INCORPORATE A COMPANY iN SINGAPORE
Benefits of Incorporating a Company in Singapore
- 100% foreign Ownership (Individual or Corporate)
- Minimum paid-up capital of S$1
- No authorized capital required
- Audit exemption for small companies
- Tax exemptions and low corporate tax rates
- No capital gains tax
- Dividend distribution are tax free
PREREQUISITES
Consider these factors while Incorporating a Company in Singapore
Determine the type of Legal entity for your Business
Exempt private company
Private company limited by shares
Public company limited by shares
Public company limited by guarantee
Unlimited private company
Unlimited exempt private company
Unlimited public company
Company Name Reservation
The first step of registering a local company is to choose a company name and submit a name application. Name must be unique, nonidentical or phonetically different from any existing company name. Once your application is approved, you can proceed to incorporate your company. You must complete your incorporation within 120 days from the date of the name approval.
Deciding Financial Year End
Deciding on the FYE is very important as it will determine when your corporate filings and taxes are due every year. A company’s financial year end (FYE) represents the final day of its accounting period.
Accounting periods can be 12 months or over 52 weeks. If you decide on a 12-month accounting period starting 1 January 2023, your company’s FYE will be 31 December 2023. But if you choose to have a 52-week accounting period starting Wednesday, 1 January 2023, your company’s FYE will be on Wednesday, 30 December 2023.
Nominee Local Director
Every company must have at least one director who is locally resident in Singapore.
A company director must be:
– At least 18 years old
– Of full legal capacity
– A Singapore citizen, Singapore permanent resident, EntrePass or employment pass (EP) holder
– Not disqualified from acting as a director of a company (e.g. an undischarged bankrupt)
Company Secretary
Companies must appoint a company secretary within 6 months from the date of incorporation.
A company secretary must be:
– A natural person.
– Locally resident in Singapore.
The sole director of a company and the company secretary cannot be the same person.
Registered Office Address
You must provide an office address when you submit an application to incorporate a local company. A registered office address is where all communications and notices to the company are addressed to, and where the company’s registers and records are kept. The registered office must be an address in Singapore, but it need not be the place of operation.
After submitting your application to incorporate a local company, all proposed company directors and the company secretary must endorse their appointments online via BizFile+. Visit ACRA for more information. If you have engaged a registered filing agent to submit the application, there is no need for such endorsement as the registered filing agent will make the necessary declarations on your behalf.
Let Acconate help you with your first steps towards company incorporation and make the process simpler for you. Our services cover everything that requires to incorporate your business in Singapore including following:
- Search and Reservation of the company name
- Determining the type of legal entity
- Appointing Nominee Local Director and Company Secretary
- Providing Registered office address for the company
- Suggesting ideal financial year end of the company
- Filing of the incorporation documents with ACRA, registration of the company and obtaining a UEN number for the company
- Obtaining an electronic certificate of incorporation and business profile from ACRA
- Preparation of the forms to be signed by the directors (Form 45)
- Adoption of the standard company constitution
- Preparation of the share certificates and statutory registers for the company
- Planning the First Board Meeting of the company