Registration of Singapore Company

At A2Z FINEDGE, we provide end-to-end taxation compliance and filing services to help businesses establish a strong foothold in Singapore. Backed by a team of Chartered Accountants (CA), Company Secretaries (CS), MBAs, lawyers, and advocates, we ensure your business set-up process is efficient, compliant, and hassle-free. Whether you're an entrepreneur starting fresh or an established business expanding into Singapore, we are here to guide you through every step.

Why Set Up a Business in Singapore?

Singapore’s reputation as a global financial hub, coupled with its robust legal framework and pro-business policies, makes it one of the top destinations for business setup. By establishing a business in Singapore, companies gain access to:

1. Strategic Location: A gateway to Asia’s burgeoning markets with proximity to key economies like China, India, and ASEAN nations.
2. Ease of Doing Business: Consistently ranked among the world’s easiest countries to do business, with streamlined regulations and efficient processes.
3. Stable Political Environment: A corruption-free government ensuring business continuity and safety.
4. Favorable Tax Regime: Competitive corporate tax rates, zero capital gains tax, and various tax incentives for startups and SMEs.
5. Global Connectivity: State-of-the-art infrastructure for logistics, communication, and technology.
6. Supportive Ecosystem: Access to government grants, research funding, and innovation hubs.

Advantages of Business Set-Up in Singapore

1.       Tax Incentives: Various tax exemptions and benefits for startups and SMEs.

2.      Global Market Access: Leverage Singapore’s extensive trade network.

3.      Political Stability: Safe and reliable environment for business operations.

4.      Ease of Fundraising: Access to venture capital, banks, and financial institutions.

5.      Reputation: Build credibility with a Singapore-registered business.

6.      Supportive Ecosystem: Government support through grants and initiatives.

Types of Business Structures in Singapore

1. Private Limited Company (Pte Ltd):
• Most popular structure due to its flexibility and scalability.
• Separate legal entity with limited liability for shareholders.
• Allows 100% foreign ownership.
• Ideal For: Startups, SMEs, and businesses seeking investor funding.
2. Sole Proprietorship:
• A single-owner business with no separate legal identity.
• Owner bears unlimited liability for debts and obligations.
• Simple and inexpensive to set up but lacks scalability.
• Ideal For: Small businesses or freelancers.
3. Partnership:
• Formed by two or more individuals or entities sharing ownership and responsibility.
• Variants include:
• General Partnership: All partners share equal liability.
• Limited Partnership: At least one partner has limited liability.
• Limited Liability Partnership (LLP): Combines the benefits of a company and a partnership.
• Ideal For: Professional service firms like accounting, law, or consultancy.
4. Branch Office:
• An extension of a foreign parent company.
• Not a separate legal entity; parent company assumes full responsibility.
• Ideal For: Businesses testing Singapore’s market before committing to full incorporation.
5. Representative Office:
• Temporary structure for conducting market research or feasibility studies.
• Cannot engage in profit-making activities.
• Ideal For: Foreign companies exploring business opportunities in Singapore.

Documents Required for Singapore Company Registration

1. For Individual Shareholders:
• Copy of passport.
• Proof of residential address (utility bill, bank statement, or tenancy agreement).
• Additional identification as required by the Monetary Authority of Singapore (MAS).
2. For Corporate Shareholders:
• Certificate of Incorporation.
• Memorandum and Articles of Association.
• Board resolution authorizing investment in Singapore.
3. Other Key Documents:
• Proposed company name and business activity description.
• Details of shareholders, directors, and a company secretary.
• A registered office address in Singapore.
• Declaration of compliance and statutory forms.

Step-by-Step Process for Company Registration in Singapore

1. Select Business Structure:
• Choose the structure that aligns with your business objectives and scalability plans.
2. Reserve a Unique Company Name:
• Submit the proposed name for approval through ACRA’s BizFile+ portal.
• Ensure compliance with Singapore’s naming conventions.
3. Appoint Key Personnel:
• Appoint at least one resident director (a Singaporean citizen, permanent resident, or EntrePass holder).
• Hire a qualified company secretary within six months of incorporation.
4. Prepare Documentation:
• Draft and notarize essential documents, including the Memorandum and Articles of Association (MOA and AOA).
5. Register the Company with ACRA:
• File the incorporation application and required documents through the BizFile+ portal.
6. Open a Corporate Bank Account:
• Open an account with a reputable local or international bank in Singapore.
• Prepare to provide proof of incorporation, business activities, and identity of key stakeholders.
7. Obtain Necessary Licenses:
• Apply for industry-specific licenses if your business engages in regulated activities (e.g., F&B, finance, education).
8. Register for GST (if applicable):
• Mandatory for companies with annual revenue exceeding SGD 1 million.
9. Post-Incorporation Compliance:
• File annual returns with ACRA.
• Maintain proper accounting records and adhere to statutory obligations.

Regulatory Framework and Compliance for Indian Residents Establishing Businesses in Singapore

1. Foreign Exchange Management Act (FEMA):
• Investments by Indian residents must comply with FEMA guidelines.
• Permissible under the Liberalized Remittance Scheme (LRS) for individual investors.
• Annual reporting to RBI through Form ODI (Overseas Direct Investment).
2. Double Taxation Avoidance Agreement (DTAA):
• India and Singapore have a DTAA to prevent double taxation on income earned by Indian residents in Singapore.
3. Disclosure Requirements:
• Indian residents must report overseas income and assets in their income tax returns under the Income Tax Act, 1961.
• Compliance with MCA for overseas investments as per the Companies Act, 2013.
4. Banking and Fund Transfers:
• Ensure all fund transfers adhere to RBI’s authorized banking channels and guidelines.
5. Compliance in Singapore:
• Abide by Singapore’s Companies Act, employment regulations, and anti-money laundering laws.
• File annual financial statements and tax returns with ACRA and IRAS.

Frequently Asked Questions (FAQs)

1. What is the minimum paid-up capital for a Singapore company?
• SGD 1 is the minimum paid-up capital required for registration.
2. Can a foreigner fully own a Singapore company?
• Yes, foreigners can own 100% of shares in a Singapore-registered company.
3. Do I need a local director?
• Yes, at least one director must be a resident of Singapore.
4. How long does it take to incorporate a company in Singapore?
• The process typically takes 1-3 business days, provided all documentation is in order.
5. Is GST registration mandatory?
• GST registration is mandatory if annual turnover exceeds SGD 1 million.
6. Can I open a corporate bank account remotely?
• Most banks require signatories to be physically present in Singapore to open an account.
7. Are there tax benefits for new companies?
• Yes, startups can enjoy tax exemptions on the first SGD 100,000 of income for the first three years.
8. What ongoing compliance is required?
• Filing annual returns, maintaining statutory registers, and complying with tax obligations are mandatory.
9. Do certain industries require special licenses?
• Yes, sectors like F&B, finance, healthcare, and education require specific approvals.
10. Why choose Filings Corner for Singapore company registration?
• We offer expert guidance, ensure regulatory compliance, and handle all processes seamlessly.

Why Choose Filings Corner?

• Experienced Professionals: Our team has in-depth knowledge of Singapore’s business landscape.
• Tailored Solutions: We customize our services to meet your specific requirements.
• End-to-End Services: From documentation to compliance, we handle everything.
• Timely Assistance: Swift and efficient processes to ensure smooth incorporation.

Contact A2Z FINEDGE today to make your business setup in Singapore a reality and unlock growth in one of Asia’s most dynamic markets!