Singapore is fast becoming a business city of choice. With excellent business infrastructure, political stability, and close economic ties with many of the world's leading economies, there has never been better time than now for entrepreneurs to migrate and set up their business in Singapore.
Singapore business incorporation provides international entrepreneurs with a perfect way to conduct global business. Singapore has evolved into the 17th wealthiest country in the world in terms of gross domestic product (GDP) per capita and continues to attract vast amounts of foreign direct investment every year. Important points for entrepreneurs to note when considering setting up a company in Singapore:
- Singapore company formation is governed by the Singapore Companies Act 1963, which is based on UK Common Law. The Accounting and Regulatory Authority of Singapore (ACRA) is the governing body for such business matters. The cost to register a company with ACRA is S$300 (US$220).
- To complete Singapore company formation, every company must appoint a director who is resident in Singapore. There are no limits on the number of directors of the company however corporate directors are not permitted. In addition, every Singapore company must appoint a local, resident company secretary and registered office. Corporate company secretaries are not allowed.
- There are no minimum requirements for the shareholders of a Singapore company. Both individual and corporate shareholders are permitted, though a private limited company must not exceed 50 shareholders. The minimum authorised share capital for a Singapore company is S$1.
- Singapore company formation is both cost effective and straightforward when compared to other international jurisdictions. According to the World Bank's Doing Business 2008 Survey, Singapore is also the world's easiest place to do business.
- Annual financial statements must be submitted to both ACRA and the Inlands Revenue Authority of Singapore. All Singapore companies, (with the exception of a Representative office) must also submit annual tax returns to the Inland Revenue Authority of Singapore (IRAS).
- After the company has been formed, company details, for example shareholder and director information, must be made available for public viewing on the ACRA online public register.
- Entrepreneurs prefer to use the Singapore limited liability company (LLC) for international business. In 2006, 18,500 LLCs were incorporated in Singapore.
- Following the start up of the business, entrepreneurs can easily open corporate bank accounts around the world, apply for employment visas in Singapore and rent office space.
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Corporate Secretarial and Incorporation
This is a specialised service which caters to the needs of Singapore companies and branches of foreign corporations.
Our corporate secretarial service can assist you in local company and branch formation, providing you with corporate secretarial assistance, filing of statutory returns, maintaining your statutory registers or even providing you with registered business address while you are looking for your business premises.
If you are setting up business in Singapore for the first time, we can assist you in applying for employment pass, provide you with nominee shareholders, nominee resident directors and nominee company secretary. We can even put you in touch with other professionals who will ensure that you are provided with comfortable accommodation both at work and at home.
We also have templates for your day to
day operation such as business planning and
also a Frequently Asked Questions on Singapore
Related Sites : Singapore Company Incorporation
- Singapore Business Registration
Singapore Company Registration -
Singapore Business Formation
Singapore Company Formation