Business PlanCompany Incorporation

How To Incorporate Your Business In Singapore: A Brief Guide

If you are looking for an exhaustive guide to help you incorporate a business in Singapore, you can get everything here now!

If you are looking forward to incorporating your business in Singapore, you need to look no further, as this guide is your go-to option. Here you can get all the information about incorporating a company in Singapore. It features details of the registration requirement procedure and the timeline for registering a company per the initial and ongoing regulations in Singapore.

Registering a private limited liability company in Singapore is your best bet, especially if you are a foreign company, because it would be recognised as a separate legal entity. Can shareholders would not be liable for any debt which would be incurred beyond the shed capital which is already contributed. 

Set Up Required For A Company Incorporation In Singapore

  • Resident director
  • A company secretary
  • $1 should be the initial paid-up capital
  • Registered office address in Singapore physically 

What Should Service Providers Know Before Registering A Company In Singapore? 

Name Of The Company

The organisation will inspect the company name, and it has the authority to approve the company name. It would be best if you proposed the company name to the area. It would reject any proposed company name for incorporation if it is identical to any other existing company, undesirable, or has a similar established name or trademark like Coca-Cola. 

Shareholders

For registering any company in Singapore, you need to have a minimum of one and a maximum of 50 shareholders. Shareholders can either be foreigners, local Singaporeans, or any other personal corporate that could be titled as a shareholder by subscribing to the shares in the company or buying the shares of the company. The details of the shareholders would be available on the public record.

Resident Director

You need to have at least one director who is the president of Singapore to incorporate a company in Singapore. It means that the director must be a citizen of Singapore or have a permanent resident, a person who holds the employment pass with the residential address of Singapore. After that, there should not be any criminal charges against the director, or they should also not be liable for any criminal charges. Furthermore, directors can also be shareholders or vice versa.

Company Secretary

The company should have a secretary if you want to start a Singapore company. Singapore companies state generally appoint a secretary within six months of incorporation.

Share Capital Or Paid-Up Capital

The minimum paid-up capital for any company in Singapore registration is $1 or equivalent to any currency. The minimum issued capital is one share of par value. No par value shares are not allowed. Furthermore, you can increase the share of paid-up capital after incorporation.

Registered address 

for incorporating a company in Singapore, you must have a physical address, and you cannot be a PO Box of the company. It is required to maintain under the law first of the address and be considered the official place to send all the official documents on notice. You can use a residential address, depending on the business category.

GET YOUR COMPANY REGISTER IN SINGAPORE

Governance Structure

The governance structure of the company and the inter-relationship between the company is governed by the constitutional document of the company or the memorandum of association and the articles of association. You need to know that as of 1st January 2016, the memorandum and articles of associations will be merged only name in a single document known as the constitution. All the companies existing incorporated before the date will not be required to merge the documents and simply can continue with the current merger and association. It is also not unique to find the members of the companies entering into the shareholder agreement among themselves to capture some of the best rides in organisations.

Tax Exemptions And Incentives

The companies registered in Singapore can enjoy excellent tax exemptions and incentives if they pay less than 9% of the first$3,00,000 of annual profit and a flat rate of 17% tax after that. The companies in Singapore do not have to pay capital gains or dividend tax.

When incorporating a company in Singapore, list of documents you will be required to submit: 

The company registrar requires you to submit the following documents

  • You need to submit the company name
  • Don’t forget to submit a brief description of the business and the scope of activities.
  • The paid-up capital amount and explain the specific particular of the shareholder.
  • The details of the director
  • The registered office in Singapore
  • The specifics of the company secretary

The professional company will also request additional documents to prepare the professional paperwork for registration.

Passport copy and proof of overseas incidents for foreign nationals

They have a copy of the Singapore entity card would be required for permanent residence or citizens

Copies of registration documents of any foreign company could include a certificate of incorporation memorandum and articles of association.

Registration time for incorporating a company in Singapore

Singapore registrar of companies put a lot of effort into streamlining the incorporation process. Due to this, the computation procedure is entirely digitised and takes only two days to complete.

Corporate bank account

Once your company goes, you can open a corporate account at any of the central banks in Singapore. Several banks require your physical presence as a part of the process. Your physical company in Singapore will grant you a broader option.

Annual filing

The Company Act requires that you perform some annual filing process to comply with relevant commercial regulations.

You should take licenses and permits to operate the business as you need approval from the relevant government, depending on the business type. Singapore businesses that make more than $1 million are taxable under the goods and service tax for all Singapore businesses. It is all applicable to the import of goods in Singapore.

Conclusion:

The need for professionals is highly essential when it comes to incorporating and setting up a business in Singapore. This is precisely where the role of VakilSearch comes into the picture. 

Read More:

0

Back to top button

Adblocker

Remove Adblocker Extension