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Company Registration in Singapore




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Company Registration in Singapore

Introduction

Company Registration in Singapore is a straightforward process that involves several key steps. Begin by choosing a suitable business structure, such as a private limited company. Next, reserve a unique company name through the Accounting and Corporate Regulatory Authority (ACRA). Appoint directors and shareholders, ensuring compliance with local regulations.

Singapore, ranked second in the 2020 Ease of Doing Business Report, is a benchmark for both locals and foreigners considering company formation. As per Singaporean laws, foreign individuals or corporate entities cannot directly register a business. To establish a new company in Singapore, they are required to engage the services of a local expert business.

Benefits of Company Registration in Singapore

Registering a company in Singapore offers various benefits, including:

1. Limited Liability:

Shareholders' are only liable for the amount invested, safeguarding personal assets.

2. Business-friendly Environment:

Pro-business policies and a transparent regulatory framework foster entrepreneurship.

3. Global Reputation:

Singapore's reputation as a global business hub enhances credibility and trust.

4. Tax Advantages:

Competitive corporate tax rates and tax incentives for qualifying companies.

5. Access to Funding:

 Easier access to funding and capital, including government grants and incentives.

6. Strategic Location:

   Strategic geographical location facilitates trade and business connectivity.

7. Political Stability:

   Stable political environment contributes to a secure business environment.

8. Skilled Workforce:

   Availability of a highly skilled and educated workforce

9. Intellectual Property Protection:

   Stringent IP protection laws safeguard business innovations.

10. Double Tax Treaties:

    Extensive network of double tax treaties for reduced withholding tax rates on cross-border transactions.

11. Ease of Doing Business:

    Streamlined procedures and efficient government services enhance ease of doing business.

12. Quality Infrastructure:

    Modern infrastructure supports business operations and connectivity.

13. Global Trade Hub:

    Robust trade relations and a well-developed port contribute to a thriving trading environment.

14. Cultural Diversity:

    Cultural diversity provides a conducive environment for international business dealings.

These factors collectively make Singapore an attractive destination for company registration and business expansion.

Documents for Company Registration in Singapore

  • Company name

  • Brief description of business activities

  • Shareholders

  • Particulars

  • Directors’ particulars

  • Registered address

  • Company secretary particulars

  • Memorandum of Association (MOA)

  • Articles of Association (AOA)

Documents Required

Singapore Business Structure Types

1. Private Limited Company (Pte Ltd):

  • Independent legal entity

  • Limited liability for shareholders

  • The Most common and preferred business structure

2. Sole Proprietorship:

  • Single owner

  • The Owner is personally responsible for business liabilities

  • Simple structure with lower compliance requirements

3. Partnership:

  •    Two or more individuals or entities

  •    Partners share profits and liabilities

  •    Limited Partnership (LP) and Limited Liability Partnership (LLP) are variations

4. Limited Liability Partnership (LLP):

  • Blends characteristics of both a partnership and a company

  • Partners have limited liability

5. Public Company Limited by Shares:

  •    Allows public trading of shares

  •    Stringent regulatory requirements

6. Branch Office:

  •    Extension of a foreign company

  •    Not a separate legal entity

7. Representative Office:

  • Limited activities (no profit-generating)

  • For market research or liaison purposes

Choosing the right structure depends on factors like business nature, ownership preferences, and liability considerations. Private Limited Company is often recommended due to its advantages in terms of limited liability and a separate legal identity.

Registration Process

Process for Company Registration in Singapore

The process for company registration in Singapore involves several key steps. 

1. Choose a Business Structure:

   Decide on the type of business entity (e.g., private limited company, sole proprietorship, partnership).

2. Company Name Reservation:

Check and reserve a unique business name through the ACRA website.

3. Appoint Directors and Shareholders:

Identify and appoint directors (at least one must be a local resident) and shareholders.

4. Prepare Company Constitution:

   Draft the company’s constitution outlining its internal rules.

5. Registered Office Address:

Provide a local address to serve as the registered office for official correspondence.

6. Paid-up Capital:

Determine the amount of paid-up capital for the company.

7. Document Preparation:

Prepare the necessary documents, including the particulars of directors and shareholders.

8. Submit the application to ACRA:

Submit the incorporation documents to the Accounting and Corporate Regulatory Authority (ACRA).

9. Certificate of Incorporation:

Once ACRA approves the documents, they issue a Certificate of Incorporation.

10. Open a Corporate Bank Account:

Use the Certificate of Incorporation to open a corporate bank account.

11. Tax Registration:

Register for taxes, such as Goods and Services Tax (GST), if applicable.

12. Employment Pass (if needed):

If relocating to Singapore, apply for an Employment Pass (for foreigners).

13. Compliance and Post-Incorporation:

  • Ensure compliance with ongoing regulatory requirements.

  • Consider engaging corporate secretarial services for ongoing compliance.

Why should you register your company in Singapore?

Registering your company in Singapore offers several advantages, making it an attractive choice for businesses:

1. Global Business Hub:

Singapore is a renowned global business and financial hub, providing access to international markets.

2. Political and Economic Stability:

The country boasts a stable political environment and a resilient economy.

3. Ease of Doing Business:

Singapore is consistently ranked high for ease of doing business, with efficient government processes.

4. Limited Liability Protection:

The private limited company structure provides limited liability, protecting personal assets of shareholders.

5. Favourable Tax Environment:

Competitive corporate tax rates and various tax incentives for qualifying companies.

6. Double Tax Treaties:

Extensive network of double tax treaties for reduced withholding tax rates on cross-border transactions.

7. Skilled Workforce:

Access to a highly skilled and educated workforce.

8. Strategic Location:

Strategic geographical location facilitates trade and business connectivity, especially in the Asia-Pacific region.

9. Intellectual Property Protection:

Stringent IP protection laws safeguard business innovations.

10. Government Support and Incentives:

Various government grants, incentives, and schemes to support businesses

11. Infrastructure and Technology:

Modern infrastructure and advanced technology support business operations.

12. Cultural Diversity:

Cultural diversity creates a conducive environment for international business dealings.

13. Transparent Legal System:

A transparent and well-regulated legal system enhances business confidence.

14. Quality of Life:

A superior quality of life is marked by outstanding healthcare, education, and living standards.

Considering these factors, registering a company in Singapore can provide a solid foundation for business growth and success.

Why eStartIndia for Company Registration in Singapore?

When embarking on the journey of establishing a company in Singapore, selecting the appropriate business structure is crucial. Numerous businesses, akin to yours, have opted for eStartIndia to facilitate company registration in Singapore and make inroads into a new market. Upholding client-centric, reliable, and ethical service standards,  eStartIndia are dedicated to guiding and supporting you throughout the process.

eStartIndia objective is to eliminate obstacles associated with traditional financial institutions and government agencies, such as paperwork and bureaucracy. eStartIndia committed to simplifying processes for small businesses, allowing them to concentrate on business development without being inundated by administrative responsibilities. eStartIndia proficient partners handle every aspect for you efficiently and within the stipulated timeframe.

Step 1

Choose a Business Structure- eStartIndia will help you choose your business structure as per your requirements.

Step 2

Name Approval-eStartIndia will apply for company name approval

Step 3

MoA and AoA Submission -- eStartIndia will prepare MoA and AoA

Step 4

eStartIndia will help you prepare all documents for company registration in Singapore

Step 5

Congratulations! Your work is done. You can download your Incorporation certificate and Incorporation kit from your dashboard after company incorporation. We also send your Incorporation kit & certificate on your registered email



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