Step-by-Step Guide to Registering and Ensuring Compliance for Your Consultancy  Business in Singapore

Once you’ve chosen the best structure for your consultancy business, the next step is to register it and ensure ongoing compliance with Singapore’s regulations. This process is crucial for establishing your business and keeping it running smoothly. In this blog, we’ll guide you through the registration steps and the key compliance requirements to keep your consultancy on the right track.

1. Staying Updated with Singapore’s Regulations

Ensure your business structure aligns with the latest regulations.

• Corporate Tax Rates: Stay informed on any changes.
• Regulatory Compliance: Review updated requirements for LLPs and Pte. Ltd.
• Policy Changes: Monitor updates that might affect your business decisions.

Example: Regularly check ACRA and IRAS for the latest information to keep your business compliant.

2. Steps to Registering Your Consultancy

2.1 Sole Proprietorship and Partnership

• Process: Choose a name, submit to ACRA with ID and address.
• Required Documents: NRIC or passport, residential/business address.

Example: Quick setup, but remember the personal liability risks.

2.2 LLP and Pte. Ltd.

• Process: Register business name, provide partner/director details, registered address.
• Required Documents: ID for partners/directors, registered office address, company secretary for Pte. Ltd.

Example: More detailed setup but provides greater protection and growth potential.

2.3 Branch Office or Representative Office

• Process: Submit parent company’s financials, proof of registration.
• Required Documents: Parent company registration and local representative details.

Example: Ideal for foreign firms entering the Singapore market with careful oversight.

✅ At Counto, we prioritise your savings and efficiency over hefty fees. Our team of seasoned compliance professionals expertly handles everything from company registration and nominee director services, to tax filing at unbeatable rates. Discover more about our cost-effective company incorporation packages here.

3. Maintaining Compliance and Planning for Growth

After setting up your consultancy business, maintaining compliance with Singapore’s regulations is crucial for long-term success. Consider the following:

• Annual Filings: Submit annual returns and tax filings on time to avoid penalties.
• Corporate Governance: Adhere to corporate governance standards, particularly for Pte. Ltd. companies, which include holding regular meetings and maintaining accurate financial records.
• Growth Strategies: Regularly review your business structure to ensure it still meets your needs as your consultancy business evolves.

Example: After restructuring as a Pte. Ltd., focus on maintaining compliance through timely filings and corporate governance practices. This will ensure your consultancy business operates smoothly and positions you well for future growth, such as expanding into new markets or offering additional services.

Summary

Registering and maintaining compliance for your consultancy in Singapore is a crucial step that ensures the legality and smooth operation of your business. By following the correct procedures and staying updated with regulatory changes, you can focus on growing your consultancy while avoiding potential pitfalls. Proper planning and diligent compliance will pave the way for a successful consultancy business in Singapore.

Try Counto’s Company Secretary service 

Running a company in Singapore can be challenging, but with professional support, it can be simple. Counto’s goal is to take away the complexities of compliance, and save you time and money throughout the year. To learn more, speak to us directly on our chatbot, email [email protected], or use our contact form to get started.

Here are some articles you might find helpful:

Per diem allowances 

Year-end tax strategies

ECI filing

5 important tax deductions

Payroll taxes

Tax deductible expenses