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Company Registration in Singapore

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An Overview of Company Registration in Singapore

Singapore is well known throughout the world for being a stable country with a robust financial system and a well-organized economy. Various channels like banks, VCs, accelerators, incubators, government grants, and more can be used to secure finance at any point in the development process. This has contributed significantly to the growth of Singapore's start-up industry, which in 2016 attracted US$3.5 billion in venture capital and private equity alone. This makes Singapore a preferential option for businessmen, entrepreneurs, and investors to start a business. If you are among those, and intending to start a business in the Singapore Jurisdiction, then you are at the right place to know a to z.

Company Registration in Singapore

Singapore is well known throughout the world for being a stable country with a robust financial system and a well-organized economy. Various channels like banks, VCs, accelerators, incubators, government grants, and more can be used to secure finance at any point in the development process.

Benefits of Company Registration in Singapore

Skilled Human Resource: Singapore boasts a workforce that is highly educated and skilled as the nation places a high priority on training and education. It boasts a sizable pool of seasoned experts in numerous sectors.

Socio-political Environment: Singapore is one of the easiest countries in the world to conduct business and boasts a business-friendly atmosphere owing to its healthy Socia-political Environment. The nation's government promotes a healthy environment by introducing policies which are encouraging, laws that are simplified, and tax rates which are modest.

Strategic Location: Singapore is a hub for international trade and is well situated in the center of Southeast Asia which links it to the rest of the globe making it geographically excellent. Therefore, It's the perfect place for companies, entrepreneurs, and investors who want to grow internationally.

Robust Economy: Singapore enjoys a strong international reputation as a stable nation with a strong financial system and an orderly economy. VCs, banks, accelerators, incubators, government grants, and more are some of the methods that funding can be obtained at each stage of development. Due in large part to this, Singapore's start-up sector has flourished, attracting cash in the form of US$3.5 billion in venture capital and private equity alone in 2016.

Tax Benefits: One of the primary motives for registering a company in Singapore is the tax benefits. Forming a company in Singapore is a smart decision because of the country's business-friendly tax laws and abundance of tax breaks that promote entrepreneurship and business expansion.

Government Schemes: In 2020, the Singaporean government planned to implement a $4 billion Stabilization and Support Package to aid local workers and Singaporean businesses, with the goal of mitigating the economic effects of the COVID-19 pandemic. The government of Singapore also assisted businesses by lowering the cost of hiring employees. For each local worker, the government will deduct 8% of their salary, up to a maximum of $3,600 per month, for a period of three months.

Benefits of Company Registration in Singapore

Types of Company Structures in Singapore

There are different types of business structures available for registration under the Singapore Legislation, few of which are:

Types of Company Structures in Singapore

1 Sole Proprietorship: A sole proprietorship is the most basic kind of business structure where one can begin a business with just one owner, known as sole proprietor. A sole proprietor is individually liable for any debts and lawsuits brought against the company, even though he has total control over the business and all of its operations.

2 Partnership: Partnership is such a form of business structure which allows more than one person to come together to start a business. When entered into a partnership agreement, all individuals party to it are called partners who hold rights over the business, operations, profit, and loss. The number of partners in this form must not exceed 20.

3 Limited Partnership (LP): A limited Partnership is a minimum of two-person partnership consisting of at least one general partner and one limited partner. A general partner is accountable for the LP's decisions and holds full liability for all of its debts and liabilities. If a limited partner abstains from managing the company, he is exempt from liability for the LP's debts and obligations above and beyond his agreed contribution.

4 Limited Liability Partnership (LLP): An entity that is distinct from the partners themselves and is incorporated by two or more partners in known as LLP. An LLP partner is not individually accountable for the deeds of any other partners. As such, each partner bears individual liability for any debts resulting from their own deeds.

5 Subsidiary : Another type of limited liability company is a subsidiary where foreign parent corporations prefer to establish their businesses in Singapore through another office. It is distinct from the foreign corporation that is its parent. The fact that Singaporean authorities permit 100% foreign ownership is one of its USPs. A subsidiary business is regarded as a local business and therefore, can take advantage of the tax breaks, exemptions, and rebates given by the regional government. It has personal liability for all debts and losses resulting from its commercial endeavors.

6 Branch Office: Another option available to overseas firms is the establishment of a branch office in Singapore. A branch office is not seen as belonging to the local business. It is regarded as the overseas parent company's extension. In order to handle matters like shareholding, business operations, and structure, its management must adhere to the parent company's Memorandum and Articles of Association (MAA).

7 Representative Office: Before investing resources to create a presence in a new market, foreign corporations like to inspect and investigate the area. In such furtherance if one has to conduct such operations in Singapore, they must register a representative office. In simple words, Representative Office is nothing but is believed to be merely a short-term administrative setup by its parent business.

Prerequisites of Company Registration in Singapore

Following are certain requirements to be fulfilled in order to register your company in Singapore:

Company Name: Before proceeding ahead with the company registration process, it is important to decide over the company name and to verify that it meets the criteria of the name such as not being violative of any law, similar to any other pre-existing company name, etc.

Directors’ details: Another prerequisite is to prepare the list of directors to step on board for the company establishment. The list must include the details of the directors such as address, name, financial position, identification proof, etc.

Shareholders’ details: Along with the list of the directors, the list of shareholders is also required to be prepared in the same manner, along with their individualistic detailing such as financial position, identification proof, etc.

Registered Address: The company intended to be registered under the Singaporean Law must have a registered address for its office.

Company Secretary: The company secretary appointment is another must for the company registration process. Within six months of its incorporation, every company in Singapore is required to designate a company secretary. The company secretary cannot hold the position of director or shareholder and must be a Singaporean citizen.

Paid up Capital: The company needs to have a paid up capital of $1 to start with the company registration process under the singaporean laws.

Documents: The last requirement is to have prepared documents which includes Memorandum of Association, Article of Association, Company Secretary’s Particulars, Business License and Permits, Bank Details, Financial Documents.

Prerequisites of Company Registration in Singapore

Documents required for Company registration

For registering your company in Singapore, you will need following documents:

Documents required for Company registration

1: Registered Company Name [with ACRA]

2: Briefing of Business Activities

3: SSIC codes pertaining to business activities

4: Registered Address and its proof

5: Details of Shareholders and Directors

6: Company Secretary Details and particulars

7: Passport Copy and residential address proof of Directors [if foreign nationals]

8: Copy of Singapore Identity cards of Directors [if singaporean nationals]

Process of Company Registration in Singapore

You may follow the step by step process for registering your company in Singapore:

Step 1. Register Company Name:

Primarily, you have to conduct a thorough research regarding the name of the company by making sure that the name you have selected does not violate any of the requisites such as not similar to that of the pre existing company name or not violative of any law, etc. Once researched well, register your company name with ACRA.

Step 2. Documentation:

Once the name approval has been obtained, you must prepare the documents required for the company registration process which includes Memorandum of Association, Article of Association, Registered Address proof, name approval certificate, directors and shareholders details, etc.

Step 3. Submit Application with ACRA:

The simplest way is usually to register your business on the ACRA website. To submit your registration, you must first create an account, complete the forms, and upload your supporting documentation. Additionally, you'll have to pay the filing fees. You can also choose to send your application; to do this, download the forms from the website, print copies of your supporting documentation, and follow the instructions for the mailing address.

Step 4: Certificate Procurement:

After the application has been submitted, the authority will further inspect and analyze the application and attached documents. If any mistake is found, then the application will be subject to rejection by requesting the alteration in the application. If found no errors, the application will be approved by the ACRA, and you will receive the certificate for the company registration.

Why Choose RegisterKaro for Company Registration in Singapore?

RegisterKaro has been one stop solution for Singapore Company Registration for the varied ranges of benefits such as:

Pool of Experts: RegisterKaro holds a large pool of experts from all over the world. Our team of experts makes sure that your work is taken care of in the most effective manner possible.

Cost-effective: RegisterKaro Singapore Company Registration Related services are of premium quality at the most efficient rate, which suits the client's pocket, making sure that quality service is not the only thing the client gains on our platform.

Client-oriented approach: Our team of experts is well trained and equipped with a client-oriented approach, keeping in mind that the process must be client-centric, focusing on meeting all the requirements of their business and, therefore, satisfying their needs.

Process Alteration: For the fact that we focus on a Client-centric approach, we keep our process structurization open for the client to alter it as per their need, requirements, and vision. For us, obtaining the best results is the focus, along with the Client satisfaction.

Trusted partner of 10000+ Clients: RegisterKaro has earned the trust of more than 10000+ clients who have availed our services. Their trust in us from a term in continuity is proof of our services backed by quality and assurance.

Why Choose RegisterKaro for Company Registration in the Singapore?

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FAQs

How much does it cost to register a company in Singapore?

The cost of registering a business name with the ACRA is $15. Following the registration of the name, the company must be registered, which incurs a $300 fee. While the amount varies depending on the type of application, the normal registration fee is $315.

Can a foreigner register a company in Singapore?

Yes, foreigners can easily create a corporation and possess 100% of its shares, just like any other Singaporean citizen. In actuality, anyone in Singapore who is at least eighteen years old may form a business, assuming he hasn't been found guilty of any crimes or filed for bankruptcy.

Can an Indian register a company in Singapore?

Indeed, an Indian corporation can be registered in Singapore. You must submit an application to the Accounting and Corporate Regulatory Authority (ACRA) entity known as the Company Registrar. Both domestic and international company owners are required to follow the same procedures and finish the same incorporation process.

What is required to register a company in Singapore?

You would require certain documents for company registration in Singapore which includes Director’s details, company activities brief, registered address proof, company secretary particulars, shareholders’ details, etc.

What is Singapore income tax?

The income tax rate in Singapore starts from 0% ending up to 22% which should be above than $ 320,000.

How can foreigners start business in Singapore?

Yes, a foreigner can start a business in Singapore just like a Singaporean citizen. One must have to follow the same process for the registration except for the identification where the foreigner director has to provide the passport details in the list of information required for the director.

Can a foreigner own 100% of a business in Singapore?

Yes. A Foreign Company can own 100% of the business in the Singapore Market. In such scenarios, the business must be registered in one of the following categories: Subsidiary, Branch Office, and Representative Office.

How much is company tax in Singapore?

In Singapore, corporate income tax is calculated based on the year prior. The corporate income tax rate in Singapore is 17%.

How can I set up a company in Singapore from India?

You can avail services from RegisterKaro if you are looking forward to starting a business in Singapore while sitting in India.

Who can open a company in Singapore?

First you need to register your company with ACRA. Once registered, prepare your application to align with the documents required such as MoA, AoA, Director’s list and particulars, Form of Incorporation, Registered Address and its proof, etc. Then file the application with the ACRA and then wait for scrutiny. Once scrutinized, the ACRA will approve the application and grant you the certificate of procurement.

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