Company Incorporation Singapore Options Available to Entrepreneurs and Corporate

Company incorporation Singapore
Singapore Company Formation

The opening of Singapore economy proved to be a stepping-stone for foreign entrepreneurs and corporate to enter into the markets of this island nation. It resulted in the increased number of company incorporation Singapore. The process for company registration in Singapore is fast and simple when it is compared to the processes implemented by other countries. The locals, as well as foreign entrepreneurs, further, has the option of appointing Singapore incorporation services, like SBS Consulting.

What can You Expect from Singapore Company Registration Services

  • Name Reservation for proposed company

  • Register Company with the ACRA (Accounting and Corporate Regulatory Authority)

  • SingPass

  • Company Business Profile

  • Certificate of Incorporation

  • Applying for Business Licenses/Permits

  • Assistance in Opening a Local Corporate Bank Account

  • Goods and Service Tax (GST) registration

  • Annual Filing Requirements

Options Available in Company Incorporation Singapore

The entrepreneurs and corporate have various options (business structures) available to them for starting their new business. They need to select a business structure that will accommodate their business needs and plans. Their choice has the potential of affecting the number of shareholders and employees the business can have, the tax rates applicable to it, and the incentives or grants it can claim.

The entrepreneurs need to choose a robust, dynamic, and scaleless business structure. It should also provide for the future expansion needs of the business. If the need arises, it is wise to take advice from the Singapore incorporation services in this regard.

Local Incorporation

The following are the commonest business structures used by the local entrepreneurs for their company registration Singapore. The most favored among these is the private limited company.

  • Sole Proprietorship

  • Limited Liability Partnership

  • Private Limited Company (PLC)

  • Exempt Private Company (EPC)

Foreign Incorporation

Foreign entrepreneurs can choose to set up their business firm in the form of a Sole Proprietorship or a Limited Liability Partnership. However, most of them, for their Singapore company incorporation, choose from the following business structures:

  • Private Limited Company (PLC)

  • Exempt Private Company (EPC)

A foreign corporate opting to set up a company in Singapore may want to have a look around, establish its presence, or start trading as soon as possible. Depending on its needs and plans, there are 3 options for a foreign company to start a new Singapore company:

  • Subsidiary Company in Singapore

  • Branch Office

  • Representative Office (RO)

Pre-Requirements for Company Incorporation Singapore

Singapore incorporation process is entrepreneur-friendly. It is simple and has only 2 procedures in it. Normally, it takes only 1 – 3 days to incorporate a company in Singapore. Following are the requirements that the entrepreneurs must fulfill even before applying for the registration of their business:

  • Minimum paid-up capital of S$1 (S$50,000 for EntrePass holder)

  • At least one company secretary

  • At least one local resident director

  • Local registered address for company office

  • At least one shareholder (maximum 50 for a PLC and 20 for EPC)

Why You should Commit to a Singapore Company Formation

Singapore has signed various tax treaties with its trading partner countries. It has signed 76 Avoidance of Double Taxation Agreements (DTAs), 41 Investment Guarantee Agreements (IGA), 21 Free Trade Agreements/ Economic Partnership Agreements with other countries. The Singapore businesses benefit from these treaties while conducting cross-border trade and also while investing in other countries. The country is also a part of the Trans-Pacific Partnership (TPP) which covers almost 40% of the global economy.

The cherry on the top for the entrepreneurs, corporate, and investors, is the low corporate income tax (0% – 17%) and tax-free dividends for the shareholders. For the first three years, the initial chargeable income of S$100000 of a start-up company is tax-free, and next, between S$20000 – S$300000 is charged at 8.5% of tax. The income above S$300000 is charged at 17%.

Singapore is located near Asia, the connectivity it offers to the outside world, its pro-business environment, political stability, infrastructure, and most importantly, administration’s anti-corruption stand, all of this things are its USPs. It is no wonder that the entrepreneurs and corporate opting to expand their business move to Singapore.

If you want to set up a new company in Singapore, call us on Phone:+65-6536 0036 or email us at info@sbsgroup.com.sg

About SBS Consulting:

SBS Consulting offers cost-effective Singapore company formation packages to its clients. This trusted firm also provides services like, auditing, accounting, payroll, immigration visas and passes, relocation, etc.

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