Get Benefit from the robust economy, enjoy low tax rates, repatriate unlimited profits or capital, Expand Business Globally, and much more through Singapore Company Registration. Upload the documents on our portal and Register Company in Singapore effortlessly through online mode from anywhere in the world.
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Singapore, formally known as the Republic of Singapore, is a sovereign island city-state located in the waters of Southeast Asia. A recent report from the World Economic Forum says that Singapore is the world's most competitive economy, beating out the United States. Singapore also scores well on the United Nations' Human Development Index (HDI) and is among the top ten nations in terms of nominal per capita GDP, according to IMF estimates.
Singapore is a city, state and a country in itself. Some important facts about Singapore to know before you register company in Singapore are as follows:
|Currency||Singapore Dollar (S$, SGD)|
|Languages Spoken||English, Malay, Mandarin, & Tamil|
|Ease of Doing Business||Very Easy|
|Population Size||5,850,342 (Estimate of December 2020)|
|VAT-Standard Rate||Seven Percent|
|GDP - Real Growth Rate||3.1%|
The country has been termed a "Asian tiger" because of its rapid economic growth. Investors are drawn to Singapore because of its business-friendly policies and technological advancements. Singapore's location in Southeast Asia makes trade and foreign exchange and export-import easier for this small island nation because it is close to so many countries. The other best reasons for having Singapore Company Registration are as follows:
#1. The market is geared toward exports.
#2. A booming and sustainable economy,
#3. A wide range of international marketplaces
#4. Access to the world's largest consumer market (Asia)
When it comes to consumer-centric innovation, the Singapore government sees the nation as a place where businesses can learn about and connect with customers through the internet. Amazon, Lazada, and Qoo10 are some of the most popular commercial e-commerce sites in Singapore. With more than 3.3 million individuals purchasing online in Singapore, there's plenty of space for growth.
Supermarkets and convenience stores, as well as clothing and furnishing stores, are all part of Singapore's retail landscape. Shops, kiosks, mail, and the Internet are just a few of the various routes through which people buy and sell items of retail. Hence, Singapore is a great hub for you to sell retail goods.
To address the demands of the local people, EdTech is a rapidly expanding business. More than S$1.4 billion was spent on enrichment lessons in Singapore in 2018 to assist children obtain a competitive edge. Singaporean students spend an average of $21,000 a year on university education. You can also start coaching institutes or study visa businesses in singapore through Company Registration.
India is popular for spice exports and other grains as well. India also exports buffalo meat and therefore, you can export a lot of food products to Singapore through Singapore Company Registration. You might also need to register company in Singapore if you wish to import food products in India. The diverse cuisine of Singapore is continuously in demand.
Over three times the population, Singapore had 19.11 million tourists in 2018. Many Indians also travel to Singapore for business, education and entertainment purposes. You can expand your business to singapore through singapore company registration and establishing a well-reputable singapore travel agency.
Technology businesses with their own apps and websites are choosing Singapore as a launching pad for the Asian area since it is becoming a technology center. You can also use Singapore Location as your advantage while working in the technology domain.
#. A proposed company must have at least one shareholder.
#. Individuals or corporations can hold shares in a company.
#. Foreigners can own 100% of the company.
#. You need only and at least Singapore $1 in paid-up capital to start a business.
#. By injecting additional capital, a company can raise its share capital at any moment.
#. You can register company in Singapore with both Singapore residents and non-Singapore residents.
#. A corporate director must be at least 18 years old to be eligible for the position. However, there is no upper age limit on who can apply.
#. A minimum of one director must be based in Singapore. A Singaporean, a Singapore permanent resident, or a bearer of an Employment Pass is considered a Singapore-resident under this definition.
#. Within six months after its formation, a business must select a certified company secretary. Besides being a natural person, the company secretary must also be a Singaporean citizen.
#. Every Singapore-registered company must have a local registered address for the safekeeping of all of its statutory papers. A PO box is not acceptable as an address.
#. The name of the firm must be authorized from the government before you register company in Singapore.
Apply Company Name
The first step in registering a company in Singapore is deciding on a unique name. Customers are more likely to stick around if the name of your company reflects the nature of the product or service you offer.
Choosing a company name is also an important first step in legal Singapore Company Registration. You might also need to reserve your company name for up to 60 days after completing the application form to ACRA(Accounting and Corporate Regulatory Authority).
Thus, you should choose a company name or business name to register company in Singapore adhering to following guidelines.
#. No Trademark Registration rights are violated.
#. The Company Name Is not offensive or rude.
#. Company Name isn't similar to or the same as any other current company name in Singapore.
#. Company Name isn't already reserved by any other party.
Decide the Right Business Structure
In order to expand and succeed as a business, it is essential to select the right corporate structure. One aspect to take into account when choosing a business structure is how tax and other legal obligations will apply to you.
Get Ready Documents for Singapore Company Registration
Following the approval of a business's name, the following paperwork must be prepared before the company may be registered in Singapore.
#. Company Constitution or In the past, these were called the Articles of Association. Consider using the standard Singapore company constitution, which is appropriate for most firms and contains conditions that are regarded valid by all concerned parties in the formation process
#. A written authorization from each of the company's directors authorizing them to serve on the board of directors
#. Details about each firm officer and shareholder, including their name, title, and residence address.
ACRA requires your Corporate Service Provider (CSP) to do a Know Your Customer (KYC) due-diligence and will normally demand at least the following verifiable data:
#. Authentication of identity and address proving papers
#. Credentials of the prospective company's shareholders and executives.
Important Note: Remember that the list of documents that each CSP needs can be different because of their own rules. All papers must be written in English or be formally translated from their original language into English before they can be considered valid.
#1. 0 to 17 % taxes for corporations, and 0 to 22 % taxes for individual taxpayers
#2. Tax-free distribution of dividends
#3. No tax on capital gains
#4. Easy Tax rebate pooling
#5. Unilateral tax credit
#6. Reduced withholding taxes on income derived from sources outside of the Singapore
#7. The city-state has 75 complete tax treaties and 8 relatively limited treaties addressing income from maritime and air transport, however there are no restrictions governing foreign controlled companies.
#8. 26 Free Trade Agreement/ Economic Partnership Agreement
#9. a well-established financial system
#10. Low-cost financial resources are readily available.
#11. There are several incentives to help Singapore become a leading IP hub (PIC)
#12. Largest Asian financial center for corporate clients, with over 160 banks
#13. Markets for financial instruments that are rich in liquidity
#14. The easiest place in the world to conduct business
#15. The world's most renowned arbitration center
#16. Clear and effective tax rules
#17. A well-trained and experienced workforce
#18. Policy of unrestricted entry for foreign nationals
Choose a name for your company and get it approved by the competent authority.
KYC details of the shareholders' and directors' due diligence for potential candidates
The filing of an online company registration application
Opening a bank account using the incorporation certificate
Other forms of tax registration
Unique Company Name
The Accounting and Corporate Regulatory Authority (ACRA) is in charge of approving business names, and it will reject a prospective name if it is too close, identical, or phonetically similar to an existing company name. There are a number of terms and phrases that might be subjected to regulation and supervision by other Government bodies, and you will need authorization before you can proceed to incorporate. Further more, The words Private Limited or Ltd. Must be part of the name of every Singapore offshore company.
Restrictions such as Assurance , Bank, Building Society, Royal, Trust, etc. will require justification.
Restriction in Sectors
Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Yes, a Registered Office must be maintained in Singapore. Mostly, the government doesn't permit Virtual Offices or Addresses to register companies in Singapore.
A Singapore Company requires a minimum of one director. Directors can be of any nationality and need not be resident but at least one director must be resident in Singapore.
#. Non-residents pay a flat tax rate of 15% to 22% in Singapore, whereas citizens pay 0% and are capped at 22% in Singapore.
#. Profits are taxed in Singapore, not revenues. Thus, Your Singapore company's profits are subject to a 17 percent tax rate. You can avail various tax incentives and tax exemptions on these taxes.
#. Territorial taxes are used in Singapore. Treaty nations can prevent double taxation by granting a foreign tax credit to treaty countries. On all foreign-sourced revenue, non-treaty nations receive a tax credit equal to the amount of foreign taxes paid by such countries. Singapore has more than 80 tax treaties with foreign nations in order to lessen double taxation.
#. The distribution of post-tax profits to shareholders (i.e. dividends) is tax-free.
#. Capital gains are not taxed in Singapore.
#. Investing in R&D and productivity-enhancing technology can take advantage of considerable tax benefits in Singapore.
#. Singapore does not tax several types of income derived from sources outside the country.
To register company in singapore, you need following documents:
#. Copies of shareholders' passports
#. Proof of residence of Resident Director
#. If a subsidiary company is being formed or a foreign corporate entity is a stakeholder in another company, the parent company's information must be submitted.
If you need help figuring out how to register company in Singapore, we'd be happy to help you out. E-StartupIndia has a team of specialists in India and Singapore that are devoted to providing you best Singapore Company Registration Services online. Our team of business professionals has vast experience and knowledge in a wide range of sectors, spanning the whole lifecycle of an organization.
Besides, we also provide services such as Business Loan , GST Registration, TDS Return Filing, GST Return Filing, ISO Certification and several other regulatory services after the incorporation. Our knowledge and experience enables us to assist you in establishing your business structure correctly the first time. So. Now it's your opportunity to get your business off the ground legally throughout the world. Our team is ready to assist you throughout the whole process of Singapore Company Registration from India.
Foreigners can register a company without immigrating or travelling to Singapore. However, they need to appoint a local director at the time of Singapore Company Registration.
In Singapore, registering a business involves a lot of complex steps. However, we can get your Singapore Company officially registered within a relatively short time frame.
A registered company address is necessary for the incorporation procedure in Singapore. This is the official mailing address for all government communications. Thus, you cannot register a PO Box as a registered address.
There is no limit to the number of directors you may have in your firm, but at least one of them must be local. If you don't have anyone who can play the part, you can hire a nominee for the position.
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