Main Characteristics and the basic rules of Company registration in Singapore
Like many other business owners, you may have a plan to take your business to overseas destinations. This is a nice idea for business growth but it is necessary you zero in on the right country for such needs. If capturing the Asian market is in mind, choosing Singapore can be the correct move for you. This island city state near Malaysia is a top destination for both tourists and entrepreneurs. For 24th consecutive year, it is the world’s second freest economy- which makes it even more lucrative for business expansion.
The free-market economy of Singapore is ideal for business environment. Aided by transparent legal framework and political stability, it lures business investors from various parts of the globe. As a matter of fact, US think tank the Heritage Foundation rates it high in its Index of Economic Freedom. While these may help you in setting up a venture in Singapore- you will do better by seeking expert aid. Our Singapore Company Formation service can make things simpler for you.
The good thing about setting up a business in Singapore or extending operations there is simplified and clearly defined regulations. You need not worry about intellectual property protection either. The legal framework resembles that of the UK and you will not have to get stuck for hurdles like bureaucracy while setting things up. Business Contracts and agreements can be set up and pursued minus woes. Still, taking assistance of an agency can make the process smoother. In this regard, you simply cannot go wrong by opting for our Singapore Company Formation services.
If your venture deals with some forms of technology including IT and telecommunication, choosing Singapore for expansion is a smart move. The Singapore govt invests heavily in developing It and communication setup. Besides, the government offers lucrative grants for the small businesses.
You need not worry about high taxation rates when setting up venture in Singapore. The Corporate tax rate is 17% per annum which is much lower than the USA. If your venture’s yearly turnover is not over $30,000- there is no tax. This can be great for startups. You may be eligible for certain Tax deductions too.
Setting up a venture in Singapore may not be too tough. However, you will gain by seeking services of expert agencies. Let BRIS group smoothen the process of Singapore Company Formation. Write to us for any information.
|Singapore Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||Yes Treaty Access with many countries|
|Singapore Tax Information Exchange Agreements:||Yes, Singapore signs Exchange Agreements|
|Account Filing Requirements:||Yes accounting / reporting requirements|
|Annual Return Filing Requirements:||No annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
|Singapore Company Formation||Registration Requirements|
|Share Capital:||Concept of share capital abolished since 2006. Minimum issued share is: 1|
|Classes of Share Available for Singapore company formation:||Redeemable shares, ordinary shares, preference shares|
|Bearer Shares:||Not Allowed|
|Registered Office Required:||Yes required and must be maintained in Singapore|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is one. Can be any nationality, at least one must be resident in Singapore. Corporate directors are not allowed.|
|Your Company language:||Latin Alphabet|
|Name of your Company must be ended:||“Private Limited”/ ”Pte. Ltd.”|
|Documents required for Singapore company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Singapore Company Formation||Restrictions|
|For Singapore company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||None|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Singapore Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||Yes, accessible|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere|
|Stability:||A global financial center|
|Region:||An island city-state off southern Malaysia.|
|Political System:||Parliamentary Democracy|
|Governing corporate legislation:||The Companies Act, The Income Tax Act.|
|Type of Law:||Common|
|Currency:||Singapore dollar (SGD)|
|Language of Legislation and Corporate Documents:||English|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.