Setting up a limited Company in Singapore

SETTING UP A LIMITED COMPANY IN SINGAPORE

Setting up of a company is not a piece of cake. One has to follow prescribed regulations of the government and other legal formalities while setting up a limited company. However, when there are plans to set a limited company beyond the boundaries of the country, then one has to adhere to the formalities and rules of the government, labor regulations and taxation policies of the said country; wherein one is planning to set up the business.

Singapore is one of the few countries that allure many businessmen from all across the globe. It is one of the first world countries in Asia with great infrastructure, free market economy, favorable tax regime, stable socio-political environment for setting up of new company. The salubrious climate, zero crime rate and friendly population has further made it a hub for new ventures from other countries.

Setting up a Company in Singapore is a dream for many business organizations, who wish to expand their operations beyond the geographical boundaries of their country. Added factors like strategic location, competitive and efficient work force, business favorable environment and forward looking economic policies have made Singapore biggest hub for starting up new ventures. www.anbacadvisors.com

Setting up a Company in Singapore requires certain simple steps to be followed by the owner:

Choosing the business entity: New companies have to register with the Accounting and Corporate regulatory Authority (ACRA) as private limited companies. Shareholders are not liable for the debts and losses beyond their share capital. Your company will be recognized as the taxable entity.

Set up your company: All the limited companies are governed by the Singapore Companies Act and must adhere with its laws under the ACRA and Inland Revenue Authority of Singapore (IRAS). Every company must have following designations with minimum number of personnel to start with: The name of the company must be approved by ACRA It should have minimum one shareholder The Limited company should have at least one director who is resident of Singapore www.anbacadvisors.com

It must have a company secretary; who is resident in Singapore Should start up with the paid up capital of at least Singapore $1 There should be registered address; which can be any official address for the new limited Company As a newly incorporated Company in Singapore, you may purchase a business profile from ACRA. This electronic report details information regarding the business including the registration number, its date, details of shareholders etc. The profile will be required to open a corporate bank account, for checks and permits on business partners and for applying for licenses.

Opening of bank account: After incorporation, next step is to open corporate bank account after submitting the profile to the banks.

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Other processes: Other business processes that follow incorporation are licenses and permits, registration number, custom registration, goods and service tax registration, registering with Singapore Central Provident fund etc have to be duly furnished before carrying out the business operations.

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