Singapore Company Incorporation Services

By on Apr 10, 2014 in Informative Posts | 0 comments

Singapore Company Incorporation Services

Are you considering setting up your business in Singapore? Or, are you planning to expand your company in Singapore?

That is not surprising because Singapore is known to be an ideal place to set up business. Like any other countries, Singapore has initial and continuing regulations and requirements for setting up and running your business in Singapore. One of the attractive packages in Singapore is its taxation. Registered companies in Singapore enjoy good tax exemptions and tax incentives. For the initial S$300,000 yearly income, the company pays below 9%, and 17% after. In Singapore, you do not pay for capital gains or dividend taxes. This attractive tax benefits draw investors and business owners from other countries to come and set up their businesses in Singapore.

Since the process of company registration in Singapore is a complex process, it is therefore, recommended to local and foreign business owners to seek assistance from professional outsourcing company in the process of company registration in Singapore.

Most popular companies in Singapore are registered as private limited liability companies, also called as private limited companies. It is considered as separate legal unit where shareholders are not accountable for the debts of their company which is over the value of share capital they have contributed. This is the reason it is called limited liability. The Singapore Companies Act states that any individual, local or foreign, who is beyond 18 years old, can register a company in Singapore.

Pre-Registration Stage

Business owners provide basic information about the company such as the:

  1. Company name
  2. Shareholders
  3. Directors
  4. Company Secretary
  5. Registered or Official Address
  6. Paid-Up Capital
  7. Tax

If you are a foreigner and you are interested to register your company in Singapore, take note of the following requirements:

  • That you must employ the services of professional incorporate company to register your business since Singapore laws do not permit any foreigner or unit to register a company by himself.
  • If you are just interested to incorporate a private limited business but you do not intend to transfer residence in Singapore, there are no requirements. You can run your business in Singapore, visit, and attend to any company activity on a short term period. However, you need to have a director who resides in Singapore. Regulations in Singapore require you to have at least one local director.
  • However, if you are planning to move in to run personally the business, then, you will be required to get an Employment Pass or an Entrepreneur Pass. If you have this permit, you can also serve as the resident director of the business.

Basic Documents for company incorporation in Singapore:

  1. Company Name
  2. Description of Business Activities
  3. Registered and Official Address
  4. Directors Particulars
  5. Company Secretary
  6. Shareholders
  7. Memorandum and articles of Association or MAA.

To complete the paperwork, the incorporate services in Singapore will gather some official documents from you.

Company Registration and Timeline

The company registration in Singapore is computerized as conducted by the Singapore Registrar of Companies. Normally, company incorporation is completed within 2 days.

Company incorporation in Singapore undergoes two steps namely, the Company Name approval and the Company Registration. These steps are completed on the same day, if there are no delays. Usually the company incorporation process is delayed due to issues of the nationalities of the directors and shareholders. This is an uncommon case. When these delays occur, the Singapore government may ask for more information.

A required registration fee S$300 can be paid to the Singapore Registrar of Companies during the incorporation of the private limited liability entity.

Post-Registration Requirements

The new company will be issued official documents such as Certificate of Incorporation through email and Company Business Profile which can be asked through online.

Other documents you may need to submit during the registration of the company such as Share Certificates for every shareholders, Share Register which shows the allocated shares to every shareholders, the Company Seal, and the Company rubber stamp.

Company Bank Account

Once your company is fully registered, your company can open a company bank account in any of the following Singapore banks such as Citibank, DBS, HSBC, OCBC, Standard Chartered, and more. Most of these major banks will require the presence of the company officers as their SOP.

Business Licenses

You will be required to get company license after the company incorporation in Singapore and before you can officially start the business. The license will depend on the nature of your business. Some businesses that will need business license are the educational institutions, travel agencies, restaurants, financial services, and more. The incorporation services company can determine whether your business will need a license.

Goods and Service Tax or GST Registration

If your company has projected yearly revenue beyond SGD 1 million, you need to register your business for GST, also called Value Added tax or VAT or Sales Tax in other countries. Once your company is registered in GST, you have to charge this tax, which is presently at 7% to your customers on the goods and services and you have to remit this to the tax authorities in Singapore. However, if your business’ yearly income is less than S$ 1 million, you do not need to register your company to GST.

Requirements for Yearly Filing

After your Singapore company registration and incorporation, the Companies Act requires your company some yearly filing requirements.

For company incorporation needs, find the reputable and experienced Singapore incorporate services company to assist in this complicated process and requirements.