Singapore Company Registration
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Necessary Documents/Information for Incorporation in Singapore

To register a company in Singapore you will need to provide the Company Registrar with the following:

 

     Particulars of shareholders, directors, and company secretary

     Memorandum and Articles of Association

     Paid-Up Capital

     Taxation

     Registered address

     Company name

     Description of business activities

 

Other documents include identity cards, proof of address, bank statements, Certificate of Incorporation and Memorandum & Article of Association (for corporate entity shareholders)

 

Note that any document not in English must be translated to English by an endorsed translator. 

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Types of Companies in Singapore

There are three types of companies operating in Singapore. We'll explain each one briefly below:

 

  1. Sole Proprietorship

This is best suited for individuals. The business enjoys low startup costs making it easy to start. But it has no limited liability. It requires a minimum and maximum of 1 member which is the owner of the business.

 

No audit of financial statements is required and the business is taxed at a personal income tax of a maximum of 22%. The business will cease to exist upon death or retirement of its owner.

 

  1. Limited Liability Partnership

This is best suited for firms such as accountancy, law, and architecture companies. They are also easy to set up because of their low costs and they enjoy limited liability.

 

Like sole proprietors, they are charged at the personal income tax rate but their rate is higher than company tax rates.

 

It takes a minimum of 2 partners to startup the business and there is no maximum number of members. They are not required to audit their accounts and the death/retirement of a partner will not cause the business to cease operations.

 

  1. Private Limited Company

This is best suited for business with projected growth i.e with the possibility of future expansion. They enjoy a lot of tax benefits/exemptions.

 

The company requires a minimum of one shareholder and director to startup. Note that one person can hold both positions. And it has a maximum of 20 members except for special companies.

 

They enjoy limited liability and may enjoy audit exemptions if they meet the requirements of a small company.

 

These companies are taxed at 17% company income tax rate and the death/retirement of a partner will not cause the business to cease operations.

 

Each of these businesses requires bookkeeping and taxation services that can be handled by Timcole seamlessly. 

Company Registration
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Foreigners Registration Guide in Singapore

Here are some notable considerations for foreigners who plan to set up a company in Singapore:

 

     All shareholders and directors records must be made public at a fee of $5.50

 

     Foreigners are forbidden to self-register but can register through firms

 

     If you plan to live outside of Singapore while running a business you need a Visitors Visa for occasional visits and a local director. Choose Timcole to act as your local Director.

 

     If you plan to live in Singapore you will need an Entrepreneur or Employment Pass which allows you to be a local director of your company

 

     If you have no intention of visiting Singapore but you want to run a business there, Timcole can handle all aspects of your incorporation. You may need to be present to open your bank account. 

 

Singapore Company

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Procedures for Registration in Singapore

Company registration in Singapore is completely computerized which makes it a fast process.

There are 2 steps in registering your company:

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1)    Reserving your Company Name: Before you can register your business name the government must approve it. They do this by ensuring the name is available for use. You can read this Guide to selecting a Singapore Company Name to speed up this stage.

 

2)    Registering your Company: After your company name is approved, your incorporation application will be processed. You are to pay a sum of $300 to the Registrar of Companies for this service.

 

Upon successful completion of registering your company, the Registrar will send you an email to notify you of your Incorporation. You will be issued a copy of your Certificate of Incorporation and Business profile.

 

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Digital M.