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Singapore Company Formation

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susanjain

Offshore Agent
Singapore is the world's easiest place to do business. Company formation is quick and efficient with minimal formalities and can be completed within 1 day. Here is an overview of company formation in Singapore.


Minimum Statutory Requirements


A local registered address; at least 1 local resident director (a Singapore Citizen, a Singapore PR, or a foreigner holding a valid work visa or Dependent Pass); a local resident and qualified company secretary (must be a natural person); a minimum of 1 and maximum of 50 shareholders (natural persons or corporates); and a minimum paid up capital of SGD 1.00 (no authorized capital required).


Foreign Ownership


Singapore allows 100% foreign ownership (i.e. shareholding) of a Singapore private limited company and there is no requirement to partner with a local person or entity.


Incorporation Procedure


Company registration in Singapore is quick and efficient and can be completed within 1 day via electronic means. There are only two major steps involved in company formation - name approval and filing incorporation documents. Name approval is secured by filing an online application with the Company Registrar. Generally, the name approval (or rejection) notification will be known within one hour. Once the name is approved, incorporation documents must be filed with the Company Registrar. If all documents are found to be in order, the Company Registrar will send an official email notification (including the company registration number) confirming the incorporation of the company, just within a few hours of documents submission. The email notification is treated as the official certificate of incorporation in Singapore.


After incorporation, the company must register for Goods and Services Tax, if applicable, (an indirect tax of 7% applied to the selling price of goods and services). Tax registration can be done within 1 day. The company must also obtain the necessary business licenses or permits, if applicable. Business licenses can be procured within 1 week. The final step is to open a corporate bank account.


Incorporation Time-line


Company incorporation in Singapore can be completed in a record time of less than 24 hours, with minimal formalities.


Company Formation by Foreigners


The Singapore government has put in place an open immigration policy to facilitate the relocation of foreigners who wish to set up a business in the country. Most entrepreneurs find it relatively easy to qualify under the work pass schemes.


For more information on this Singapore company formation refer to 0 Tolerance for SPAM - Moderated by Admin
 
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electric

Corporate Services
Business Angel
Is it required to file a yearly tax return? I know this is a requirement for a Hong Kong company, but is it also necessary for a Singapore company? Must I hire someone to do my company's taxes and file them every year?
 

Zqq

I'm a professional
Business Angel
Yes, Singapore requires annual filings. You usually let your company secretary do it for you. As for accounting/bookkeeping, you can do it yourself or outsource it.
 
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