A company is a legal entity that is owned by shareholders and managed by directors. It is registered with the Singapore Government and can offer a range of benefits.
Incorporating a company in Singapore is easy and straightforward. The minimum share capital is $1, and it can be increased after incorporation.
Company name
One of the most important elements to consider when registering a company is its name. The company must have a unique name that is not offensive or infringe on existing trademarks. It also must be approved by the Singapore Accounting and Corporate Regulatory Authority (ACRA).
Shareholders in a Singapore company can be either individuals or companies. The maximum number of shareholders for a private limited company is 50. You can use a corporate service provider to register your company in Singapore.
You must also appoint a secretary within six months of your company’s incorporation. The secretary will perform administrative duties and ensure that your business complies with all commercial regulations. You can hire a professional company secretarial firm to do this for you. The process of incorporating a company in Singapore is relatively quick and easy.
Share capital
A Singapore company can have a minimum of $1 or its equivalent in any currency for its issued share capital. Companies must also record its paid-up capital in the company’s financial statements and submit them to the authorities annually.
Moreover, shareholders and directors must sign a comprehensive shareholder agreement that outlines the relations between different business parties. This will help minimise disputes and disagreements between various stakeholders.
Incorporating a company in Singapore is a quick and easy process. You can register your company online by using ACRA’s BizFile+ portal. In addition, you must submit annual returns and financial statements to the government authorities. You must also file tax returns with the Inland Revenue Authority of Singapore. A good way to ensure that your company meets all these requirements is by entrusting the job to a professional Singapore company incorporation service provider.
Registered office
The registered office of a Singapore company is the address at which it keeps its business records. It must also be open to the public for inspection at reasonable times. The company must display its full name at its registered office and keep all statutory registers there unless they are stored elsewhere. It must also keep a copy of its Constitution (formerly known as the Articles of Association).
Incorporated companies enjoy a number of benefits, including low taxes and easy access to developing Asia-Pacific markets. They also can benefit from Singapore’s thriving business networks and government initiatives, which have helped to place it second in the World Bank’s Ease of Doing Business survey. Aside from these advantages, a Singapore company offers its shareholders a high level of security and protection.
Company secretary
The company secretary plays an important role in ensuring that the company complies with the laws of Singapore. He/she can also be responsible for registering the company with the relevant government agencies. This will include registering the business for GST, if applicable.
A local registered address is compulsory for all companies incorporated in Singapore. The address must be a physical address and cannot be a P.O. box. It can be a residential or commercial address.
The company must have at least one shareholder who is a resident in Singapore. A company can have up to 50 shareholders, including both local and foreign individuals and companies. It must also classify its intended business activity using SSIC codes. These codes will determine if the company needs to obtain specific permits and licenses.
Taxes
When you register your company in Singapore, there are several taxes that must be paid. These include the Corporate Income Tax and Estimated Chargeable Income Tax. A good accountant can help you determine the exact amounts that must be paid.
Foreign investors are attracted to Singapore’s business-friendly environment and efficient incorporation process. Additionally, the country has a number of free trade agreements and a transparent legal system.
The most common type of company registered in Singapore is a private limited company, which limits the shareholders’ liability. These companies usually have names that end with “Pte Ltd”. They can have up to 20 shareholders, and may raise capital by offering shares or debentures to the public. They must also file a prospectus with the Monetary Authority of Singapore before making any public offers.how to incorporate a company in Singapore
