Company Registration Singapore
Company Registration Singapore: An Overview
Without official company registration Singapore, companies cannot enjoy tax incentives and exemptions. Company registration is a common practice that greatly contributes to the success of today’s companies and businesses not only in Singapore but worldwide. But if you register your company in the Lion City, you will only pay less than 9 percent for your first S$300,000 yearly earning. After that, you will only pay a flat rate of 17 percent. This is just one of the numerous tax benefits that companies enjoy. That is why Singapore has become one of the world’s favourite places to start a business.
Requirements For Company Registration Singapore
The first requirement for company registration is the approval of company name. Your company name should be unique and should not be reserved by another company. It must not violate other trademarks as well. Next, your company to be registered should have a director who is a resident of the country, who is at least 18 years of age and free of any criminal liabilities. Also, you should determine who your shareholders are. Your business can have a maximum of 50 shareholders and a minimum of one.
Moving on, you should have at least one company secretary as mandated by the Section 171 of the Singapore Companies Act. It is important to note that the secretary must be a natural Singaporean citizen and must not be one of the shareholders or directors. Upon registration, your company must also settle the minimum share capital of $1. Finally, you should provide a local address to be used as the registered address of the company. It can either be a commercial or a residential address but must not be a PO Box address.
Understanding The Process Of Company Registration Singapore
The Singapore Registrar of Companies regulates the company registration process in the country. They use a fully computerised system without the involvement of any bureaucratic red-tape. You can even have your company registered in just a day or two. For further convenience, you can avail the services of agencies that provide company registrations services. These firms also specialise in other corporate matters such as accounting and corporate secretarial services.
Knowing the benefits and the requirements of company registration in Singapore is not enough. You should get into action and get those benefits. If it is your first time to start a business in the country, it is recommended to work with a reliable agency.