This guide is your go-to option if you are looking to incorporate your business in Singapore. Here you can find everything you need to know about forming a company in Singapore. As per the initial and ongoing regulations in Singapore, it outlines the registration requirements and timeline for registering a company.
The best option for foreign companies is to register a private limited liability company in Singapore, as it is recognized as a separate legal entity. Can shareholders would not be responsible for debts incurred beyond the shed capital already contributed?
Incorporation of a Singaporean company
- Director residing in the country
- Secretaries of companies
- The initial capital should be $1
- Physical address of the registered office in Singapore
Services Providers: What Should They Know Before Registering?
- 1 Services Providers: What Should They Know Before Registering?
The company’s name
It has the authority to approve the company name after inspecting it. Ideally, you should propose the name of the company to the area. Names that are identical to existing companies, undesirable, or have similar established names and trademarks, such as Coca-Cola, would be rejected for incorporation.
The minimum number of shareholders required for a company to be registered in Singapore is one, and the maximum number is fifty. A shareholder can be a foreigner, a Singaporean, or any other person or company that subscribes or purchases shares in the company. It is public record that the shareholders are listed.
Director of Resident Programs
A Singapore company must have at least one director who is the president. An employment pass with a Singapore residential address is required for the director who is a Singapore citizen or permanent resident. The director should not be liable for any criminal charges after that. A director can also be a shareholder or vice versa.
Secretary to the company
A Singapore company should have a secretary. As soon as a Singapore company is incorporated, it generally appoints a secretary.
Singapore companies must have a minimum paid-up capital of $1 or equivalent in any currency. One share of par value is the minimum issued capital. There can be no par value shares. The share of paid-up capital can also be increased after incorporation.
The address of the registered owner
Singapore requires a physical address for incorporating a company, not just a PO Box. According to the law, it must be the first address and be used to send all official documents. Depending on the category of your business, you may be able to use a residential address.
An overview of the governance structure
The articles of association and the memorandum of association govern the governance structure of the company and its inter-relationships. Beginning on 1st January 2016, the memorandum and articles of associations will be merged into a single document called the constitution. Those companies already incorporated before the date will not be required to merge the documents and can continue as they are. Also, it is not uncommon for members of companies to enter into shareholder agreements among themselves to capture some of the best rides.
Incentives and tax exemptions
Corporate Tax incentives and exemptions are available to Singapore-registered companies that pay less than 9% of their first $3,000,000 of annual profits and a flat 17% tax rate thereafter. Companies in Singapore do not have to pay capital gains or dividend taxes.
Documents you will need to submit when incorporating a company in Singapore include:
Documents required by the company registrar
- The company name must be submitted
- Don’t forget to include a brief description of your business and its scope.
- Amount of paid-up capital and shareholder details.
- Director’s details
- Singapore is the registered office
- Company secretary’s specifics
Additionally, the professional company will require additional documents to complete the registration paperwork.
For foreign nationals, a copy of their passport and proof that they have been overseas
Singapore entity cards are required for permanent residency or citizenship
There may be a certificate of incorporation, memorandum, and articles of association included in the registration documents of a foreign company.