Introduction #
When it comes to company formation in Singapore, there are a few requirements that must be met. First and foremost, you will need to have at least one shareholder and one director. Additionally, your company must have a registered address in Singapore as well as a local bank account. All of these requirements can be easily met with the help of a professional incorporation service.
The process #
Singapore is a thriving economy and business hub in Southeast Asia. To start a company in this island city-state, entrepreneurs need to follow these steps:
1. Register the company with the Accounting and Corporate Regulatory Authority (ACRA).
2. Open a corporate bank account.
3. Get the required licenses and permits for your business activity.
4. Rent or buy commercial space.
5. Hire employees.
6. Start doing business!
The requirements #
To set up a company in Singapore, you will need to:
1. Choose a company name and register it with the Accounting and Corporate Regulatory Authority (ACRA).
2. Open a corporate bank account.
3. Appoint at least one director who is a Singaporean citizen or resident.
4. Appoint a company secretary within six months of incorporation.
5. File annual returns with ACRA.
The benefits #
When deciding to incorporate a company in Singapore, business owners should be aware of the many benefits this country has to offer. From low taxes to a well-educated workforce, Singapore is an ideal location for businesses looking to expand their operations.
One of the biggest advantages of incorporating a company in Singapore is the low tax rate. Businesses are only taxed at a rate of 17%, and there are many tax incentives available for businesses that meet certain criteria. This makes it an attractive option for companies looking to minimize their tax liability.
Another benefit of incorporating in Singapore is the availability of a highly-skilled workforce. The country has one of the highest rates of education in the world, and its citizens are fluent in English. This makes it easy for businesses to find employees who can hit the ground running and contribute to the company’s success.
The drawbacks #
One potential drawback of incorporating a company in Singapore is the cost. The filing fee for incorporation is $300, and the annual registration fee is $600. There may also be other fees associated with hiring a professional to help with the incorporation process.
Another potential drawback is that the government has a lot of control over businesses in Singapore. Businesses are required to comply with many regulations, and there is little room for non-compliance. This can be challenging for businesses that are used to operating in less regulated environments.
Finally, businesses that are incorporated in Singapore may be perceived as being more reputable and trustworthy than those that are not. This could lead to some advantages in terms of getting customers and business partners, but it could also lead to higher expectations from stakeholders.
Conclusion #
A Singapore company can be formed by anyone over the age of 18 years old. The company must have at least one director who is a resident of Singapore, and the company must have a registered address in Singapore. The company must also have a share capital of at least S$1.