While Singapore may be the easiest place in the world to set up a business, it has a number of regulatory requirements which are best handled by a professional firm that has expertise in incorporating companies in Singapore.
Entrepreneurs who wish to start a Singapore company can look out for these 8 items when going through their to-do list.
1. Check that your company name is available
As you decide on your brand name, use Rikvin’s Singapore company name check tool to ensure that your preferred company name hasn’t been taken up already. Otherwise, you’ll find yourself facing delays in the incorporation process of your Singapore company.
Names should also not be offensive or suggestive.
2. There has to be at least one resident director
At least one director must be resident in Singapore. Also, all the directors must be over 18 years old and must not be bankrupt or convicted of any kinds of malpractice in the past.
3. At least 1 shareholder
There must be at least 1 shareholder for the company. A private company can have up to a maximum of 50 shareholders. New shares can be issued and existing shares can also be transferred to another person anytime after the company has gone through the entire incorporation process.
4. Company secretary
You must appoint a company secretary within the first six months of incorporating in Singapore. Anyone can be appointed as the company secretary as long as he or she is ordinarily resident in Singapore.
Although a Singapore private company is not required to appoint a qualified person as a company secretary, it is important that the company secretary has the requisite knowledge and experience to discharge the functions of his or her office.
5. Paid-up capital
You need just $1 as minimum paid-up capital in Singapore in any currency. The quantum can be increased any time after the incorporation of your Singapore company.
6. A Singapore address
One of the most pressing requirements for foreign companies setting up in Singapore is the availability of a local physical Singapore office address that is either residential or commercial. It cannot however be a PO Box.
7. Taxation requirements
Companies registered in Singapore enjoy considerable tax exemptions and incentives. Once incorporated in Singapore, your company will enjoy attractive taxes, allowing you to enjoy substantial savings.There are also no capital gains or dividend taxes on Singapore companies.
These are among some of the reasons why there are successful companies like Shell and Wilmar in Singapore.
8. Filing requirements
Whether you are setting up a subsidiary company, branch office, limited liability partnership or a sole proprietorship, there are filing requirements which you need to take note of, such as annual returns and declarations.
If these requirements take up too much of your time, you may engage the services of professional firms which will help you manage them.
Eric comes from banking background. He provides consultancy to local and foreign entities on the ideal market-entry strategies for setting up or expanding operations in Southeast Asia.
Eric also provides advisory to fund managers and family offices on structuring as well as applicable tax incentives. He has also set up many VCC structures for licensed fund managers.