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Company Registration in Singapore

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$ 2,000*
  • 12 Months Registered Office Address
  • 12 Months of General Fax receiving line
  • Constitution (Memorandum & Articles of Association)
  • 1st Board meeting, Minutes for Bank A/c Opening
  • Nominee director (fees Extra)
  • Tax Advisory for 3 Months
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What is Company Registration in Singapore?

In Singapore, there are certain requirements which must be full filled in order to incorporate a company. With a team of professionals we can help in setting up Singapore Corporation. In Singapore, self-registration of a new company is not permitted for foreigners.

To register a new business the most common way is to create private limited liability company. It is a separate legal entity and provide shareholders protection from debts beyond the amount of capital they contribute. In Singapore, Company is incorporated as per the rules prescribed under Singapore Companies Act. If we talk about the eligibility then anyone above the age of 18 can proceed for incorporation. The most efficient tax structure is provided under this type of Company incorporation.

Here are the following benefits of company registration in Singapore

  • To take advantage of Singapore Double Tax Agreements,enjoy Singapore tax resident status, tax exemption schemes and tax incentives such as the Productivity and Innovation credit which incentive companies to improve their productivity by purchasing technology.
  • Limited liability of Members.
  • Only a foreigner or local entrepreneurs of 18 years old or above are allowed to register Singapore Company and for directors of a private limited companies, there is no age cap.

Requirements of Company Registration in Singapore

  • Company Name

For new company name, one must obtain approval.

  • Directors

There is a requirement of at least one Resident Director who can be a citizen, permanent resident, or someone with a valid employment pass or dependent pass. As many local and foreign directors can be appointed. It must be ensured that they fall under the eligibility criteria and do not have any criminal record and record of bankruptcy. Directors need not to be a shareholder in a company.

  • Shareholders

In Singapore, in a Private Limited Company there can be shareholders between 1 and 50 who can be individuals or entities, whether local or foreign. After company incorporation shares can be issue and transfer to the shareholders. Company is considered as Exempt Private Company if in case private company has at most 20 shareholders. In such companiesno corporation holds (directly or indirectly) any beneficial interest. EPC will enjoy the benefit of audit exemption if the Company fulfilled the requirement of small company. There is a requirement of minimum of one shareholder. There is 100% foreign ownership allowed.

  • Company Secretary

According to Section 171 of the Singapore Companies Act, there is a requirement of appointing qualified company secretary within six months of incorporation. Only a natural person living in Singapore is eligible to become a company secretary in Singapore whereas a sole director or shareholder is not eligible.

  • Paid-up Capital

There is a requirement of minimum paid up capital of S$1 which can be increased at any time after incorporation.

  • Registered Address

For company registration in Singapore there is a requirement of registration of local business address whether residential or commercial but not a post office. In Singapore, there is a scheme named Home Office Scheme under which, homeowners are permitted to conduct operation of small-scale businesses on residential premises. The same scheme is also applicable on HDB and private properties.

  • Taxation

As Singapore companies have the most efficient tax benefits and best business reputations.

Following are the Singapore's tax exemptions and incentives:

  1. On first S$300,000 of annual profits, pay not more than 8.5 % tax and 17 % thereafter
  2. No dividend or capital gains taxes.

For Company Formation in Singapore Considerations for Foreigners

  1. The records of director and shareholder are public accessible on the fee of $5.50.
  2. Foreigners are forbidden to self-register a company in Singapore.
  3. If you do not live in Singapore but wants to setup company there then there is no requirement of Singapore visa. One can operate a company from anywhere in the world and using a visitor visa one can visit on short-term basis. But there is a requirement of local director living in Singapore.
  4. To locally operate the Company there is a requirement of Employment Pass or Entrepreneur Pass after obtaining this pass one will become the Company’s local resident director.
Documents required for Company Registration in Singapore
Here are the following documents are required for company registration in Singapore
  • Name of the Company.
  • Brief Description of Business Activities.
  • Details of Shareholders.
  • Details of Directors.
  • Registered Address Details.
  • Details of Company Secretary.
  • Memorandum and Articles of Association(MAA).
  • A standard MAA document is provided by Singapore Company Registrar which is suitable for most instances.
  • Usually no restrictions except in case of financial services or other politically sensitive businesses.
Company Registration Procedure

In Singapore, Registrar of Companies is completely computerized.Company incorporation and name reservation can be done simultaneously.

1. Name Reservation

Before registration, Singapore Government approves company name. Registrar will oversee the process. In the process of name approval there are certain words which slowdown the process such as law, media, bank and finance. Using such words can delay the process by days or weeks.

For expediting the process, select a name which:

  1. is not similar to existing company’s name and it must be different
  2. No infringement of trademark
  3. Not a bad, obscene or rude name

Name can be for 60 days and it can be for another 60 days by filing an extension.

2. Company Registration

After the name approved by Registrar of Companies, incorporation application and documents will be processed in few hours. Application mightget delayed when people from certain countries apply which implies that additional interrogations are required to be performed by the government authorities.

Post Registration Requirements

An email will be received from the Company Registrar. An email will confirm about the incorporation and informs Company Registration Number. This will be an official certificate of incorporation.In Singapore paper certificates are no longer uses, although on the payment of S$50 fee, the Company Registrar will give it. Usually, the processing time takes 5 days.

Company business profile is required to be created by the Company Registrar after completion of the registration process in Singapore.

Following information is included:

  1. Name of the Company and registration number
  2. Company’s previous names (if any)
  3. Date of Incorporation
  4. Principal activities
  5. Paid-up capital
  6. Registered address
  7. Details of Shareholders
  8. Details of Directors
  9. Details of Company Secretary

One can proceed with all legal and contractual tasks which are required to be performedafter receiving an email notification and business profile.

In Singapore, there is a wide choice of banks such as HSBC, Standard Chartered, Citibank, DBS, OCBC, and UOB. If one can visit Singapore then they can evaluate its facilities.

If one is engaged in certain type of businesses then there is a requirement of special license. It applies to those companies which perform activities related to:

  1. Restaurants
  2. Educational Institutes
  3. Travel Agencies
  4. Financial Services
  5. Import/Export Of Goods
  6. Employment Agency

If the annual revenue of a company will exceed S$1 million then there will be a requirement of GST. After receiving GST registration, one need to charge additional 7% for the goods and services and money in relation to this turn it over to the Singapore Authorities.

After company incorporation, annual filing compliance are need to be complied with.

Annual income tax filing formalities are also required to be complied with. Which are defined in the Singapore Income Tax Act.

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