5 Reasons Why Company Incorporation Singapore is a Good Idea

Every year a massive number of entrepreneur aspirants from across the globe flock to Singapore in the pursuit of fulfilling their innate desire start a business venture in a promising economy. 
They often end up doing company incorporation Singapore to pave the way for running a lucrative business. 
As per the Doing Business report of prestigious World Bank, the Republic is one of the easiest nation in the world for doing business. 
This recognition speaks significance of the fact that the island nation is a strong contender in the international business market.

Either an existing foreign company intending to expand its reach or an individual looking for a conducive economy to venture out his new business, Singapore is undoubtedly the best place for both. 
Aspirants are likely to search for an economy endowed with pro-business policies, skilled manpower, tax-efficient structure, supportive government, etc., and surprisingly, Singapore has everything under its belt. 
Below are the 5 reasons why you must consider the city-state for your company registration. 

1. Company Incorporation Process is Easy: The process of company incorporation is something you must take into consideration before taking the final plunge. There are many jurisdictions in the world where the incorporation process is cumbersome, full of bureaucratic hurdles and time-consuming. But, Singapore is exceptional.

You just need to take two simple steps – 1) Company Name Reservation and 2) Company Registration (filing of application form). The entire process is computerized, and hence, it is easy, simple, convenient and fast. You can incorporate the company in a very less time given the documentation are in order.

For more: Company Registration Singapore – A Ready Reckoner  

2. Tax Structure is Progressive: One of the key perks of doing business in Singapore is its tax structure. The tax rates are comparatively low, and there is a series of tax benefits. It is not a hidden fact that everyone loves to keep as much earning as possible by paying minimal tax to the government. Luckily, Singapore government has wisely designed the tax structure of the country. It is pro-business.

The headline corporate income tax rate is 17%. The newly incorporated companies (whose annual revenue is below S$100,000) benefit from the full tax exemption scheme (0%) for the first three years. However, it is subject to fulfilling the certain requirements of the government. The new and existing companies may leverage the benefits of partial tax exemption under which the effective tax rate would be 8.5% if the annual revenue of the company is between S$100,000 to S$300,000. GST rate in Singapore is only 7%. And, the marginal tax rate of personal income tax for Singapore resident peaks at 22%.

Also Read: Definitive guide to registration Company Singapore Vs. Hong Kong

3. Easy Access to Business Funds /Capital: Ease of access to fund/ capital for kickstarting the new business is a matter of concern for especially the newbies. It makes sense that individual often face funding issues at the time of bootstrapping. Thanks to Singapore government and other private investors, venture capitalists and angel investors, who help the startups to lay a strong foundation of the business by providing funding assistance.

The government has rolled out a series of funding assistance in the form of cash grants, incubator schemes and equity programs for start-up businesses.

4. Strategic Location: We cannot deny the fact that most of us search for a business location which is easily accessible from our native place. Thanks to the strategic location of the island nation, which is placed at the cross roads of East and West. The historic Singapore port has long been known for international trade. The country’s award-winning Changi International Airport is well connected with major cities of the world (approx. linking 300 cities from 70 countries). People from both regions can reach Singapore within a few hours of flight. It is one of the added advantages of doing business on the shores of Singapore.

5. Skilled Workforce: Last but not the least, the talent, experience and skills of manpower of country has to be considered when you are planning to run a business out there. A business would benefit from highly skilled workforce when it comes to productivity. The presence of globally recognized universities, colleges, and institutions ensure that the local workforce has received the world-class education. They can conduct business in English, and they are highly competent on a global arena. The availability of talented resources makes the island nation a regional or global hub of business.

If you are searching for endless business opportunities for your venture, then there is no better place than Singapore. The factors mentioned above have already explained the reasons very well. So, what are you waiting for? No matter whether you are going to expand your existing business or bootstrapping a new one, Singapore business incorporation is the best bet for you. 

About Us: 

SBS Consulting Pte Ltd is a leading firm offering best packages for company incorporation Singapore. One can avail the most competitive services from the incorporation experts at the firm. High-quality service, promptness in delivery and competitiveness in pricing are the words synonyms with SBS Consulting.

Private Limited Company Singapore: A Comprehensive Registration Guide

If you are registering a private limited company Singapore, you need to apply to ACRA (Accounting and Corporate Regulatory Authority). ACRA also acts in the capacity of the Company Registrar. The process is strictly carried out as per the provisions of the Companies Act of Singapore.
We provide advice and assistance to the business owners for their company registration Singapore. Following are a few choices open to you to register your business in Singapore.

Business Structures in Singapore

• Private Limited Company (Pte Ltd)
• Sole Proprietorship
• Limited Liability Partnership

The registration of a private limited company Singapore is most favored by the business owners because it is considered as the local company. In this capacity, it is eligible to receive all the benefits awarded by the government authorities.
Most importantly, a Pte Ltd Singapore limits the liability of the shareholders if it accumulates debts or losses because of its business activities. They are only liable to the amount they have invested in the shares of the company.

What is a Pte Ltd Singapore?

The business owners prefer incorporating a company in Singapore because by law,

• It is a legal person.
• It has a separate legal identity from its owners i.e. shareholders.
• It can buy or sell real estate and property for its use.
• It is responsible for its debt and losses. It leaves shareholders assets unaffected.
• It can, if the need arises, sue or be sued by others.
• It pays its taxes.

Singapore is a prime business destination for the business-minded individuals from all over the world. Many of them are surprised because the process for company registration Singapore is not at all tough when compared to the one followed in other jurisdictions. The tips concerning, “How to set up a company in Singapore?” are as follows.

Key Requirements of Company Registration Singapore

You need to fulfill a few pre-registration requirements;

• At least one shareholder
• At least one local director
• At least one company secretary
• At least S$1 in initial paid-up share capital
• Registered office address (P.O. Box address is not valid)

Process for Company Registration Singapore

For all purposes, the task of setting up a private limited company in Singapore is easily said than done. However, our experts providing incorporation services to you are capable of simplifying it for you. Along with the application to register a private limited company Singapore, you need to submit various documents. They are as follows:

Documentry requirement for Starting a Company in Singapore

Name of the Proposed Company

Choosing a proper name for the new company is a serious matter in the eyes of Singapore authorities. You need to provide us with a list of 3-6 names. We check for the name availability and register one of them for 60 days. As per the ACRA’s recommendations, the name should not be vulgar, indecent, copied, or black-listed. Since the modern businesses depend so much on their internet presence, you must also ensure that it is available to you for the purpose of creating your website.

Describing Your Business Activities

You need to describe the business activities your proposed company will engage in. Singapore has assigned codes for all such activities. We assist you in determining the appropriate code from the Singapore Standard Industrial Classification Code (SSIC) 2010 list.

Shareholding in Your Company

When a Pte Ltd Singapore is formed, its founder members are issued with shares. Later on, it can raise more capital by issuing more shares. The initial paid-up share capital of S$1 is not enough to start its business activities.

Shareholders Agreement

A private limited company in Singapore can have 1-50 shareholders. That is why it must have shareholders agreement in order to protect the interests of all concerned. The document details the relationship between shareholders. It also provides information on their rights and obligations.

Shareholders’ Details

At least an individual or a corporate shareholder is required for incorporating a company in Singapore. A shareholder can also be the director of Singapore company and can lead its business activities. One of the important USP of company registration Singapore is that even a foreigner can have 100% shareholding in the company.

Directors’ Details

One of the key pre-incorporation requirement is that a Singapore company must have at least one ordinarily resident director. There is no limit on the number of directors a company can employ. Singapore citizens, Permanent Residents, and Employment Pass or Entrepreneur pass holders are eligible to hold this job. However, as per the requirement, they need to be ordinarily resident in Singapore.

Registered Singapore Office Address

Singapore officials need a company address in Singapore. All their communication is directed to this address. It also the place where company’s documents and registers are kept. The officials may visit this address to go through the company records. It needs to be a physical address. A P.O. Box address is not valid for this purpose.
The business owners can use their residential addresses as the registered address for their business under the Home Office Scheme. However, they need to check with the authorities like HDB.

Particulars of Company Secretary

As per the dictates of the law, each Singapore private limited company must appoint a company secretary within six months of its incorporation. The appointee needs to have the experience and knowledge to discharge the duties of a company secretary and must reside locally in Singapore.
A Singapore Citizen, Permanent Resident, an EntrePass or Employment or S Pass holder can work as a company secretary. Even the director of a company can act in this capacity. However, the sole director of a company cannot act in this capacity.

Memorandum & Articles of Association (M&AA)

The business owners need to submit a copy of their M&AA with the application for registering a private limited company. It is a document that details the activities the company may carry out and the regulations to govern its internal management.
The owners can get a standard M&AA document from the Singapore Company Registrar. However, if they some special needs they should better seek legal help.

Hire an Auditor

After setting up a company in Singapore, steps must be taken to hire an auditor within the three months of its incorporation date. It is mandatory. However, there is no need to do so, if it is exempted from the audit responsibilities. The companies that qualify as a SMALL COMPANY gets the audit exemption.

Documents Issued After the Successful Registration

After the successful incorporation of a private limited company Singapore the Company Registrar of Singapore issues following documents (soft copies).

Business Profile of Company

After the company incorporation Singapore, ACRA issues a confirmation mail. It gives the details like company’s Unique Entity Number (UEN), etc. We can assist you in getting your company’s business profile. It is an important document that details information like company’s name, UEN, date of incorporation, business activities, paid-up share capital, registered office address, etc. It also lists details of the directors, shareholders, and the company secretary.

Certificate of Incorporation

The confirmation mail also includes a soft copy of the Certificate of Incorporation of the new company. It is considered as a legal document in Singapore. If you need its hard copy, we can assist you in getting it.

Share Certificates

The company secretary is tasked with the issuing of the share certificate to the shareholder. The document denotes the ownership of the share and indicates the shares allocated to each of the shareholders of the company.

First Board Resolution

Our incorporation package takes care of your first board meeting. Our experts attend and record the minutes of the first board meeting. Normally, the first board resolutions cover the appointment of company officials, etc.

Resolution for Opening Corporate Bank Account

A Pte Ltd Singapore is a separate legal entity and needs a corporate bank account for its business activities. However, the company’s board of directors must pass a resolution to validate the opening of the account and signatories to it.

Company Seal

The use of company seal to execute deeds and other documents was a necessity for the companies incorporated in Singapore. However, Amendments to the Companies Act passed on 10 March 2017, now, negates the requirement.

Company Stamp

The company documents carrying company stamp looks more authentic and credible. It is one of the important aspects, in addition to the unique entity number and the registered address of the company, the outsiders actively search for on an official company document.

Pte Ltd Singapore: Statutory Compliance & Filing

Singapore incorporated companies have to be on their toes when it comes to their statutory compliance and the necessary filing.

AGM (Annual General Meeting)

A private limited company in Singapore must hold its AGM in every calendar year. It is an important stipulation, as the companies are required to table their financial statements for the approval of its shareholders.
The law also mandates that the meetings should not be spaced by more than 15 months. However, the newly started private limited company Singapore are permitted to hold their first AGM within the 18 months from their incorporation.

Annual Returns

The filing of the company’s annual returns is part of its statutory compliance. It must do so within the month after holding every AGM.

Corporate Tax Filing

The due date for filing of Singapore corporate tax is 30 November each year. The local Singapore companies benefit from a number of schemes offering tax rebates, incentives, and exemptions. Because of this reason, many of them pay 8.5% – 9.5% of tax.

Financial Year End (FYE)

Singapore companies must deliberate over the end of their fiscal year. Keeping it within 365 days is important. By doing so, the newly started companies can enjoy 100% tax exemption on their first S$100,000 for the first three years.

The World Banks report 2017 on Ease of Doing Business lists Singapore in the 2nd spot. The country has occupied the top position in the list for more than ten years. Its performance in this indicator speaks volume about its readiness to extend support to the entrepreneurs and corporate.

This island country offers great infrastructure, communication networks, low taxes, reliable trade links with the established business destinations throughout the world. Most importantly, its geographical location puts it in the easy flying distance to the Asian markets. All these factors have made registering a private limited company Singapore the most promising option for the business owners from all over the world. After reading this guide, “How to incorporate a company in Singapore?” will no more be a difficulty for you.

Source: https://goo.gl/qDDn7u

Singapore Company Registration: A Seamless Way to Incorporate

Needless to say, Singapore is one of the most preferred business destinations in Southeast Asia by entrepreneurs from all across the globe. As a matter of fact, the island country is well endowed with all the necessary factors which make the business ecosystem of the nation versatile. A lucrative market, wide options of investments, pro-business policies, world-class infrastructure and talented workforce, are to name a few. As a result, the demand for Singapore company registration among global aspirant is on the rise.

If you are planning a new company registration, Singapore would be the best bet. It would be a great idea to appoint an experienced Singapore incorporation services provider to handle the task. This island country is deemed to be the gateway to Southeast Asian market. You would get access to many emerging and established markets through this smart move of company incorporation. Surprisingly, the process of company registration Singapore is easy and simple. The prospect of growth and development in business is high in this economy.

The benefits of registering a company in Singapore are manifold. The important perk is the progressive tax regime which comes with low tax rates, incentives, schemes, and benefits. Strong IP protection, Government’s funding assistance, strategic position (easy accessibility from all parts of the world), highly skilled labors are the other advantages.

Singapore Company Registration: What is the Process?

The process of company registration has to be done with the authority called ACRA (Accounting & Corporate Regulatory Authority). It is governed by the Singapore Companies Act, Cap 50. The applicant must follow the rules and regulations of the authority strictly so that he can experience smooth and seamless registration process. You just need to take two steps of incorporation — 1) Company Name Reservation and 2) Company Registration (filing of application form). Both of the steps are fully computerized. Thereby, the process is fast, convenient and reliable.

Let us leaf through the both process to further know about its ins and outs:

1.Company Name Reservation: The first step of company name reservation has to be done before filing the application form with ACRA. Ideally, one must select two to three company names of his choice and ask your incorporation services provider to check their availability. Please note that the approval of the company name is subject to availability with ACRA. You could avoid the possible refusal of the authority when you have provided two-three names during the application process.

It takes very less time in getting the name approved given the name does not require approval from the external authority. Once the name is approved, it would be reserved for 60 days; you can incorporate the company within this period. If in any case the process of company registration gets delayed, you may appeal for extending the reservation period of the name to another 60 days.

2. Company Registration: The second and final step of Singapore company registration is the filing of application form along with necessary documents with ACRA. You must furnish a set of necessary documents as per the requirements of the authority. Upon the successful filing of the application, you will receive an email from ACRA notifying the competition of incorporation process. The mail will include the soft copy of the certificate of incorporation and registration number (UEN) of your company. Since the complete process is online, there is no scope for red tape activities.

Set up Company in Singapore: What are the Minimum Requirements?

The authority i.e. ACRA has laid down a set of minimum requirements for applicants wishing to set up a company in Singapore. Following are requirements which you must fulfill before filing the application.

1. Directors: There must be one resident director who is ordinarily resident in Singapore (Citizen, PR or holder of Employment Pass). The minimum age of the director must be 18 years. He must not have any record of unlawful act or bankruptcy.
2. Shareholders: The number of shareholders must be ranged between 1 to 50. Both individual and corporate can act as the shareholder. 100% foreign or local shareholding is allowed.
3. Initial Paid-up Capital: You can incorporate a company in Singapore with an amount as less as S$1. It is the minimum paid up value required for incorporation.
4. Registered Office Address: You must have a locally registered office address, be it residential or commercial. However, the address of P.O. Box is not accepted. For residential address, you may require taking prior permission from the concerned authority.
5. Company Secretary: Every Singapore-incorporate company must appoint a qualified company secretary within six months of incorporation.

You, especially if you are a foreigner, should hire a third-party firm to accomplish the process of Singapore company registration. Although it is an easy and simple procedure than the registration process in many other jurisdictions, the expert assistance and advice are always recommended to avoid the hassles of documentation and statutory regulations.

Contact us:
SBS Consulting Pte. Ltd.
Visit: https://www.sbsgroup.com.sg
Phone:+65–6536 0036:
Email: info@sbsgroup.com.sg