Singapore is recognized as one of the fastest growing economy countries in the world. Registering a Company in Singapore gives access to a highly competitive economy. Company registration in Singapore is straightforward and cost-effective.
In this blog, we will discuss about company registration in Singapore and if you want to register a company in Singapore then definitely it will help you. Let's start the Journey.
What are the mandatory requirements for company registration in Singapore?
If you want to register a company in Singapore, then you have to fulfill certain requirements. List of the requirements need for company registration in Singapore is listed below.
1) Presence of minimum one Director (Singapore Resident) is compulsory.
2) The company seeks registration must have a resident Company secretary
3) There is a requirement of one shareholder who can be an individual or a corporation
4) Location of the registered office must be in Singapore.
5) Initial paid up capital of the company should be at least 1 dollar.
Advantages of Company registration in Singapore
Location of Singapore guarantees its business as a business center. Economy structure of Singapore is free of bureaucracy that a company can be registered in one or two days. Due to the low rate of income tax, a huge number of entrepreneurs are choosing Singapore as the center of their business. There are a large number of advantages of Company registration in Singapore and some of them are given below:
1) World bank rated Singapore at number one place for ease of doing business.
2) Singapore is ranked as the third wealthiest nation in the world.
3) Singapore is the most globalized country.
4) Politically Singapore is the most stable country in Asia
5) The best-qualified employees are located in Singapore
6) In Singapore Profits earned in another country are exempted from taxation
7) Dividends and capital gains are exempted from taxation in Singapore
8) There are no provisions of property/death/inheritance taxes in Singapore
9)In Singapore, personal income tax can be nill but not more than 20% above the income of SGD300,00
The company registration process in Singapore
1) Company Name - In the first step you have to decide the name of the company and name has to be approved by the Accounting and Corporate Regulatory Authority. The name of the company should be a unique one.
2) Filing up Application- After the approval of the company's name, the applicant needs to file a registration application along with other documents.
3) Register with the tax department - In the third step the applicant has to register itself with the tax department.
4) Obtaining of business license - If required then applicant requires to obtain business license or permits.
5) Registration Certificate - After verification of documents and proper satisfaction of Company Registrar, the applicant is eligible to get incorporation certificate.
6) Open a bank account - Applicant after getting incorporation certificate needs to open a bank account.
Documents required for Company registration in Singapore
List of the Documents required for company registration in Singapore is given below:
1) Name of the Company
2) A brief description of business activities
3) Particulars of Directors
4) Particulars of Shareholders
5) Particulars of Company Secretary
6) Registered office
7) For nonresidents - Copy of passport, proof of overseas, residential address, KYC information etc.
8) For residents of Singapore - Copy of Singapore identity card
Conclusion
Company registration in Singapore as well as company registration, is so easy and cost effective. All companies in Singapore must be registered with the Accounting and Corporate Regulatory Authority and abide by the Companies Act. Click here to know more about this
