The process of registering a company in Singapore
The political stability in Singapore, tax benefits and pro-business policy are the main reasons why entrepreneurs from all over the world prefer to incorporate companies in Singapore. However, Singapore law does not allow foreigner individuals or foreign corporate entities to self-register a company in Singapore hence the need to engage a professional secretarial firm to register for you. This article outlines the guidelines when registering a company in Singapore.
The information you will need
· The company name which should be approved before company incorporation process.
· List of appointed directors who should be at least 18 years old.
Their bank balance should be up to a certain amount and they should not have undergone any misconduct in the past. There is no limit to the number of appointed directors but at least one of the directors should be a resident in Singapore.
· A list of shareholders
Singapore allows a maximum of 50 shareholders but the team of shareholders should not be entirely local or foreign persons. The directors and the shareholders can be the same person or another legal body.
· Company secretary
It is compulsory to assign a company secretary within six months after the incorporation of the company. The appointed person should be one who is born and lives in Singapore.
· Physical address
For successful registration of a company in Singapore, you should have a Singapore local physical address which will be the registered address of the company. The address cannot be P.O Box.
· Tax requirements
Singapore offers tax incentives and exemptions to newly registered companies. The company should pay 9 per cent for the first S$300 000 and 17 per cent afterwards. No capital gains and dividend taxes are imposed on Singapore companies.
Documents required when registering a company in Singapore
Singapore company registration requires the proper documents for company incorporation which includes:
· Name of the company
· Shareholders details
· A brief explanation about the business activities
· Information about the directors
· A registered physical address.
· Memorandum and Articles of Association
· Non residents passport copy, residential proofs and other documents with details such as the bank reference and personal profile.
· A copy of the Singapore identity card for Singapore residents.
Registration procedure and timeline
Company registration process in Singapore is computerized, as a result, the procedure is done in an efficient and rapid manner. The registration process takes about 1 to 2 days
1. Approval of company name
2. Registration of the company
If there are no delays, this is done in one day.
To prevent any delays when you register a company in Singapore, first get the company name approved by the company registrar.