Singapore Company Set Up
Our services provide excellent consultancy to help you start your business overnight. There are various Business Entity such as Sole Proprietorship, Partnership and Private Limited Company for which we have given quick and cost – effective solutions.
Foreign companies wishing to setup a presence in Singapore, have the choice of setting up a branch office
Subsidiary Company. A subsidiary company is a private limited company incorporated in Singapore with the parent company as its shareholder. For small to mid-size foreign businesses, a subsidiary company is the most preferred choice of registration in Singapore.
Singapore Incorporation Entity Types
Sole Proprietorship
A business owned and run by a single individual or entity, with unlimited liability.
Private Limited Company (Pte Ltd)
A separate legal entity with limited liability, commonly chosen for scalability and credibility.
Partnership
A business structure involving two or more individuals or entities sharing ownership and liability.
Limited Liability Partnership (LLP)
A hybrid structure offering the benefits of both partnerships and companies, where partners have limited liability.
Public Limited Company
A company that can raise capital from the public through share offerings and is subject to stricter regulations.
Company Limited by Guarantee
A non-profit entity designed for charitable or social purposes, where members’ liability is limited to their agreed guarantee amount.
Singapore Incorporation Requirements
At least one local director who has to be a Singaporean, or Singapore PR, or Singapore employment pass holder; At least one shareholder, you do not need a Singaporean for a shareholder. A Minimum paid up capital is S$1 Incorporation time ranges approximately from 1 day to 5 days depending on time taken for name approval. We will act as your company secretary
Corporate Banking
When you incorporate company with us, you save valuable time. We can also help open the Corporate Bank account with our bankers for some banks officers coming to our office to meet you personally during the signing of your company incorporation papers in our office premises, and thus open your bank accounts without the need to visit the bank. The bank officer will go through the procedure with all kyc and due diligence required.procedure.
Requirements
To Open A Corporate Bank Account
When you incorporate company with us, you save valuable time. We can also help to open the Corporate Bank account with our bankers coming to our office to meet you personally during the signing of your company incorporation papers in our office, and thus open your bank account without the need to visit the bank. The procedure include bank Interview, and Kyc and due diligence for all Directors and shareholders. We will guide you With the documentations.
List Of Major Banks In Singapore
Major Local Banks
- Development Bank of Singapore (DBS)
- Oversea Chinese Banking Corporation (OCBC)
- United Overseas Bank (UOB)
- May Bank
- Major Foreign Banks
- Citibank
- Standard Chartered
- ABN Amro
Major Indian Banks
- Indian Bank
- States Bank of India
- Bank of India
- Indian Overseas Bank
- UCO Bank
Singapore Taxation
Singapore has excellent tax benefits for small-to-midsize companies. These apply if you set up a new company here. For profits around S$300,000, the overall tax rate is still a low 17% (Year of Assessment 2010 onwards). Startups that meet certain qualifying conditions can claim for tax exemption under the Tax Exemption for start up scheme
Compliance Matters
These notes provides a quick glance of statutory compliance requirements for Singapore private limited companies.
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Company Registration Number Disclosure
Singapore Companies Act requires every company to have the Company registration number, known as Unique Entity Number (UEN) on all business letters, statements of account, invoices, official notices, publications, etc.
Mandatory Compliance Matters
When you incorporate a business in Singapore, you are obliged to comply with the statutory requirements stipulated in the Singapore Companies Act, and to submit annual filing requirements to Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). It is imperative for all companies to stay in compliance with the statutory regulations to avoid penalties and quite possibly, legal repercussions.
- Accounting Records
- Compilation of financial statements
- Exemption for Audit
- Financial Year End
- Singapore Goods and Services Tax Registration (GST )
- Registration of Singapore Central Provident (CPF) & SDF
ACRA Compliance Matters
A company must hold its Annual General Meeting (AGM) within the time stipulated in the Companies Act. For new companies, the first AGM must be held within 18 months from date of incorporation. Company must hold subsequent AGM in every calendar year, and not more than 15 months from the last preceding AGM.
- Requirement for Accounts
- Extension of Time
- Requirements of Directors Reports:
- Requirements Of Audit Report
- Requirement for Annual Return
- Filing Financial Statements in XBRL
IRAS Compliance
Annual Filing requirements with Inland Revenue Authority of Singapore (IRAS) ECI is an estimate of a company’s chargeable income for a Year of Assessment (YA). IRAS requires each company to submit an ECI for the Year of Assessment within three months after the financial year ends. It is mandatory to file an ECI regardless of the amount of income. A company with a zero income will file a ‘NIL’ ECI. Accounting Records
- Tax Return Filing
- Submission of Financial Report – audited and unaudited
- Unaudited Report
- Audited Reports
What Our Clients Say About Singapore Incorporation
Are You Ready For Start A New Business? Contact Us Now!
Ready to expand your business to Singapore? Contact us today to learn more about how we can assist you in setting up a branch office. Let Singapore Incorporation be your trusted partner in navigating the Singapore business landscape.