In the index of ease of doing business, Singapore is among the top countries of the world. The tax exemption that the Singapore government provides makes it easier to do business there.
But there are some guidelines that one needs to follow to start their business in Singapore. They have their laws and instructions that are needed to comply with them. It helps in maintaining the business environment.
In Singapore, The accounting and corporate regulatory authority(ACRA) acts as the company registration Singapore, It supervises the company registering process in Singapore. One needs to follow the guidelines and prescription that is being designed by ACRA to set up a new company or relocating an existing one.
If you are a foreigner then you are not allowed to self-register the company in Singapore. You will require the assistance of the local registrar to assist you in the process. They also provide the combo incorporation package. The complete process for pre-registration is being documented below; Before the business one must identify which business structure is suitable for them. ACRA assists in registering three types of business.
- Private limited company
- Sole proprietorship
- Limited liability partnership
Private Limited Company
The corporate tax of 0% to 17 % is liable for the taxable income. Whereas the owner of the sole proprietorship has to pay 0% to 10% on their income.
If an entrepreneur is registering its company then the private limited company is the most recommended because of the scalability and the robustness. The distinct legal liability, the shareholders are liable for the shares that they have invested in purchasing.
If properly executed, then a private limited company could be a much efficient business entity. Moreover, a foreigner could access 100% of their shares in the company.
One of the most peculiar things is that any person over 18 years of age. Regardless of its caste, color, gender can resume a company in Singapore.
The following business structure can be needed to meet the requirements:
You need to incorporate one resident as the director of your company. The shareholder can be anywhere between 1 to 50.
For your company in Singapore, you need to have a local address. The company secretary should be appointed 6 months before the date of the company in the corporation. Initial capital should be paid.
The documents are required for the company registrations are:
- The company name which is registered with ACRA
- Singapore address of the company which is registered.
- Details of the shareholders.
- Details of the directors of the company.
- Complete details of the company secretary.
- . A passport and residential proof of the overseas entrepreneurs.
- Memorandum and article ID associations must be submitted by the foreign companies.
- The Singapore identity card must be submitted by the Singapore resident.
- The above guidelines should be followed but the entrepreneur who is willing to set up their base in Singapore. They must comply with the guidelines otherwise they can stumble down, so you must take the help of corporate secretarial services for proper guidance of documentation.