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While Singapore may be the easiest place in the world to set up a business, it has a number of regulatory requirements. They are best handled by a professional firm that has expertise in incorporating companies in Singapore.
Entrepreneurs who wish to start a Singapore company can look out for these 8 items when going through their to-do list.
1. Check That Your Company Name is Available
As you decide on your brand name, use InCorp’s Singapore company name check tool to ensure that your preferred company name hasn’t been taken up already. Otherwise, you’ll find yourself facing delays in the incorporation process of your Singapore company.
Names should also not be offensive or suggestive.
2. There Has to Be at Least One Resident Director
At least one director must be resident in Singapore. Also, all the directors must be over 18 years old and must not be bankrupt or convicted of any kind of malpractice in the past.
If you do not have anyone who can act as your resident director, you can engage a nominee director instead to represent your company.
3. At Least 1 Shareholder
There must be at least 1 shareholder for the company. A private limited company can have up to a maximum of 50 shareholders.
New shares can be issued and existing shares can also be transferred to another person anytime after the company has gone through the entire incorporation process.
4. Company Secretary
You must appoint a company secretary within the first 6 months of incorporation in Singapore. Anyone can be appointed as the company secretary as long as he or she is a resident of Singapore.
Although a Singapore private company is not required to appoint a qualified person as a company secretary, it is important that the company secretary has the requisite knowledge and experience to discharge the functions of his or her office.
5. Paid-Up Capital
You need just $1 as the minimum paid-up capital in Singapore in any currency. The quantum can be increased any time after the incorporation of your Singapore company.
6. A Singapore Address
One of the most pressing requirements for foreign companies setting up in Singapore is the availability of a local physical Singapore office address that is either residential or commercial. It cannot, however, be a P.O. Box.
7. Taxation Requirements
Companies registered in Singapore enjoy considerable tax exemptions and incentives. Once incorporated in Singapore, your company will enjoy attractive taxes, allowing you to enjoy substantial savings. There are also no capital gains or dividend taxes on Singapore companies.
These are among some of the reasons why there are successful companies like Shell and Wilmar in Singapore.
8. Filing Requirements
There are several company structures and types in Singapore, such as:
- Singapore private limited company
- Subsidiary company
- Exempt private company
- Singapore holding company
- Branch office
- Limited liability partnership
- Sole proprietorship
Whichever you choose, there are filing requirements that you need to take note of, such as annual returns and declarations.
If these requirements take up too much of your time, you may engage the services of professional firms which will help you manage them.
Leave Your Company Incorporation to Our Professionals
There are benefits of leaving your Singapore company incorporation to our trusted team at InCorp. You can rest assured knowing that your business is in safe hands while you focus on setting up the other areas of your company.
FAQs
- You should note these important areas when setting up your business:
- Tax requirements
- Filing requirements
- Company secretarial requirements
- Director and shareholder requirements
- You can choose from these company types in Singapore:
- Singapore private limited company
- Partnership
- Sole proprietorship
- It costs S$15 to register your business name and S$100 to register your business.
Start your Singapore company now
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