Incorporate Singapore Company
A Brief Guide On How To Incorporate Singapore Company
When it comes to countries that go to great lengths to make their territories as business-friendly as possible, Singapore is second to none. In fact, this is a claim that is fully supported by the World Bank itself, when it just recently ranked Singapore as number one when it comes to the ease of doing business. And this is just one of the many reasons why the Lion City proves to be irresistible for a plethora of companies and business entities. Here are some additional factors that you will need to keep in mind when looking to incorporate Singapore company.
Incorporate Singapore Company: Limited Liability Companies
Most businesses in Singapore are registered as private limited liability companies. As the name implies, these are companies that grant limited liability to their owners and shareholders, which means that the company’s shareholders are not legally held responsible for any of the company’s financial liabilities that are beyond their contributed share capital amount. A private limited company usually has the acronyms Ltd or Pte Ltd as part of its complete company title.
This type of business entity is popular in the country because of the fact that it is deemed as a very tax efficient business structure if set-up properly. And it is one of the company forms that are granted sizeable tax incentives and exemptions by the government of Singapore.
Summarized Steps On How To Incorporate Singapore Company
The very first step on the incorporation of a company in Singapore is the company name approval, this is when the company chooses a name and submits it for approval to the national company registrar. If the submitted company name is unique, unreserved, and composed of acceptable terms, this step can be accomplished within a few minutes. The accepted name will then be reserved for that particular company for a period of 60 days from the date of approval.
The second step is the company registration itself. It involves the submission of a completed incorporation request, along with all the other necessary documentation, to the Singapore Registrar of Companies. And if there are no errors and glitches, this step can be completed in as little as a few hours.