Setting Up A Company In Singapore
An Investor’s Notes About Setting Up A Company In Singapore
For local and foreign investors, setting up a company in Singapore means benefiting from one of Asia’s rapidly growing economies. They can similarly take advantage of the same attractive opportunity if they choose to engage in a partnership, establish a sole proprietorship or set up a foreign branch of office or representative office in this city-state. These investors who are either starting out a new venture or further developing their existing enterprises can incorporate and/or register their business entities under the Singapore Companies Act or Business Registration Act.
Each type of business entity offers unique advantages to these investors. The choice they eventually make is ultimately defined by a number of factors. Such factors include but are not limited to their specific goals, the amount of control they want to have and the incentives they look forward to enjoying as a result of their investments.
Setting Up A Company In Singapore In Real-Time
A statutory board whose primary functions include serving as the national regulator of business entities in Singapore was formed in 2004. It came to be known as the Accounting and Corporate Regulatory Authority of ACRA. It was the product of the merger of the Registry of Companies and Businesses and the Public Accountants’ Board.
The process of incorporating a business here is performed electronically through the system called Bizfile. This convenience is highly appreciated by the business people who value their time and who are constantly looking for ways to make the most out of it. These people or their representatives can experience a hassle-free procedure when submitting online their respective applications for the approval and reservation of their company name. The approved company name is then reserved for them for sixty (60) days. If in any case, they want to extend that duration, they can make a request for it. They can then be granted a sixty-day extension. But it is important to keep in mind that forwarding a request for an extension of reservation can only be done once and it must be made before the initial sixty-day count ends.
Setting Up A Company In Singapore & Enjoying Tax Exemption
The authorities issued the following conditions for companies to determine their eligibility to qualify for tax exemption. Such conditions which we will be mentioning are effective since the Year of Assessment (YA) 2010. The first of which is that the company in question is incorporated under the Singapore law. Such company must similarly be a tax resident in the city-state for the YA covered. In addition, this company should have twenty (20) shareholders or less during the basis period for the YA under consideration.