- January 28, 2020
- Posted by: MK Consultus
- Category: Bookkeeping
Company registration entails the submission of a company constitution (previously known as Memorandum and Articles of Association) to ACRA. This document is usually reviewed by lawyers as part of the incorporation process. Singapore-registered companies enjoy very attractive tax exemptions and incentives. For instance, a new start-up company can claim tax exemptions on the first $200,000 of its normal chargeable income.
- As long as the business director legally resides in Singapore, they can help you fulfil this requirement.
- On the other hand, if you may not want to immigrate to Singapore.
- These types of companies will still enjoy the partial tax exemption.
- There are also limitations around who can open an SP company.
You need to access BizFile+ portal to apply for company registration online. Foreigners do not have it and it is not possible to complete the process of Singapore company registration without SingPass ID. You must hire an agent or company incorporation services provider for the task. Entrepreneurs wanting to register company in Singapore prefer a private limited company for its credibility, scalability and robustness. As a foreigner, you can apply to the Ministry of Manpower (MoM) for an EntrePass and then opt for company incorporation Singapore.
Directors (Only applicable to companies)
It also depends on how quickly you and other shareholders and directors submit the required documentation to your company secretary for verification. As an Employment Pass, you can register company in Singapore and be its owner or shareholder. However, you cannot be its local/resident director, as you cannot work for a company other than your employer. Singapore Data Register for Companies is part of Asia Pacific initiation to link corporate companies and businesses within the region on membership basis to share opportunities. We are continuously improving our services for the Benefit of our Members. The time it takes to register a company in Singapore is remarkably swift and efficient.
- They can do so only after acquiring an appropriate work pass.
- As an Employment Pass, you can register company in Singapore and be its owner or shareholder.
- With its minimal requirements, it’s one of the easiest places globally to kickstart a business, even bagging the #2 spot in the World Bank’s Doing Business rankings.
- Singapore Data Register for Companies is part of Asia Pacific initiation to link corporate companies and businesses within the region on membership basis to share opportunities.
- The rubber stamp makes the company’s official documents look more authentic and professional.
- At the time of incorporation of company, you may need to hire nominee director services.
As long as the business director legally resides in Singapore, they can help you fulfil this requirement. Accounting and Corporate Regulatory Authority requires you to provide and sign a few key documents. Namely, t account examples the particulars of your directors and company secretary and your Memorandum of Understanding and Association. A private limited company (Pte Ltd) is the most common type of company to open in Singapore.
How much does it cost to register a company in Singapore?
However, you need to know more if you also want to be its Singaporean local director. This vital info can save you some trouble and headache while starting your business. So if you need a permit or license for your business, apply to and acquire it from the proper authorities before commencing your business activities. If required, ask for advice from your provider of services for company incorporation Singapore or visit the business license portal. However, at the time of company registration Singapore, you must appoint at least one nominee director and continue to employ them. Then, ask your company secretary to apply to MoM for an Employment Pass for you.
Q. Where to apply for company registration online?
The company secretary keeps your business compliant with regulations and tax filings. It’s an essential aspect of successfully doing business in Singapore. Singaporean law requires at least one company director to reside there. That person can be a foreign national or a Singaporean citizen.
Before Applying for a Licence
In most cases, you can complete the entire registration process within a matter of hours or days. Singapore’s user-friendly online registration system has streamlined the procedure, allowing entrepreneurs to navigate through the necessary steps swiftly. This is a legal requirement; the role is critical to your business, and Singapore companies cannot operate without one. It requires various certifications and involves many responsibilities. Every business must appoint a company secretary residing in Singapore.
Apart from the company constitution, another important legal document that is required as part of the incorporation process is that of a shareholder agreement. Once you have chosen your company name, address and have your constitution ready for submission, you can proceed to fill in the other details required on BizFile+. Other key information includes company shares details, as well as the particulars of the directors and company officers. In order to register a Singapore company, a local Singapore address must be provided as the registered address of the company. The registered address must be a physical address (can be either a commercial or residential address) and must not be a P.O. Singapore companies are allowed to have 100% local or foreign ownership.
Q. Do I need to appoint a corporate secretary for my Singapore company?
If you don’t want an office space or aren’t resident in Singapore, your nominee director’s address can be submitted. You can keep all your relevant documents at this address, too. This is perfectly acceptable to ACRA; you don’t need a premise if you don’t want one.