The formation of a company in Singapore is free from excess red-tape, which is a less complicated, and direct process as well. In addition, the government offers tax relaxation to start-ups and ease them with various schemes in the beginning. The ACRA (Accounting and Corporate Regulatory Authority) functions as the Company Registrar in Singapore, which controls the process of company registration. Hence, it is mandatory to fulfill all of its requirements for company incorporation.
The locals or foreign investors can seek an advantage by hiring a qualified filing agent to develop a business in Singapore. It is especially compulsory for foreigners moving forward to open a start-up in the country. A foreigner must hire company incorporation services Singapore providers to register a company, as self-registration is not permitted. These professional agents will further guide you with the exact solutions required for company registration and save your valuable funds and time.
Structure of Business for Tax Exemption
Company registration is granted in Singapore for the following types of businesses-
- Limited Liability Partnership (LLP)
- Sole Proprietorship
- Private Limited Company (Pvt. Ltd)
This blog will explain how to form a private limited company or sole proprietorship in Singapore.
Private Limited Company Formation
According to the ACRA, a foreigner needs to appoint a local director for company incorporation services Singapore. The foreigner can have a 100% shareholding in the company. But must appoint a company secretary within six months of company formation.
In addition to the mandatory documents, foreigners must submit the following for registration-
- Passport Copy
- Residential Address Proof
- KYC Completed
- Business or Service Document Copy
- Personal Details
- Bank Reference Letter
For Residents of Singapore
In case you have citizenship, you can be a local director in your new company. This measure is compulsory for company incorporation in Singapore. It is comparatively easy and straightforward to form a company in Singapore for local residents. You have to give three company name options and submit mandatory documents to the ACRA. There are certain pre-incorporation also needs to be qualified.
Requirements for Company Incorporation in Singapore
Ahead of applying for the registration process, you must be set with the following pre-formation needs.
- Minimum Paid-up Capital of S$1
- At least One Shareholder and Maximum 50 Shareholders
- The hiring of Company Secretary
- Minimum One Resident or Local Director
- Local Address for Company Registration
Documents Required for Company Incorporated in Singapore
The following is the list of necessary documents that need to be submitted to the ACRA. However, the changes in type and number of documents will count on your residency.
- Company Name Approval
- Business Type in Detail
- Office Registration Address
- Particulars of Shareholders
- Particulars of Company Secretary
- Particulars of Directors
- Memorandum and Articles of Association
Funding Assistance to Start-ups in Singapore
Singapore is marked as one of the best countries for doing business consistently, both for local and foreign investors. The nation has wired tons of funds into funding programs for a start-up business. The local investors can also seek help from government schemes and grants. Therefore, it is very flexible and easy to plan to start a new company in Singapore.