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Know the Requirements and Procedure for company incorporation Singapore

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well-designed tax regime and an easy incorporation process are the key

attributes that invite a huge pool of foreign entrepreneurs to Singapore for company incorporation. Singapore Companies Act, Cap 50 governs the rules and regulations of Singapore company registration. All companies must be registered with the Company Registrar i.e. ACRA (Accounting and Corporate Regulatory Authority) and abide by the Singapore Companies Act. This guide will help you know the procedure and requirements pertaining to Singapore company formation.

Do note that most of the companies in Singapore are registered as private limited companies because of the several benefits it has to offer. When you incorporate a company in Singapore, your company will be entitled to tax benefits and incentives meant for Singapore tax resident and shareholders are not held liable for company's debt and loss beyond the share they hold. Most importantly, personal assets are protected, unlike sole proprietorship or partnership.


Facts you need to know about Incorporation of Company in Singapore

Minimum Requirements:

Company Director: Any individual above 18 years age can act as a director of the company. There must be one local resident director who is a Singapore resident, permanent resident or holder of any of the passes such as Employment Pass, Entrepreneur Pass or Dependant's Pass. Shareholder: At least one or up to 50 number of shareholders can be appointed. Shareholders can be an individual or corporate entity. No local shareholding is necessary and 100% foreign ownership is allowed. Company Secretary: One company secretary must be appointed within six months of company incorporation. The director can act as the company secretary unless he/she is the sole director and shareholder of the company. Registered Office: Having a local registered office address is necessary for company registration Singapore. The address has to be a physical one and P.O. Box address is not accepted. HDB residential address can also be used for the official registered address. However, prior approval from HDB is needed in this concern. Paid-up Share Capital: One can open a company in Singapore with just S$1 of paidup share capital. It is noteworthy that paid-up capital can be held in any currency. SSIC Code: Singapore Standard Industrial Classification (SSIC) code has to be produced at the time of Singapore company registration. SSIC code is a way to categorize your business activity. You can search for a right SSIC code using the online search engine made available by ACRA. SingPass: SingPass is required to access BizFile portal of ACRA, where all filing are made for company incorporation. SingPass is issued to only Singapore residents. A foreign individual can take the help of an incorporation firm to complete the filing process on his or her behalf. Documents Required:


Foreign Individual: A copy of Passport, residential address proof of overseas country, bank reference letter and personal profile Local Singapore Resident: Copy of Singapore Identity Card For Corporate Entity:

1. 2. 3. 4. 5.

Details of directors and shareholders Memorandum and Article of Association of the company Brief description of business activity Business profile Company Incorporation Procedure

Company Name Approval: The first step to take in the course of Singapore company incorporation is the approval and reservation of company name with ACRA. The name should be unique, meaningful and devoid of any obscene and offensive


meaning. It should not conflict with the name of existing registered business. You have to submit your online application via BizFile portal of ACRA using SingPass. Once approved, the name will be reserved for a period of 60 days. Company name approval is done within an hour.

Company incorporation Process: Once the name has been approved and reserved, you are required to file the application form along with supporting documents through BizFile portal of ACRA. If necessary, documents are kept in-order, it takes hardly 1 to 3 days to complete the process of company incorporation in Singapore. Upon successful payment and submission of documents, you will receive an email notification from ACRA which officially confirm the incorporation of your business. The email contains the company registration number.

Post-Incorporation Requirements:

1. Print letterheads and invoices mentioning Company Registration Number 2. Open a Corporate Bank Account


3. Issue Business Permit (If needed) 4. GST Registration 5. Custom Registration (only required for companies dealing with import and export of goods ) Since the entire process is electronically organized and maintained, it is fairly easy and simple to incorporate a company in Singapore in comparison to other jurisdictions. However, a foreign entrepreneur might face trouble in meeting some requirements such as local resident director and local company secretary. Obtaining SingPass is another major concern for the foreign individual. In this regard, you are advised to take the of good Singapore incorporation assistance in Singapore

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Know the Requirements and Procedure for company incorporation Singapore  

A well-designed tax regime and an easy incorporation process are the key attributes that invite a huge pool of foreign entrepreneurs to Sing...

Know the Requirements and Procedure for company incorporation Singapore  

A well-designed tax regime and an easy incorporation process are the key attributes that invite a huge pool of foreign entrepreneurs to Sing...

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