COMPANY INCORPORATION IN SINGAPORE IN 2022
DEFINITION
Singapore is considered one of the best countries to set up a company in 2022 when an individual wants to expand globally. The ease of doing business in Singapore is regarded as one of the best globally, all thanks to its robust investment and trade policies. For any owner of a company in Singapore, company registration is mandatory. Registering a company in Singapore is extremely reasonable and easy. As per the laws in Singapore, foreign corporate entities or foreigners are not permitted to register themselves as a company in Singapore. They have to hire a local professional firm to register their companies in Singapore.
BENEFITS OF COMPANY INCORPORATION IN SINGAPORE IN 2022
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Singapore is a strong economy with fully developed capital markets and robust financial systems
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Singapore has a rational tax system with low tax rates
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There is efficient process for incorporating and running a new company in Singapore
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Singapore offers companies a strategic geographical location and excellent infrastructure.
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Singapore offers a well-trained and productive workforce to companies
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There are no restrictions on repatriation of profits or import of capital
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The political and economic climate in Singapore is very stable. There is strong obedience to the laws and regulations in Singapore
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Singapore is one of the least corrupt countries in the world
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Overall Singapore offers an excellent quality of life
REGISTERING A COMPANY IN SINGAPORE IN 2022
- APPROVAL OF PREFERRED COMPANY NAME: The Government of Singapore has to approve the company name that an individual has chosen before it can be registered. An individual must choose a name that is unique, simple, very easy to pronounce and does not contain any spelling mistakes.
- REGISTRATION OF THE COMPANY : After the Registrar of Companies approves a company name, the process of incorporation will begin. All the directors and shareholders of the said company have to sign the form. A government fee of S$300 must be paid upfront to the registrar of companies for their services.
DOCUMENTS NEEDED FOR REGISTERING A COMPANY IN SINGAPORE
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The chosen company name
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A brief bio and description of the company activities and shareholders
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The particulars of the business
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The particulars of the directors in the company
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The registered address of the company
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The particulars of the Company Secretary
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The Memorandum of Association (MOA)
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The Articles of Association (AOA).
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Foreigners need to provide a copy of their passport/overseas residential address proof/ and other KYC details such as a bank reference letter/business profile, etc.
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The local Singapore Residents need to just provide a copy of their Singapore identity card.
CHECKLIST BEFORE REGISTERING A COMPANY IN SINGAPORE
- Approval of chosen company name
- All the directors in the company must be over 18 years in age and must not have any criminal record. It is also mandatory for a company to have a minimum of one director who is a Singapore citizen with a valid dependent or employment pass.
- For a private limited company in Singapore, the minimum number of shareholders needed is one and the maximum is fifty. The issue and transfer of shares is permitted amongst the shareholders even after the registration of the company
- Within six months of the incorporation of a company in Singapore it is compulsory to appoint a qualified company secretary.
- The minimum paid-up capital that the company is required to have at the time of incorporation is only $1. This amount can be increased after incorporation as and when the company chooses to do so. The company is not required to have authorized capital. Thus, the capital can be in the form of preference shares, ordinary shares and any other shares.
- The company must have a registered business address within Singapore. This is essential so that the Government can contact and communicate with the company as and when it deems necessary.
Our team of tax and legal experts at ACE ALLIANCE will address all your queries about Company Incorporation in Singapore. Our team will help you get the entire process of filing and registration completed and assist you with any post-registration formalities and compliances that may crop up.