Singapore’s status as a major economic hub is well-known around the world. Entrepreneurs who want to get a footing in the area before expanding to other ASEAN cities frequently refer to it as a “gateway.” In addition to the country’s political stability and free immigration policies, Singapore has a highly developed technological environment. You can go for online company incorporation in this case.
Benefits of starting a business in Singapore
There are tax advantages for companies who have their headquarters in Singapore. There is a set 17 percent tax rate for all the money that you make after the first S$300k of your annual profits. Singapore’s government does not levy any taxes on company profits or dividends.Our comprehensive guide is a great starting point for anybody looking to set up a Singapore-based business.
In order to set up a company in Singapore, what specific details do I need to have?
First, you need have the following information ready before making any plans for business registration in Singapore:
- Your business must have a local Singaporean address as the company’s registration address. A P.O. box cannot be used for either home or commercial purposes.
- You must first get authorization for the use of your company name before registering your firm.
- You must designate a minimum of one resident director. To be eligible, a doctor must be at least eighteen years old, not insolvent, and free of any malpractice accusations.
- There is a limit to the number of shareholders you may have in your business, which may or may not be direct investors. Non-locals as well as those from the local community may participate.
- Within six months of registration with the Singapore government, your company must have a qualified resident company secretary in place.
For a company to be legally registered, you must have at least SGD$1 in share capital (also known as paid up capital). After completing the incorporation procedure, this amount may be raised at any time. Taking help of the Non Routine Secretarial Services is perfect there.
If I’m not already a resident of Singapore, what is the best approach to set up a company?
Non-residents are nevertheless subject to the aforementioned rules and regulations, as well as a few additional ones.
In the event that you establish a private limited company in Singapore and want to run it from afar, a visiting visa will be issued to you. A work visa for Singapore is not required in this situation. However, you must select or elect a local director to ensure that your board of directors has at least one resident director.
An Entrepreneur Pass or an Employment Pass is required before you may go to Singapore in order to conduct your firm. This means you will be able to act as a local resident director for your company. In order to register your company or apply for a work visa in Singapore, you do not need to be physically present in the country. Singaporean banks require that all account holders be physically present while opening an account.
Subsidiary of a location that serves as a satellite office
Generally speaking, a Singapore-based private limited company whose primary shareholder is a different national or international company is what is meant by this term. For multinational firms wishing to set up shop in Singapore, 100% foreign ownership is the most popular choice.
