Start a Singapore Company: Initial Responsibilities
Almost every foreign investor believes that one of the best business locations worldwide is Singapore. In Asia and worldwide, Singapore has been regarded as the leading country which shows the best quality of life. It uses high-technology, continuous technological advancement and complete facilities which brings about comfort to residents, tourists and most especially foreign investors. The 17.9% growth in Singapore’s GDP in the first half of 2010 makes Singapore considered as one of the fastest growing economy in the world. To back up all the attractive features of Singapore, we have prepared necessary information for foreign individuals, entrepreneurs and companies who have decided to start a Singapore company. Please read on and start enjoying Singapore’s world class business reputation.
Very first thing to discuss is Singapore’s corporate taxation where new start-up companies pay Zero tax around the first S$100,000 of chargeable income for that first three consecutive years. In addition, a further 50% exemption emerges on the next S$200,000 with the chargeable income. Second are the setup requirements for Singapore company registration. Applicants should comply these:
Minimum 1 Shareholder 1 Resident Director 1 Company Secretary
Minimum initial paid-up share capital is S$1
Singapore Company must have a Singapore registered office address
Next, to be able to efficiently begin a Singapore company, awareness on the next concerns ought to be present:
The organization name should be registered in ACRA before incorporation happens. The business name should be unique and desirable.
There should be no less than at least one corporate or individual shareholding is needed. A director and shareholder could possibly be the same or different person. 100% local or foreign shareholding is allowed. Singapore Companies Act allows at least one and no more than 50 shareholders to get a Singapore Private Limited Company. Information on shareholders will appear on public records.
There should be at least one resident direct who has to be a Singapore resident.
The organization should appoint a business secretary who is a resident in Singapore. Singapore Companies Act requires companies to every appoint a company secretary within 6 month of incorporation.
The minimum paid-up capital for registration of a Singapore company is S$1 or its equivalent in any currencies.
There should be a registered address which has to be a physical address rather than a PO Box. In certain kinds of business, usage of residence address can be done.
The Memorandum and Articles of Association, a memorandum which details all the activities which the company are authorized to manage ought to be filed in ACRA.
Rikvin is an ACRA registered service bureau. We provide a complete corporate solution under one roof to be able to start a Singapore company and process registration of private limited companies, formation of offshore companies with opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore.
