A Comprehensive Guide to Company’s Registration in Singapore
Are you thinking of incorporating the company in Singapore? This article will help you to gain company information as well as understanding of how to do company incorporation Singapore as well as register your company in Singapore. Just like every country, Singapore also has some necessities for Singapore company registration which you need to abide by when you want to start to register of company in Singapore as well as operate a business here.
You can take the help of Timcole Company for your company incorporation Singapore cost. It is necessary to choose a top Singapore registration company as it will help you in smoothly completing all the process and set up your company at a reasonable Singapore company registration cost. The Singapore Companies Act states that anyone above the age of 18 can register a Singapore company.
Here are a few things which you need to consider before you register company in Singapore:
Company name: Before registering business in Singapore, you should receive approval for your new company name.
Directors: It is important to have at least one Resident Director in Singapore. This individual can be a citizen, permanent resident or someone who has a valid employment pass or dependent pass. As per your need, you can easily appoint as many directors, local and foreign. Assure one thing that no one is younger than 18 years or is having a criminal record in the past. Therefore, directors need not be shareholders.
Shareholders: You need to have between one to fifty shareholders for Private Limited Company. The shareholders can be entities or individuals, local or foreign. After the incorporation of your company, you can transfer the shares to shareholders. If the private company has at most 20 shareholders, then it is considered as an Exempt Private Company. There needs to be minimum one shareholder, while 100% foreign ownership is permitted.
Company Secretary: Once you incorporate, you have six months to appoint a skilled & experienced company secretary, under the Singapore Companies Act, Section 171. A person living in Singapore can be the company secretary but not a sole director or shareholder. You can easily avail company secretarial services from Timcole Company at a cost-effective price.
Paid-up capital: Your company should at least need to have S$1 in paid-up capital for register Private Limited Company in Singapore. After incorporation of your company, you can increase this amount at any time. Singapore Companies don’t make use of authorized capital; it is ordinary shares, preference share or other shares.
Registered Address: In order to register Private Limited Company in Singapore, you need to register a local business address. It can’t be a post office box; it should be either commercial or residential. As per the Home Office Scheme, homeowners are permitted to conduct small-scale businesses utilized their residential premises.
Taxation: You are going to like Singapore’s tax exemptions and incentives:
- Pay not more than 8.5% on your first S$300,000 of annual profits and then 17%
- Forget about the capital gains taxes and dividend
- For more details, you can check the Singapore Corporate Tax guide.
Therefore, if you are planning to incorporate your company in Singapore then you call or email Timcole and get the assistance. They have professionals who provide best company secretarial services.