If you are on this page to get inputs for your company incorporation Singapore, then I take it that you have missed the one-stop talk on ‘Doing business in Singapore’ which was arranged by ACRA on 28 May 2016. From time to time, ACRA arranges such workshops to update individuals who are opting for the Singapore company registration.
Reasons for Incorporating a Company in Singapore
According to the Doing Business Report 2016 prepared by the World Bank, this island country’s economy provides the entrepreneurs with the most business-friendly regulation. The authorities make sure to update the regulations to accommodate the latest market trends. It allows Singaporeans to maintain efficient and vibrant capital markets and their competitiveness in the global economy. This flexibility is a crucial factor for the investors and entrepreneurs laying their trust in Singapore.
One of the factors that attract the businesspersons to Singapore is its top ranking for the ‘Ease of Doing Business’ indicator. The ranking is given by the World Bank and for the last 10 years, Singapore has topped the list.
For the benefit of new companies, the country has a well-established start-up ecosystem in place and supports them from day-one with numerous schemes and grants.
Singapore implements territorial taxation system and only the income generated in Singapore is taxed. The corporate income tax is single-tier which means the dividends distributed by the companies are tax-free. Currently, it is in the range of 0% – 17%.
The startup companies benefit from the special tax exemption scheme for them. During their first 3 years, their income up to S$100000 is tax-free, next S$200000 is charged at 8.5%, and that above S$300000 is charged at 17%.
Get Your Company Incorporation Singapore as Soon as Possible
Till date, since the beginning of 2016, the entrepreneurs both, local and foreign, have registered 567670 Sole Proprietorship, 77849 partnership, 60436 Limited Liability Partnerships, and 1188752 Companies. These figures are enough to convince even a skeptical individual about the importance of Singapore as a hot business destination.
However, Singapore is a very competitive business environment. It attracts innovative and hardworking individuals that are always on the lookout to get an edge over their competitors. The statistics presented above about the company incorporation Singapore means that an interested entrepreneur must hurry and get his or her company incorporation as early as possible and start implementing the business idea, or someone else will stumble on it and use it.
Minimum Requirement of a Company Registration Singapore
At least 1 shareholder
At least 1 company secretary
At least 1 local resident director
Minimum S$1 as initial paid-up capital
Local registered office address
Incorporating a Private Limited Company in Singapore
Singapore offers different business structures to suit the purposes of entrepreneurs. They must choose one that is most conducive for their purposes and the growth of their business. The most favored business structure in Singapore is Private Limited Company (Pte Ltd).
The incorporation process is straightforward and Singapore incorporation services assists both, local and foreign business owners in opening their companies. These services use dedicated specialist resources to assist their clients. The locals, however, has the option of doing it on their own. The steps are as follows:
Check the availability of a name for the proposed company on BizFile+, a web portal
Register and reserve it (for 60 days)
Application to ACRA (Accounting and Corporate Regulatory Authority) to register the company
The Company Registrar (ACRA) can reject a company name for being inappropriate, duplicate, or blacklisted. A normal Singapore company registration needs only 1-3 days unless higher authorities need to step-in.
Company Incorporation Singapore is a Necessity
If you have a path-breaking business idea, it is important to use it as soon as possible. Time waits for no one and when one takes the number of creative entrepreneurs eager to leave their mark, one must assume that one of them will stumble on your idea.
Opting for a Singapore company incorporation and putting your idea in practice, protects it. Singapore offers a strong suit of IP (Intellectual Property) protection laws. Securing your business idea helps you in getting fully paid for your brain work.
SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, Accounting, Preparation of director’s report, Taxation, GST, Payroll, XBRL, IT software development and maintenance, etc.