Singapore, a tiny island nation, ascended to the top of the World Bank’s list of the best places to do business six years ago and has stayed there ever since. To set up a company in Singapore is straightforward and devoid of red tape.
In addition, the government offers tax breaks to new businesses that register in Singapore, as well as support via a number of initiatives in their early stages. Both local and international businesses benefit from incorporating in Singapore with the help of a registered filing agency. This is especially true for foreign nationals who want to set up a company in Singapore.
Foreigners cannot self-register in Singapore and must instead use the services of a local new start-up business in Singapore. They must also get a work visa or permission in Singapore. Professionals with fresh business registration Singapore expertise will guide you through the business registration Singapore process, saving you time and money.
One of the major reasons Singapore has led the list for so long is its simple taxation structure, which is in addition to its business-friendly laws and accommodating immigration rules. In this post, we’ll go over the five items to think about when starting a new business, as well as the business registration Singapore procedures.
#1 In order to start a company in Singapore, you must meet the following minimum criteria
Singapore offers the following advantages to new businesses:
- A minimum of one stakeholder is required, with a maximum of fifty. Foreign ownership of private limited companies is permitted to be 100 percent.
- The minimum paid-up capital required to start a business in Singapore is one Singapore dollar. Businesses will add additional resources at any point in time.
- While both Singaporeans and foreign nationals are allowed to serve on a Singaporean company’s board of directors, at least one of the directors must be a Singaporean. This person may be a Singaporean citizen, a permanent resident, or an Entrepass holder.
- If you’re forming a company in Singapore, you’ll need to employ a qualified company secretary right away. A Singaporean secretary is required.
- A local address is required for every new business setting up services. It’s not possible that this is a post office box.
#2 Determine the company’s legal structure
Despite the fact that alternative forms exist, many expanding firms choose to register as private limited companies with the Accounting & Corporate Regulatory Authority (ACRA) because of their scalability. Lenders are also not liable for obligations or damages that exceed the amount of their equity. The newly established business is a taxable entity as a result of its classification.
#3 Get your company started
Private limited businesses must comply with ACRA and the Singapore Inland Revenue Authority’s rules, which are governed by the Singapore Companies Act (IRAS). The following are just a few of the numerous titles available:
- The new company’s name must be approved by the ACRA.
- There must be at least one stakeholder.
- At least one of the directors must have a primary business location in Singapore.
- Company Secretary — Must also be a Singapore resident.
- A minimum of S$1 in paid-up capital is required.
- Registration requires a physical office address.
You may purchase an ACRA business profile as a new business registration Singapore entity. This automated report contains information about your business, such as your UEN, registration date, and shareholder names.
As part of the process to set up a company in Singapore, this profile will be used to open a corporate bank account. It will be applicable when you apply for licenses and permits and conduct due diligence on potential business partners.
#4 Factors that may have an impact on the market structure
The total number of shareholders, members, and associates will have a big impact on how your company is set up. A sole proprietorship may be beneficial if you wish to operate as a single owner. You will have full control over all business decisions.
Forming an LLP may be advantageous if you are two or more professionals/companies with complementing skills. If you are a group of one to fifty individuals seeking to purchase a majority of the company’s assets with little risk, then a private limited partnership may be a feasible alternative.
#5 Things that happen when you register
- Permits and permissions – Certain types of company activities need government approval or a license. Just a few examples are private schools, video stores, travel agencies, drug dealers, money lenders, insurers, financial advisers, childcare services, and liquor importers, wholesalers, and retailers.
- Authorized working hours – your workplace location and hours must be documented for at least three hours each workday.
- The ACRA company registration number must be included in all corporate communications.
- Singapore Customs registration – If your business imports or exports products, you must register with Singapore Customs.
- Registration for the GST – The GST (Products and Services Tax) is a consumption tax levied in Singapore on commodities and services as well as goods imported into the country. You must register for GST if your yearly gross income exceeds S$1 million.
- Registration with Singapore’s Central Provident Fund (CPF) – Both the contractor and the Singapore citizen/permanent resident employee are obliged to pay a portion of their monthly income to the CPF.
Today is the day to incorporate your company
Taxes are the primary reason why many business owners choose to set up companies in Singapore. Singapore has low tax rates and a range of tax advantages that encourage business growth and entrepreneurship, making it a great place to start a company.
Incorporating Singapore as a site for your business makes sense. Stable economies, labor markets, and business-friendly tax regulations make it easier for you to get up and running quickly, enabling you to spend less time buried in paperwork and more time developing your firm.
When it comes to new business registration Singapore procedures, WLP Group is the industry leader. Work permits and transfers, payroll and taxes, corporate licenses, company clerk services, and trademark registration are just a few of the services we may provide to the organization. Contact us right now to start the process of integrating your company.