Incorporation Companies In Singapore
Singapore Company Registration
Registering a company in Singapore is a relatively straightforward process, but requires some knowledge of the country’s procedures and the policies in place. RCW Accounting Firm Singapore helps you to understand, register, setup, and administer your business operations in Singapore.
Register A New Company in Singapore (General Overview)
A Singapore-registered company enjoys many benefits. 100% foreign ownership is allowed for individuals and entities wanting to register and setup a company in Singapore. The minimum paid-up capital is S$1, and the time for incorporating the company is 1 business day. The minimum personnel requirements for registering a new company in Singapore is one shareholder and one director.
Register a New Company in Singapore (Taxation)
For company taxation matters, it is good to note that there are no taxes on the first S$100,000 taxable income annually for the first three years for a newly registered Singapore company. In addition, the tax rate is less than 9% (correct at the time of publication) on taxable income of up to S$300,000 per year. After this threshold, the overall tax rate remains relatively low at 17% on taxable income above S$300,000 per year (correct at the time of publication). Also, there are zero taxes on capital gains and dividends for Singapore-registered companies. RCW Accounting Firm Singapore helps your particular company understand more of how these benefits and procedures may apply to and affect the nature of your business.
Register a New Company in Singapore (Accounting Matters)
A new company registered in Singapore is required to keep its accounting and financial records in order. These records must be able to systematically and sufficiently explain the transactions and financial position of the company, and enable true and fair pro!t and loss accounts and balance sheets to be prepared. If such records are maintained outside of Singapore, copies of these records must be kept within the geographical boundary of Singapore. RCW Accounting Firm Singapore can help your company with its accounting and record-keeping procedures to ensure compliance with the laws of Singapore.
Register a New Company in Singapore (Work Visas)
There are many visa options for company owners looking to move to Singapore to administer their newly registered company, and there are no exchange controls or restrictions on repatriation of profits. Foreigners in Singapore will require an entrepreneur visa or employment visa to work in Singapore. RCW Accounting Firm Singapore helps you understand your visa obligations and can advise applicants on the process.
Register a New Company in Singapore (Procedure)
Registering a new company in Singapore requires a few basic steps, starting with obtaining approval for your company’s name. Companies in Singapore are mostly free to select a name of their choosing, but there are restrictions on names that are deemed offensive, that compete with similar titles, and those that use specific terms like ‘Singapore’ and ‘Temasek’ in their company names. The names must not be identical or too similar to another business’s name, nor should it infringe on any trademark or patent. Company names that contain regulated terms such as ‘bank’ ‘finance company’ ‘insurance’ ‘school’ ‘hospital’ ‘clinic’ ‘university’ ‘media’ must first be approved by the Singapore Company Registration regulatory authority before they can be used in the name and title of your company. If approvals are required from other authorities, the process may take up to 2 weeks. RCW Accounting Firm Singapore can advise you on possible names and potentially corresponding restrictions on your choices. Once the company’s name has been settled, you can begin to prepare your registration documents for filing with the relevant authorities. Once your company registration documents have been approved and signed, your company will be registered and and you can open a bank account in your company’s name. RCW Accounting Firm Singapore can help you understand your banking account choices, together with certain packages and deals that banks may offer to your newly registered company.
Register a New Company in Singapore (Making Incorporation Easier)
Registering and incorporating a company in Singapore is a straightforward process, but having a company incorporation agent is advisable to help applicants progress through the process. A company incorporation agent such as RCW Accounting Firm Singapore can speed up the process and help you to avoid making repeated applications for matters that may go wrong when conducting the process yourself. RCW Accounting Firm Singapore can prepare and submit all of the necessary documentation to the relevant authorities (detailed below) on your behalf, for registering your company in Singapore. The following items are required for submission to the registrar of companies in Singapore (ACRA):
- Memorandum of Articles of Association
- Statutory Declaration of Compliance
- Consent to act as a Director
- Statement of Non-Disqualification to act as a Director
- Consent to act as a Secretary
- Particulars of Shareholders, Directors, Secretaries, and other Personnel
- Certificate of Identity
- Location of Registered Office and Office Operating Hours
Register a New Company in Singapore (Timeline for Registration)
The time it takes for a company to receive its registration status is contingent on, among other things, two factors:
1. Approval of the company’s name
2. Signature verification done in Singapore or overseas
1. Approval of the company’s name
2. Signature verification done in Singapore or overseas
Approval of a company’s name normally takes between 2 to 3 hours, but may take longer if there is a problem with the choice of title or if the title raises other issues (please see the section above on ‘Procedure’).
If the company’s documents are signed within Singapore, the process is significantly faster, than if these documents are signed overseas. This is because of the time it takes to courier the documents to Singapore, along with any returned documents and re-submissions that may be required in the event of errors, or incomplete information.
Once the company’s name has been approved and the signed documents are prepared, the company may be registered in Singapore within a day. When a company has been registered in Singapore, a bank account may be opened, which takes 2 to 3 business days (or at times up to 2 weeks) contingent on the type of bank and account you choose for your company. Some banks may require further verification of documents and additional signatures from the relevant authorities of your company. This requirement may add time to the application process if you or the other directors are not in Singapore.
RCW Accounting Firm Singapore can help your company undertake and streamline these processes, consequently speeding up the time it takes to complete these steps towards total operational status for your newly registered Singapore-based company.
Register a New Company in Singapore (Licenses and Permits)
A new company registered in Singapore does not need approval for most types of business activities conducted in Singapore. There are, however, certain types of business activities that are controlled and/or regulated by government agencies from whom special clearance or licenses are required. These business activities include banking and financial institutions, for example, and the relevant company will first require approval from the Monetary Authority of Singapore (MAS) before commencing operations. Other activities such as the production of cigarettes and alcohol, or the manufacturing of products such as refrigerators and air-conditioners, or the operations of food and beverage outlets require licenses from the appropriate government bodies in-charge of regulating each of these activities.
Register a New Company in Singapore (Shareholders)
A new company registered in Singapore may operate with only one shareholder who can either be an individual or a corporation. There are currently no requirements for shareholder(s) to be resident in Singapore.
Register a New Company in Singapore (Paid-Up Capital)
A new company registered in Singapore requires a minimum paid-up capital amount of S$1.
Register a New Company in Singapore (Company Directors)
A new company registered in Singapore must have one director who may be resident or non-resident in Singapore, according to the Singapore Companies Act. It must be noted that at least one of the company’s directors must be either a Singapore Citizen or Singapore Permanent Resident or an expatriate with a valid employment visa for Singapore. An incorporation agent such as RCW Accounting Firm Singapore can provide your company with a nominee director service to meet this statutory requirement if your company does not have a local resident director.
Register a New Company in Singapore (Company Secretary)
A new company registered in Singapore must have at least one qualified company secretary with a principal place of residence in Singapore. Your company must also have its own registered office address within the geographical boundary of Singapore. An incorporation agent such as RCW Accounting Firm Singapore can provide your company with both, a company secretary and an approved address of operations for your company.
Register a New Company in Singapore (Exempt Private Company)
A new company registered in Singapore is called an Exempt Private Company (EPC) if it has less than 20 shareholders and if none of the existing shareholders are a corporation. An EPC registered in Singapore is relieved from filing copies of its accounts with the Registrar of Companies. However, an EPC is expected to maintain proper accounting records. It must be noted that a company which is not holding EPC status is obliged to file its audited accounts with the ACRA every year. This obligation is laid down by the Singapore Companies Act.
Register a New Company in Singapore (Additional Useful Information)
A new company registered in Singapore enjoys several additional benefits such as no exchange controls or restrictions on the introduction of capital or repatriation of capital and profits. There are also no currency regulations and Singapore has a business environment that favors foreign investment and keeps bureaucracy to a minimum when establishing businesses in the country.
Residents and non-residents alike can hold foreign exchange accounts and there are no controls or requirements on currency transfers, payments, or repatriation of profits.
The legal system in Singapore is extremely efficient and strongly protects private property. There is no threat to expropriation and the law comes down heavily on offenders that would hamper the safety and efficiency of business and daily social life in Singapore.
Corporate tax rates are relatively low, and Singapore has agreements on double taxation with several countries.
To learn more about how to register and leverage the benefits of starting a new company in Singapore, speak with an expert at RCW Accounting Firm Singapore.
