Enterslice experts can provide professional assistance in creating your presence in the Singapore market which can foster increased profits and faster business growth
The best reasons to enter the market in Singapore are
Situated at the crossroad of the West and East
Wide Network of double tax treaties
Business Friendly Legislation
Tax Exemptions
Economic growth that relies on FDI
High Value-Added Sectors
No Capital Gain Tax
Non-Taxability of Foreign Investment
Lucrative Investment Programs like Regional Headquarters Award, Integrated Investment Allowance and Pioneer Incentive
No Estate Duties
No tax on Interest
No Currency Control
Companies are Fully Owned by Foreign Investors
Low Prices of Property
The businesses involving minimal risk and small-scale businesses adopt the business vehicle of Sole Proprietorship in Singapore. As the name suggests, these businesses are run by an individual. There is single-person ownership where the company is not a separate legal entity. The property purchased for business purposes is purchased in the owner's name under his capacity. This makes the business owner liable for all the debts and liabilities related to the business
Businesses where more than two persons are involved in generating profits through their commercial activities usually fall under the ambit of a partnership. There are different kinds of partnerships in Singapore.
General Partnership: A general partnership comprises a minimum of two partners and a maximum of 20 partners to carry out the profit-generating activities. This type of the general partnership is not a separate legal entity distinct from its partners. All the partners of the general partnership have unlimited liability against the debts and obligations of the general partnership.
Limited Partnership: A limited partnership comprises a minimum of one general partner with unlimited liability and a minimum of 1 limited partner whose liability is fixed to the amount of capital infused in the partnership. No upper limit on the number of members in a limited partnership. A limited partnership structure is usually adopted for the business of professional services such as accounting firms, lawyers, etc.
Limited Liability Partnership: A limited liability partnership (LLP) offers the flexibility of a partnership and limited liability of a company. Unlike other kinds of partnerships, an LLP has a separate legal personality distinct from its partners. Every LLP must have at least two partners, and these partners can be natural persons, corporations, partnerships or other LLPs. Every LLP is also required to appoint a manager who must be a resident of Singapore.
A company is the most famous business category adopted by foreign investors for expanding their business in Singapore. It has a separate legal entity and its members' liability extends to the amount of their contribution made to the company. Companies in Singapore are further sub-divided into the following:
Exempt Private Company: An exempt private company is a private limited company that has been exempted from fulfilling certain compliances, such as the attachment of annual financial statements in their annual returns. These companies need to add ‘Pte Ltd.’ with their names.
Private company limited by shares: A private company limited by shares has a share capital. The maximum number of shareholders in a private company can extend to 50, and such shareholders can also include corporations. Here, the liability of the members is limited to the amount of capital invested in the company.
Public Company Limited by shares: A PLC can raise capital from the public by offering its shares and debentures. For making such an offer, the company has to register the prospectus with Monetary Authority of Singapore and has been permitted to have more than 50 shareholders. These companies are required to attach 'Ltd.' with their names. Here, the liability of the members of the company is limited to the amount of capital invested by them in the company.
Public Company Limited by guarantee: These kinds of companies are usually incorporated for non-profit and charitable objectives such as national and public interests, trade associations, charitable organisation’s etc. These companies, are required to attach 'Ltd.' with their names. These companies do not have any share capital, and their liability extends to the guaranteed amount promised to be contributed in the company's assets. This guaranteed amount shall be specified in the company's constitution as well.
Unlimited Private Company: An unlimited private company is a hybrid company with or without share capital. The liability of its members or shareholders is not limited; it also extends to personal assets. The members have joint and several non-limited liabilities. These companies are required to attach 'Unlimited' with their names.
Unlimited Exempt Private Company: An unlimited exempt private company has a similar structure. The only difference is that the members have unlimited liability.
Unlimited Public Company: An unlimited public company is one where the liability of the members is unlimited against the company's debts and obligations. These companies, too, need to attach 'unlimited' with their names.
A branch office is an extension of its parent company. It is not a separate legal entity as it is an extension of the activities carried out by the parent company. This entity survives in perpetuity. Its activities are taxed as a non-resident entity. The account of the branch office and that of its parent company have to be filed. A branch office should have at least one manager/local representative resident in Singapore.
A representative office is an interim entity that has been used for representing the parent company in the Singapore market for market research purposes and liaison work for the parent company. To establish a representative office in Singapore, the parent company must be in business for at least a period of three years and have a turnover above $250,000. It is not a separate legal entity and is a temporary office for administrative purposes. Its name cannot be changed. It will bear the name of its parent company with the addition of a 'representative office'. It can only undertake market research and coordination activities. A chief representative must be appointed who will relocate from the parent company
A subsidiary is an extension of its parent company having a separate legal identity from it. However, it is managed by its board of directors. It has been allowed to use a different name. The activities of a subsidiary can be the same or different from that of its parent company. It is taxed as a local entity and can avail of all the benefits available. It needs to have at least one local manager resident in Singapore.
Income Tax
Property Tax
Customs and Excise Duties
Capital Gains tax
Goods and Services Tax
Withholding Tax
Personal Income Tax
Estate Duty
Stamp Duty
Corporate Tax
Enterslice is a market-leading management consultancy firm that offers end-to-end business setup, taxation, financial planning, regulatory, legal and advisory services to entrepreneurs, young start-ups and large corporate houses across the globe.
Our Singapore Entry Strategy service involves the following services;
Our Singapore Entry Strategy can be further classified into the following –
Strategic Alliances: Strategic Alliances in Singapore can be in the form of a joint venture, cooperative arrangements, or collaboration on specific projects between potential competitors or competitors from different countries, suppliers, or other firms with complementary services or products that can enhance the existing service or product link.
Money Changer License: Singapore, being a tourist hub and an international financial centre, has a relatively secure and safe environment for money changers to conduct or continue their business. There are specific requirements for setting up money changing business in Singapore. These requirements are required to be followed by the person applying for Money Changer License in Singapore.
Shelf Company in Singapore: For foreign businessmen, Singapore is a great investment destination with many possibilities for opening companies. Foreign investors can purchase an already existing company or set up a new company.
Representative Office: If a company isn't ready to commit to open an office in Singapore, then an option is to open a representative office in Singapore. Such a Representative Office in Singapore can be used to perform a marketing assessment.
Shelf Company in Singapore: For foreign businessmen, Singapore is a great investment destination with many possibilities for opening companies. Foreign investors can purchase an already existing company or set up a new company.
Exempt Private Limited Company: Singapore gives an array of choices to entrepreneurs to opt for a type of entity as per the nature and scope of the business. The majority of the entrepreneurs who set up new companies rely on incorporating private limited companies. It is popular because of its business structure and other features.
LLC Registration: Singapore is present in the global rankings for ease of doing business is the abbreviation for Limited Liability Company or Limited Liability Corporation. Limited Liability Registration in Singapore is required for an individual to start a corporate business.
Accounting and Auditing Services in Singapore: Compliance with accounting and auditing requirements in Singapore is important for businesses. These are carried out to ensure that the financial statements are well maintained and value presented in the financial statement is true and fair.
Company Registration Procedure: A company registration procedure is a process in which a company is registered. This process is straightforward and does not take up the majority of the time. However, all the formalities need to be followed under the Company registration procedure for the process to be seamless.
Singapore Corporate Tax Services: Corporate tax is present in all jurisdictions. In the year 2003, Singapore introduced a Single Tier system for filing all corporate tax requirements. In the single-tier system of corporate tax, there isn't any form of double taxation levied on the company's services.
Resident Director in Singapore: Every company or body corporate in Singapore requires appointing a specific number of directors to run the company. The appointment of a resident director in Singapore has to satisfy specific criteria and requirements of the Singapore Companies Act (Chapter 50)
Finance Company License: The procedure for the License of a Finance Company in Singapore is effortless and simple. The person applying for a License of a Finance Company in Singapore is required to follow the guidelines prescribed by the competent authorities.
Corporate Bank Account: There are different forms of bank accounts in Singapore. Individual bank accounts are open for customers who carry out regular banking processes, which involve opening a bank account, carrying out different forms of transactions, and depositing money. Corporate Bank accounts are open mainly to carry out transactions related to the business.
GST Registration: The Goods and Services Tax or GST of Singapore is one of the lowest when compared to the other countries in Asia. A variety of schemes have also been introduced by the Government of Singapore to reduce the GST filing burden of businesses.
GST Reconciliation: Singapore is considered one of the largest financial centres in the world. GST is an abbreviation of Goods and Services Tax. GST is a value-added tax imposed on goods and services.
Trademark Registration: A trademark that is registered with the Intellectual Property Office of Singapore (IPOS) gives the right holder the legal right to use, license and sell the trademark within Singapore for the services and goods for which it is registered.
Patent Registration: The procedure for Patent Registration in Singapore is effortless and simple. The person applying for a Patent Registration in Singapore is required to follow the guidelines prescribed by the competent authorities.
A PLC is a type of public limited company which can raise capital from the public by offering its shares and debentures. For making such an offer, the company has to register the prospectus with Monetary Authority of Singapore and has been permitted to have more than 50 shareholders. These companies are required to attach 'Ltd.' with their names. Here, the liability of the members of the company is limited to the amount of capital invested by them in the company.
The duties of the Resident Director in Singapore involve supervision, acting within the Powers of the Memorandum, carrying out duties and responsibilities as required by the Company, disclosure of specific information, and fulfilling fiduciary duties.
The central regulatory authority for Audits in Singapore is the Accounting and Corporate Regulatory Authority (ACRA).
The aspects that must be considered before opening a Corporate bank Account In Singapore are Reputation, expertise, types of Accounts, objectives of the bank services offered by the bank, automation, location, support pricing and fees, deposits and balance.
GST Reconciliation is used in cases of error and mismatch, differences in invoices, HSN Code, description, and internal and external record management.
24x7 Client relationship support desk.
Tech-enabled service delivery platform.
Dedicated foreign Investment desk.
50,000+ Network of Lawyers/Attorney’s/CA/CPA/CFA.
Strong team of Inhouse Lawyers/Attorney’s/CA/CPA/CFA
A wide Network of Audit and Law firms in India.
Individual and Dedicated professionals on every assignment.
We register 100+ Companies every Month
If you have any queries related to the Process, feel free to contact us. We will provide
you with immediate help.
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“I have registered my Trademark through them. The application was filed within 3 days. And the charges were also very reasonable. We got TM Approved in 6 month’s time without any re-submission or objection. They charge high to deliver the best in industry.”
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