Company registration in Singapore
No limit for registered capital
local partnership not required
Allowance of Complete Foreign Ownership
Allowance of Joint venture registration
Complete Singapore market entry strategy
Company registration in Singapore
Singapore is the ideal country to set up the company for global business development. Because of its strong trade and investment policies, it’s the world’s easiest place to do business. For the owners and members of the company, Company registration is very beneficial. Company registration in singapore is easy and economical.
Singapore law does not allow foreigners individuals or foreign corporate entities to self-register a Singapore company. You must hire a professional secretarial firm for your Company registration in Singapore.
Some key information of company you must know at the time of registration :
- Company Name. Before registration, approve your company name from the concerned authority.
- Directors. All the directors of the company must complete 18 years of age and don’t have any criminal records. It is compulsory to have at least one resident director with a valid employment/dependent pass.
- Shareholders. In Private Limited Company, the maximum number of a shareholder required is one and maximum is fifty. Even after registration, issue or transfer shares to shareholders is allowed. The maximum number of shareholders is 20 in the Exempt Private Company and no corporation holds (directly/indirectly) any beneficial interest in the EPC’s shares.
- Company Secretary. After incorporation, within six months the company has to appoint a qualified company secretary. A single director or shareholder can’t also be the company secretary.
- Paid-up Capital. The company must have at least S$1 in paid-up capital, the amount can be increased anytime after incorporation. Singapore companies do not use authorized capital. It can be Ordinary shares, preference shares or other shares.
- Registered Address. Every company has to register a local business address. So that, in future concerned person can contact the company through it.
TaxationYou’ll love Singapore’s tax exemptions and incentives:
- Pay no more than 8.5 percent tax on your first S$300,000 of annual profits and 17 percent thereafter.
- Forget about dividend or capital gains taxes.
- Bask in the knowledge that Singapore companies enjoy some of the world’s best tax benefits and business reputations.
For Foreigners, Important things to Remember
If you are foreign and want to get a Company registration in Singapore, then pay attention to it:
- The director and shareholder records are publicly accessible (at the fee of $5.50).
- You cannot self-register your company. Foreigners are not allowed to do this in Singapore. You must hire a professional secretarial firm for your Company registration in Singapore.
- To operate a business in Singapore you won’t need a Singapore visa if you not live in Singapore. From anywhere in the world you can run the company and visit on short-term basis using a visitor visa. But you’ll need to have a local director living in Singapore.
- You’ll need an Employment Pass or Entrepreneur Pass if you plan to operate the company locally. With this pass, you can be the company’s local resident director.
Documents Required for company registration in Singapore:
- Company Name
- Brief Description of Business Activities
- Shareholders Particulars
- Directors Particulars
- Registered Address
- Company Secretary Particulars
- Memorandum of Association(MOA)
- Articles of Association (AOA).
|On-Residents (Foreigners)||Copy of passport, overseas residential address proof, and other Know-Your-Client (KYC) information such as a bank reference letter, personal and business profile, etc.|
|Singapore Residents||Copy of Singapore identity card|
|Corporate Entity Shareholder||Copy of registration documents such as Certificate of Incorporation, Memorandum of Association & Articles of Association.|
Company Registration in Singapore Procedure
You’ll be relieved to know that the Singapore Registrar of Companies is fully computerized, keeping red tape to a minimum.
Step 1: Choose and Approve Your Company Name
The Singapore Government must approve the company name that you choose before you can register it. The Company Registrar will oversee the process. LegalRaasta helps you to fill out and submit all the necessary information in the application.
The Company Registrar should notify you of her decision instantly. Certain words will slow down the process, including law, media, bank, and finance. If you use these words, another Government Authority will intervene, which may delay the process by days or weeks.
Choose a name i.e.
- Unique and unforgettable.
- Avoid unusual spellings
- Easy to pronounce and remember.
- Keep it simple.
- Make some sense.
- Not already registered
- Favor common suffixes.
Step 2: Register Company
After the Registrar of Companies approves your company name, the process of incorporation is started.
LegalRaasta Make sure that all documents are completed and are in a prescribed manner. All the company directors and shareholders have properly signed all forms.
Sometimes application delayed of People from different countries. Though rare, it means that the Government Authorities will need to perform additional interrogations. You must pay the Registrar of Companies S$300 for their services upfront. This fee is included in the LegalRaasta Package.
Certificate of Incorporation
You’ll receive an email automatically from the Company Registrar after process finishes. The email confirms that your company is registered and informs you of your Company Registration Number. It provides an official certificate of incorporation so don’t lose it. Paper Certificates are not used in Singapore. If you want so, pay Singapore S$50 fee, the Company Registrar will give it to you. The processing time is from 3 to 5 days usually.
Company Business Profile
After the company registration in Singapore is completed, the Company Registrar will create a company business profile. LegalRaasta will secure this for you. The downloadable PDF file contains key information, including:
– Company name and registration number
– Previous names for the company, if any
– Incorporation date
– Principal activities
– Paid-up capital
– Registered address
– Shareholders details
– Directors details
– Company Secretary details
You can operate the business and fulfill the pending formalities when you receive the email notification and business profile in Singapore.
LegalRaasta will also help you to get ready for the following necessary items:
– Share certificates for each of the shareholders
– Share register indicating shares allotted to each of the shareholders
– Company seal for the company
– A rubber stamp for the company
Opening a Corporate Bank Account
Singapore has many fine banks in i.e. HSBC, Citibank, Standard Chartered, DBS, UOB, and OCBC. You have a wide choice of banks in Singapore. Choose according to your needs. Don’t worry LegalRaasta help you with that. If you come here, you can tour each bank, evaluate its facilities and see if the people working there meet with your approval.
Applying for Business Licenses
Are you engage in certain business activities in your company corporation, then you might need concerned business licenses also. This applies to companies that perform activities related to:
– educational institutes
– travel agencies
– financial services
– import/export of goods
– employment agency
Goods and Service Tax (GST) Registration
LegalRaasta certainly hopes your annual company revenue will exceed S$1 million. Then you need to register for GST, which is value added tax or sales tax. Once you receive your GST registration, you get to charge your customers an additional 7 percent for the goods and services you provide. You have to transfer this extra money to Singapore Authorities. If your annual revenue is below S$1 million, you don’t need to obtain GST registration.
For any help at any stage of company registration in Singapore, one can contact LegalRaasta.