You want to register a company in Singapore, but don’t know how to proceed? Don’t worry, we have got you covered. This basic guide will help you register your company in Singapore and provide you with the information you need about setting up business in Singapore. It doesn’t matter if you are looking to establish regional headquarters, a local company, branch or subsidiary, a representative office or a foreign company, these guidelines will help you get acquainted with the step by step procedure for setting up business in the country.
Below, you will find information regarding the registration requirements, process and the time required for registering a company in Singapore. Like every other country, Singapore also has a standard set of regulations that you will have to comply with to start and operate a corporation. Therefore, this guide will not only be beneficial for foreign enterprises but also for local entrepreneurs who are looking to establish their business but are unsure of how to proceed.
But first, when you are considering registering your company, remember that each company in Singapore is registered as a private limited liability company, also known as a private limited company. This means that it is an individual legal entity in which the shareholders are not responsible for the debts incurred by the company. They are, however, liable for the initial share capital investment.
Also, for setting up a business in Singapore, the business owner must be 18 years of age or above and a structured private company is the most common and efficient type of enterprise registered in Singapore.
Now, here are the key steps that you will need to follow to register your company in Singapore.
You will need to get approval for your company name before proceeding any further.
Board of Directors:
Next, the Board of Directors of your company must comprise of at least one resident director who is a local permanent citizen. Except for this mandatory requirement, there is no limit on the number of foreign or local directors. The directors should however, be at least 18 years of age, have good financial standing and should be free of any conviction charges, like bankruptcy. It is not a pre-requisite though that a director should also be a share-holder in the company.
A Singapore company can have from 1 to 50 shareholders who can be local or foreign individuals.
As per Section 171 of the Singapore Companies Act, every company must appoint a responsible and qualified secretary, who is a local resident.
The minimum paid up or share capital for company registration in Singapore is S$1 and there is no prevalent concept of Authorized Capital in Singapore.
For company registration, you must provide a local registered address for the company. It must be a residential or commercial physical address and cannot be a P.O. Box number.
The tax incentives and exceptions in Singapore for companies make it one of the most attractive places for doing business. With less than 9% tax on the first S$ 300,000 annual profit, you will need to pay 17% tax on the following profits. There are also no capital dividends and gains.
Another important thing about registration for a new company is to employ the services of a professional accounting firm. Our financial and legal experts at 3E Accounting Pte Ltd will provide you with the best consultation services. Our company is a one stop solution for every regulatory compliance provision as well as a number of services like corporate secretarial and incorporation services. To know more about how we can help, contact us now.