In Singapore, if you are engaged in activities that lead to gains, you need to find a Singapore company registration services provider and register as a business structure.
The company registrar of Singapore has given you three options. You can start a Private Limited Company, Sole Proprietorship, or a Limited Liability Partnership.
HDB Home Office Scheme
For many, owning a business means freedom to implement their own ideas.
It also means not having to attend any office and taking instructions from the boss. However, the initial investment for setting up a company in Singapore and renting a place in a prime business district to start full-fledged business activities may not be affordable to all.
If you are bootstrapping your business and are worried about renting of office space, then you should stop doing it. You can work from your Home. Under the provisions of the HDB Home Office Scheme, you can use as an owner or tenant can use your HDB flat as your office.
You can actually use its address to register your business with ACRA.
License for HDB Home Office
Yes, you need to take out a license from the concerned authorities. It takes no time, provided you are not going to indulge in non-permissible businesses.
The license is valid for five years, and you can always renew it by paying S$20. You need your SingPass ID and a credit card to pay the fees. Visit Home Office Scheme - Housing & Development Board (HDB) to apply for a license.
Set Your Company and Work from Home
The people love to work from home.
It spares them the battle to reach their workplaces after negotiating office-hour traffic. If you have hobbies or skills that you can sell commercially, then, Yes, you should seriously consider a Singapore company formation. At present, there are almost 18,000 active HDB units operating in Singapore.
There are many Singapore company registration services providers that offer affordable promo incorporation packages. If you search for them, you may even be able to find the incorporation agents like SBS Consulting that offers three services for the cost of one.
These packages allow you to save as much as 50% of your expenses to set up a company in Singapore.
Business Activities & HDB Home Office
It is not as if you can engage in any business activity at your HDB home office.
The flat is for the residential purposes which means that your activities should not affect the ambiance of your neighborhood.
The home office scheme is highly popular with professionals in the architectural, accountancy, design, and advertising field.
The scheme is also for you if you provide insurance & financial planning services, or IT, knowledge-intensive services. It is not for the businesses that attract crowd. You cannot run a restaurant, casino, or a commercial, educational institute from your HDB flat.
Before you approach the authorities for the license, you need to take a deep view of your business requirements. It is obvious that your activities must in no way cause any disturbance to your neighbors, invite additional traffic or increase the noise level, smells or danger.
You also need to take into account how many employees need to effectively manage your business. Because there is a restriction on the number of employees you can hire.
Take the initiative and appoint one of the Singapore company registration services providing firm to register your company.
And don't forget that a self-employed individual making more than S$6,000 needs to pay his or her income tax.
Contact us:
SBS Consulting Pte Ltd
High Street Center,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: +65-6536 0036
Email: [email protected]