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Related Topics:

Singapore Corporate Income Tax Overview

Singapore Personal Income Tax Overview

How to Register a Singapore Company

Registering a Singapore Subsidiary Company

Registering a Singapore Branch

Registering a Representative Office in Singapore

Corporate Taxes

Our Services

Contact Us for Foreign Company Registration in Singapore

Information Index


Recent News

New Tax Reliefs Announced by Singapore Government in 2008 Budget

Benefits of Setting Up a Singapore Company

India and Singapore Further Expand Free Trade Agreement


Singapore Company Registration - Frequently Asked Questions

Qn. What are the basic requirements to incorporate a Singapore company? 
Ans. The basic requirements and facts are as below:

  • Anyone (a local or a foreign person) can register a new Singapore company.
  • 100% foreign ownership allowed
  • Minimum paidup capital of $1 only
  • Concept of authorized capital no longer exists
  • Minimum of 1 director and 1 shareholder required
  • At least one director must be a local resident director (Singapore citizen, permanent resident, or EP/DP holder)
  • Must have a local registered address
  • Must have a local qualified company secretary

Shareholders

Qn. Can a foreign person be 100% shareholder of the Singapore company?
Ans. Yes. Singapore Companies Act allows 100% foreign shareholding of a Singapore company.

Qn. What is the minimum amount of authorized capital for incorporating a Singapore company?
Ans. The concept of authorized capital has been abolished and no longer applies for companies incorporated in Singapore.

Qn. What is the minimum amount of paid-up capital?
Ans. The minimum amount of paid-up capital to open a Singapore company is $1.

Qn. Can we increase paid-up capital later?
Ans. Yes, you can increase the paid-up capital anytime later after the company incorporation. We will prepare the necessary paperwork and lodge it with authorities.

Recommended Notes

Directors

Qn. How many directors are required for opening a company in Singapore?
Ans. With recent changes to Singapore Companies Act, a Singapore company can be incorporated with a single director.

Qn. Does Singapore company laws allow foreign directors?
Ans. Yes, foreign directors are allowed as per Singapore company incorporation laws.

Qn. Can all directors be foreign directors?
Ans. No. At least one of the directors has to be a local resident person. A local resident person is defined as a Singapore citizen, permanent resident, employment pass holder, or dependent pass holder. All other directors can be foreign directors.

Qn. I am foreign person and would like to start a business in Singapore. Will I be able to relocate to Singapore to manage and run my business?
Ans. If you are interested in starting a business and relocating to Singapore, you will need to incorporate a Singapore company and apply for Entrepreneur Pass or Employment Pass. For more details, refer to EntrePass FAQ page.

Qn. We would like to setup a Singapore company. However, we don't have a local person in Singapore who can act as the local director. What is your advise on handling the local director requirement?
Ans. It depends on your plans as follows:

  • If you plan to relocate to Singapore as part of incorporating a Singapore company, you can act as the local director once your entrepass/employment pass is approved.
  • Alternatively, you can use our nominee director service to satisfy the requirement of a local director. For more details on our nominee director service, please refer to Local Nominee Director FAQs.
  • If you know a local person or if you have a local employee who is willing to act as the local director, you can designate him as the local director.

Qn.  If myself or one of our overseas staff member is applying for an employment pass, can we act as the local resident director?
Ans. Yes, after the employment pass has been approved, you can act as the local director for your Singapore company. 

Procedure, Requirements, Timeline

Qn. What is the procedure and timeline to incorporate a Singapore company?
Ans. The step by step procedure and timeline is as follows:

# Procedure Responsibility Average Timeline
1 Complete Incorporation Details Form Client 10 minutes
2 Send us passport copies (or IC for Singaporeans) of proposed directors and shareholders for Singapore company Client Depends on you
3 Make payment arrangements for our fees as per the quote that will be sent to you Client Depends on you

Upon completion of the above:

1 Reserve company name AsiaBiz 2-3 hours
2 Prepare necessary incorporation documents  AsiaBiz 0.5 day
3 Sign incorporation documents Client Depends on you

Upon completion of the above:

1 Incorporate the company with Accounting & Corporate Regulatory Authority of Singapore AsiaBiz 0.5 day
2 Prepare post-incorporation documents including bank account opening documents AsiaBiz 2-3 hours

Qn. Can there be any delays in the timeline as mentioned above?
Ans. Although not the norm but exceptions do exist. On rare occasions, the authorities may take more time to approve the company name or to incorporate the company. These delays can be of two types:

  • Delay in the name approval. Sometimes Company Registrar can refer the approval of the name to other government agencies and as such the name approval process can get delayed from normal 2 hours to 2 weeks.
  • Delay in the company incorporation. Sometimes Company Registrar can delay the company incorporation based on the particulars of the foreign directors. Under such cases, the incorporation process can get delayed from normal 2 hours to 2 weeks.

Qn. What documents do you need from me if I want to incorporate a Singapore company?
Ans. We will need the following documents from you:

For each non-resident shareholder/director:

  • Fax or email us a passport copy (particulars page) and residential address proof (such as recent utility bill, bank statement, or driver license, etc.)

For each Singapore resident shareholder/director:

  • Fax or email us a copy of the Singapore ID

If the shareholder is a corporate entity, email us:

  • Copy of the Certificate of Incorporation of the parent company
  • A copy of the document showing the registered address and directors of the parent company

* Please note that you will need to provide officially translated English versions of any documents that are not in English.

Qn. I am a foreigner currently holding an employment pass and working for a company in Singapore. Can I register a company?
Ans. Yes, you are free to register a company unless your employment agreement with your employer prohibits you from doing so. However, in order to become an employee of your new company you will have to apply for a new employment pass and upon approval cancel your existing employment pass.

Company Secretary

Qn. Does a Singapore company need to appoint any other officers besides directors? 
Ans. The only other officer required to be appointed besides company directors is a company secretary. Each Singapore company is required to have a professionally qualified company secretary. The company secretary must be a local person in Singapore. For more details on company secretarial service, refer to Company Secretary FAQs.

Registered Address

Qn. Does a Singapore company need to have a registered address in Singapore?
Ans. All Singapore companies are legally required to have a registered Singapore address. For more details about our registered address service, refer to Registered Address FAQs.

Bank Account

For frequently asked questions on opening a bank account, please refer to Bank Account FAQs page.

Other

Qn. What is the corporate tax rate for Singapore companies?
Ans. For details on corporate taxation in Singapore, refer to Singapore Corporate Taxes page. 

Qn. Do we need to visit Singapore to incorporate a company in Singapore?
Ans. No, it's not required. We can send you the incorporation documents overseas for signing. You can sign and courier the documents back to us. Upon receipt of the signed documents, we will be able to proceed with the company incorporation. 

However, you may be required by the bank to visit Singapore for the account opening process. For more information on bank account, please refer to Bank Account FAQ page.

Qn. How do I engage your services for setting up a company in Singapore?
Ans. Very simple:

  • Review and order appropriate package by visiting our Singapore Company Setup Packages page.
  • Upon receipt of your order as above, we will work with you to clarify and finalize your requirements and email you a formal quote for our services along with payment instructions.
  • Upon receipt of the payment, we will be able to commence our service immediately.

Qn. Where can I find more information about Singapore company incorporation?
Ans. For more details, please visit Singapore Company Registration page.


Related Topics:

Singapore Corporate Income Tax Overview

Singapore Personal Income Tax Overview

How to Register a Singapore Company

Registering a Singapore Subsidiary Company

Registering a Singapore Branch

Registering a Representative Office in Singapore

Corporate Taxes

Our Services

Contact Us for Foreign Company Registration in Singapore

Information Index


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