COMPANY FORMATION SINGAPORE

 

Company Incorporation in Singapore

The Accounting & Corporate Regulatory Authority (ACRA) is the Company Registrar and governs the process to incorporate a company in Singapore. It is as per the Companies Act, Chapter 50.

 

Things You Should Know Before Incorporation of a Singapore Company

The online company registration in Singapore is a well-optimized process. Both local & foreign entrepreneurs can complete it in 1-3 days & set up their business in Singapore without any hassle.

You, as a foreigner, cannot open a company in Singapore on your own and need to appoint a registered filing agent. You also need an Entrepreneur pass to relocate and work in the city-state. Ask your agent for the customised Singapore company registration solutions.

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Singapore Business Structures that Get You Maximum Benefits

Any individual over the age of 18 can form a company in Singapore. Even foreigners can own 100% shares in a company.

In Singapore, you can use the following business structures or entity types to register a company in Singapore and maximise tax benefits.

  • Private Limited Company (Pte Ltd)
  • Subsidiary Company
  • Branch Office

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 Consider below important points during Incorporation of company in Singapore:

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Singapore Company Incorporation Services

Private Limited Company (Pte Ltd)

Local and foreign individuals prefer to opt for private limited company registration. It is a tax-efficient and dynamic structure most suitable for business growth.

  • It can have 1-50 shareholders.
  • At least one director must be ordinarily resident (Singapore citizens, Permanent Resident, or an Entrepass holder).
  • Singapore corporate income tax is in the range of 0%-17%.
  • It has a separate legal identity from company shareholders.
  • It has perpetual existence.
  • It is a legal person having rights of a natural person.
  • It can buy or sell property in its name.
  • It can sue or be sued in its name.
  • The company is responsible for its losses or debts.
  • Transfer of ownership of shares is easy.
  • It is credible to investors, financial institutions, suppliers, & customers.
  • As a tax resident, a local private limited company gets all tax benefits and incentives offered by the authorities.

 

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Subsidiary Company

A foreign corporate entity can set up a subsidiary company to expand its business activities to Singapore.

  • It has a separate identity from its parent company.
  • The parent company can own 100% shareholding in its Singapore subsidiary.
  • A subsidiary is treated as a local company. It gets the tax benefits, exemptions, and rebates provided by the authorities.
  • A subsidiary is liable for its debts and losses. The parent company’s liability is limited to its share capital.

 

 

 

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Branch Office

The foreign companies can also register their branch office in Singapore.

  • The branch office has no separate identity from its foreign parent company.
  • It is taken to be the extension of its parent company.
  • The parent company is liable for its branch’s debts and losses.
  • The management of the Singapore branch office deals with issues regarding shareholding, business activities, and structure by referring to the Memorandum & Articles of Association of the parent company.
  • It is not treated as a local Singapore company. It cannot claim the tax benefits, exemptions, and rebates offered by the local authorities.
  • Before company incorporation in Singapore, discuss your needs with your agent. Because, with the right business structure, you can manage the risk, liability, growth, & branding of business effectively.

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Key Requirements to Register a Company in Singapore

You need:

  • Minimum paid-up capital of $1
  • At least one shareholder
  • At least one local or resident director
  • At least one company secretary
  • Registered local addres

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Incorporating a Business in Singapore for Foreigners

Registered Filing Agent: You, as a foreign individual or a corporate entity, can simplify your task by appointing a registered filing agent. A number of Singaporean accounting firms, law firms, or Singapore secretarial services act in this capacity.

Local Director: Most importantly, you need to appoint a local director who is ordinarily resident of Singapore. Singaporeans, Permanent Residents, and EntrePass holders are eligible to act a local director for a new Singapore company formation.

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Step 1: Apply & get your company’s name approved from ACRA

Supply a list of 3-5 names to the agent. They will check them for availability in BizFile+ portal.

For the quick approval of the company name:

  • Choose a unique name that will hint at the nature of your business
  • ACRA rejects names containing vulgar or obscene words
  • It should not violate copyrights or trademarks
  • If your application gets referred to the higher authorities, the approval can take up to 2 months.

The approved company name is reserved for 60 days. The agent can extend the period by another 60 days by applying to ACRA.


 

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