How To Incorporate A Company In Singapore
How To Incorporate A Company In Singapore: Getting To Know Singapore
Singapore, as a progressive nation, is home to a number of multi-billion-dollar companies. The country has managed to be Asia’s tiger in just a matter of years, overtaking its Southeast Asian neighbors in the race. The small country, which lies at the bottom of the Malaysian peninsula, is one of the most sought-after destinations in the world. And with the Singapore government’s plans of expanding its trade and tourism programmes for the next few years, it’s no wonder that Singapore would be bigger than it is today.
Singapore has been recently voted as the one of the most livable city for expats in the Asian region. Along with Australian cities, Singapore ranked high on the list, which was based on a survey conducted on expats and business travelers.
Procedures On How To Incorporate A Company In Singapore
Incorporating a company in Singapore is no easy matter but it’s incredibly quick to accomplish. It’s not easy since several requirements have to be submitted prior to business name approval and incorporation, but it should be easy when done the right way.
Before the incorporation proper, the applicant should be able to have the business name approved. Once approved, the company name would be registered along with the other particulars which would include submitting the details of the company’s directors, shareholders, corporate secretary and physical address.
Requirements On How To Incorporate A Company In Singapore
The company director should be a resident or Singapore citizen or someone who has permanent residency status in Singapore. Otherwise, they should have one of the three types of passes in Singapore such as the employment pass, dependent pass or Entrepass. The same goes for the shareholders and the company secretary.
As for the paid-up capital, the minimum is S$1.00. This may be increased over time. There’s no need to worry with taxes for companies as companies get to enjoy attractive tax incentives in Singapore. Companies get to enjoy a tax relief for the SG$300,000 or less of profits during the first year of incorporation and a headline corporate rate of 17% after.