assist you in the task.
Central Provident Fund Board (CPF)
CPF is a pension fund for the Singaporeans and permanent residents. It helps them in their retirement. Singapore employees, as well as employers, contribute their share to this fund. The CPF Board fixes the rates. After you register your company, you need to visit its website and open the CPF account for the company and top it up with the required funds. The website also elaborates on employers' obligations.
Singapore Economic Development Board (EDB)
It always pays to have in-depth information about the new business trends or emerging industries in a marketplace. In Singapore, you go to EDB for this info.
EDB collaborates with the international experts to find growth opportunities in various of its own and region's industries. It also provides investment to encourages strategic activities and establish schemes to assist Singapore startups in taking roots.
It also has the Global Investor Programme to help move individual investors to relocate to Singapore. Doing so puts them in being its permanent residents. Acquiring this status helps in various ways: schooling for their children, obtaining fast loans, Etc.
Enterprise Singapore is a government agency that takes an active part in providing grants, tax incentives, loans, insurance, startup hubs, Etc.
In its capacity as the National Standards and accreditation body in Singapore, it works to promote the quality and safety of Singapore products and services.
Inland Revenue Authority of Singapore (IRAS)
IRAS is a revenue agency in Singapore that administrators taxes. You need to register your company's tax requirements for this agency. IRAS takes care of income taxes for Individuals and Corporate, Withholding taxes, and Goods and Services Tax. It also administers taxes on charities, clubs, property, shareholding, etc. You can ask the IRAS about info on Double Tax Treaties and schemes.
Singapore Ministry of Manpower (MOM)
MOM is an agency you need to go to and rely on for employment-related guidelines. The agency handles work visas like Employment Pass, S Pass, Personalized Employment Pass, Dependant Pass, and Long-Term Visa Passes. You can get important information pertaining to employment practices, workplace safety, health requirements, and employment-related statistical data.
SkillsFuture Singapore (SSG)
SSG is a government agency that anticipates the trends and works to ensure that the Singaporean workforce is up-to-date with the market conditions. The agency renders and facilitates programs for learning, training, and development of local employees.
After hiring any local employee, you will need to register your company with SSG and pay SkillsFuture Development Levy. You can ask for a grant to send your employees for training courses. You can also communicate with this agency to offer an internship to Singaporean students from universities and colleges.
I am a technical consultant & writer who loves to forge knowledge on software product & services.