Singapore Company Formation Specialist
Having difficulties in starting a business? Singapore Company Formation Specialist is here to offer you service to guide you on how to incorporate your business.
Although the company formation process is easy in Singapore, but engaging a service provider to assist you in company formation will allows you to have more time and better focus on developing your business and expanding your company.
Things You Should Know Before Company Registration
There are some basic information that you shouldn’t miss for company formation in Singapore. You are required to provide at least three (3) company names, it should be approved by ACRA before the process for company incorporation can begin.
On top of that, your appointed Directors should be at least 18 years old. At least one director has to be ordinarily resident in Singapore (a Singapore citizen, a Singapore permanent resident, or someone who meets the local residency rules). However, it is not necessary for the local directors to hold any shares in the company. Meanwhile, the shareholder and the director can be either the same or different person.
According to section 171 of the Singapore Companies Act 1967, every company is compulsory to elect appoint a company secretary within 6 months of company incorporation. If the enterprise is a single director company, he/she cannot be appointed as the secretary. Also, by engaging Company Formation Specialist, we can offer our office address for you as your company’s registered address.
Singapore registered companies enjoy very attractive tax exemptions and incentives. Under the start-up tax exemption, a qualifying new company gets a 75% exemption on its first $100,000 of chargeable income and a further 50% exemption on the next $100,000, for its first 3 consecutive Years of Assessment. Dividends paid to shareholders are tax-exempt, and Singapore generally does not tax capital gains.
The minimum paid up capital to incorporate is S$1, thereafter you may increase the paid up capital. Besides, bank account opening is subjected to bank’s approval.
Company Registration
When considering to incorporate a business in Singapore, the most Singapore companies are registered as private limited liability companies or commonly known as private limited companies. All application for registering a company must be done by submitting online via BizFile+ upon the approval of the company name. As foreigner has no access to carry out the online application via BizFile+, therefore you should engage with a service provider to assist you.
After the company name has been approved, the incorporation documents will be prepared. Documents such as brief description of business activities, shareholders particulars, director’s particulars, registered address, company secretary particulars and constitution. Thereafter, the director(s) and the shareholder(s) will need to sign the documents.
Some additional document that is required to prepare for foreign Directors and shareholders include authenticated passport copy, proof of foreign address, Singaporean/Singapore PR will need to bring NRIC and be present for the signing of the incorporation documents.
In addition, in order to begin incorporates your business, you have to obtain some certain licenses and permits, depending on your company’s business activities.
As discussed earlier, every company is required to at least appoint a local director, thus by engaging Company Formation Specialist, we will provide you with nominee director service.