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Company Registration in Singapore
Business in Singapore and Company Registration:
Singapore is the world’s busiest port, a leading oil refining and distribution centre, and a manufacturer of electronic components, as evidenced by its high ranking in international business rankings. Singapore Exchange is the fourth largest foreign exchange market in the world and the largest manufacturer of jack-up oil exploration and drilling rigs. Singapore is the hub for the world’s leading names in insurance brokerage, offshore insurance, captive insurance, and risk management. It is the fourth-ranked financial center in the world.
Singapore offers international investors investment opportunities and encourages international trade. There are no restrictions on foreign companies, no capital gains tax or estate tax, the lowest corporate tax rate of 17 percent on taxable income, access to low-cost labor, excellent business connectivity, the startup tax exemption scheme, the foreign-sourced income exemption scheme, the startup enterprise development scheme (SEEDS) and the local enterprise finance scheme (LEFS), and flexible labor laws.
Accounting & Corporate Regulatory Authority (ACRA), Singapore, is the governing body for company incorporation. Foreign entrepreneurs and entities that wish to establish a business in Singapore are required to appoint two local agents, who can be Singaporeans, permanent residents, or foreigners with employment or dependent passes.
There are nine types of businesses you can open in Singapore, subject to eligibility criteria.
(1) Sole Proprietorship,
(2) General Partnership,
(3) Limited Partnership,
(4) Limited Liability Partnership (LLP),
(5) Private Limited Company (Pty Ltd),
(6) Public Limited Company,
(7) Foreign Subsidiary Company,
(8) Foreign Company Branch Office,
(9) Foreign Company Representative Office
Let us proceed one by one.
Exclusive Proprietorship
- A business operated and owned by an individual (the sole proprietor), with no legal distinction between the owner and the business entity. This person is entitled to all of the company's profits and holds unlimited personal liability for all of its debts and obligations.
- Profits are subject to taxation at the owner's marginal rate of personal income tax. The owner must maintain accurate records and file Form B1 for tax purposes.
- Citizens or permanent residents of Singapore over the age of 18 can establish such a business on their own by registering with the ACRA under the Business Names Registration Act. They must first confirm that the proposed name is available and that their personal Medisave contributions are current.
- Foreigners residing abroad must appoint a minimum of one locally residing Authorized Representative for the establishment. In addition, they must hire a registered filing agent for the formation of this business.
- Foreigners residing in Singapore on various passes are prohibited from registering a sole proprietorship. They are encouraged to establish a corporation or limited liability partnership and apply for an Entrepass or work pass.
General Association
- A partnership consists of two to twenty partners. Partners over the age of 18 may combine some or all of their resources, skill, or industry in order to generate a profit. If none of the partners resides in Singapore, they must appoint a Singapore resident as their Authorized Representative.
- The partnership must maintain accurate financial records and renew its registration annually. Partnerships are not required to pay taxes, but they must file a Form P annual income tax return with IRAS.
- Partners are liable for all liabilities and debts incurred by the general partnership and can be sued both individually and collectively. All the partners must report their share of the income when filing their Personal Income Tax returns.
Exclusive Partnership
- General partners and limited partners make up a limited partnership (s). There is no restriction on the number of partners. This model may be adopted by passively managed businesses, with the primary benefit for limited partners being limited personal liability for business debts.
- This business can be started with at least one limited liability partner and one general partner. The company is required to appoint a local resident manager (Authorized Representative) if none of the partners is Singapore Ordinary residents.
- The general partner is responsible for all organization actions, including reporting, debt liability, and other obligations. In contrast, a limited partner's liability for the partnership's debts and other liabilities is limited to the amount of his or her contribution.
- All partners are required to report their share of the income when filing their Personal Income Tax returns in Singapore.
- The organization lacks any legal standing. The general partners can therefore be sued or sued for negligence.
- Any foreigner wishing to form an LP must hire a Registered Filing Agent to submit an application on their behalf. If they want to be the locally resident partner, they must obtain prior Ministry of Manpower approval (MOM).
Limited Liability Partnership (LLP)
- LLPs provide their owners with the flexibility to operate as a partnership while limiting their liability. It combines the advantages of partnerships and limited liability companies. The partners' liability is limited to the amount they contributed to the LLP. For the LLP's obligations, the partners are not personally responsible.
- Partners can be local or foreign individuals or corporations with a local or foreign residence. If all partners are foreigners, a Singaporean resident must be designated as their Authorized Representative.
- Partners are legally liable for their negligence and wrongdoings but are exempt from liability arising from other partners' oversight. The LLP is a corporate entity with a separate legal personality from its partners. The limited liability partnership has perpetual succession. Changing the partners of a limited liability partnership has no effect on its existence, rights, or liabilities.
- Foreigners residing abroad are required to hire a Registered Filing Agent to establish this entity. If they intend to manage the entity while residing in Singapore, they must also seek approval from the Ministry of Manpower (MOM).
Limited Liability Company (Pty Ltd)
- LLPs provide their owners with the flexibility to operate as a partnership while limiting their liability. It combines the advantages of partnerships and limited liability companies. The partners' liability is limited to the amount they contributed to the LLP. For the LLP's obligations, the partners are not personally responsible.
- Partners can be local or foreign individuals or corporations with a local or foreign residence. If all partners are foreigners, a Singaporean resident must be designated as their Authorized Representative.
- Partners are legally liable for their negligence and wrongdoings but are exempt from liability arising from other partners' oversight. The LLP is a corporate entity with a separate legal personality from its partners. The limited liability partnership has perpetual succession. Changing the partners of a limited liability partnership has no effect on its existence, rights, or liabilities.
- Foreigners residing abroad are required to hire a Registered Filing Agent to establish this entity. If they intend to manage the entity while residing in Singapore, they must also seek approval from the Ministry of Manpower (MOM).
Private Limited Companies
By registering under the Companies Act, one or more individuals (at least one director must be a Singaporean, Singapore Permanent Resident, or Entre Pass Holder) may incorporate a company. A corporation can be limited by shares, limited by guarantee, or unrestricted. Shareholders of companies limited by shares may be individuals or corporations and need not be local residents. Private Limited Company formation is as follows:
- Private Limited Companies: Companies limited by shares under the Singapore Companies Act and governed by its provisions. Shareholders can not be held personally liable for the debts of Limited Liability Companies; their liability is limited to the number of shares issued to them that may not have been fully paid. The number of shareholders cannot exceed fifty.
- Exempt/Deemed Exempt Private Limited Companies: A subtype of a private company, an exempt Private Limited Company has fewer than 20 non-corporate members. A statutory Audit is not required if the company's annual revenue is less than S$5 million.
- Gazetted Exempt Private Companies: Government-owned businesses that have been designated as Exempt Private Companies by the Minister's Gazette.
Public Limited Liability Company
- Public Limited Liability Company Includes Company Limited by Shares: There can be more than fifty shareholders, and the company can raise capital by selling shares and debentures to the general public. Prior to making any public offer of shares or debentures, a public company is required to file a prospectus with the ACRA and MAS. Typically, companies limited by guarantee are formed for non-profit purposes. Rather than commercial enterprises, this type of company is typically utilized by trade associations, charitable organizations, clubs, professional and learned societies, and some religious organizations.
Foreign Subsidiary Company
- A foreign company is permitted to incorporate a Singapore-based subsidiary with 100 per cent foreign ownership. This entity will behave identically to any other Singaporean corporation. This Subsidiary is subject to all local compliance laws. They must have an Authorized Representative residing in Singapore and retain the services of a Registered Filing Agent.
Foreign Firm Representative Office
- In Singapore, a foreign company may establish a branch office. A foreign business must retain the services of a Registered Filing Agent in order to submit an online application for establishing a branch office.
- For a Foreign Company to Register a Branch in Singapore, it must have at least one Authorized Representative who resides in Singapore. Being "ordinarily resident in Singapore" indicates that the authorized representative resides in Singapore on a regular basis. A Singapore Citizen, a Singapore Permanent Resident, or an EntrePass holder may qualify as a person ordinarily residing in Singapore.
Office of Foreign Company Representation
- A Representative Office is a temporary entity from which foreign firms interested in investigating the viability of conducting business in Singapore can test the market prior to committing to investment decisions. They are prohibited from engaging in any business transactions independently or on behalf of their parent organization.
Documents Required for Singapore Company Registration:
Why Business Setup in India?
Since our inception as an Official Company Registration Agent, we have maintained close ties with the Ministry of Corporate Affairs, Government of India. From day one, our intention has been to offer a streamlined incorporation procedure that is quick and easy to utilize. Today, our system for company registration is among the most efficient and effective in India. You can file an application for a new company name in slightly more than 5 minutes, and your firm will often be fully registered within 3-5 days. In addition to maintaining affordable pricing for company formation, we are constantly investigating new ways to bring value to our clients. We are proud to be one of the least expensive ways to establish a business in India.
We have the knowledge to advise clients on the appropriate company structure to implement. The majority of our clients want assistance registering a business limited by shares. The limited company structure is prevalent because it permits the distribution of profits to shareholders while safeguarding them through restricted liability. Our team has more than 2 decades of experience founding companies and providing corporate and secretarial services, which aids in the growth of tens of thousands of our clients’ enterprises each year.
We are tremendously passionate about the quality of our service, and we are incredibly proud of the reviews we get from our customers, as evidenced by our outstanding reviews and ratings. Continually, our team is chosen due to the value and skill for which it is renowned. We have helped form the industry by giving our customers innovative business services and packaged solutions that have grown alongside their demands.
Our clients have access to complimentary help from a team of experts. We are always prepared to assist. Throughout the registration of your Company, you will be enabled to contact us by phone or email if you require assistance.
No Hidden Charges
We believe in transparent and straightforward pricing. The price displayed is the price paid. There are no additional fees associated with business registration.
Rapid Service
You can file an application for a new company name in slightly more than 5 minutes, and your firm will often be fully registered within 3-5 days.
20 Years of Expertise
Our staff has over 2 decades of experience, making us specialists in our industry. Take the stress out of establishing your business, and rest easy knowing you have the assistance you need to thrive.
Reliable Service
Today, our customers expect exceptional service. Because of this, we are very pleased that 99 percent of our customers have rated us as "Great" or "Excellent" on Google.
Simplicity
The entire procedure, from ordering to utilizing your company registration license, is designed to be as simple and direct as possible to aid in the growth of your firm.
Privacy and Protection
ustomer confidentiality and safety come first. We safeguard your financial, business, and personal information to the utmost degree.
Let's Deal With Your Confusions
Yes. A Singapore company's shareholders may be a Singaporean individual, a foreign individual, a Singaporean corporate entity, or a foreign corporate entity.
Yes, a foreigner can own 100% of the equity.
Yes. A company can be owned and operated by a single individual, i.e. A single individual can be the sole shareholder and director of a company
S$1.
The organization is required to hire a qualified local company secretary.
The company's registered address must be a physical location within the state.
The organization is required to appoint a local resident director, and
The company's minimum share capital must be S$1.
No, the foreigner doesn't have to be present physically for the registration of the company.
Only 1 or 2 days approximately.
Each Singaporean company is required to hire a corporate secretary. A company secretary is an individual who resides in Singapore and has knowledge of Singapore's company law
If your annual revenue exceeds S$5 Million, compliance is required.
Absolutely not! If your turnover in the past 12 months (or in the next 12 months) exceeds S$1 million, you are required to register for GST. You may apply on your own accord if you so choose.
In the majority of industries in Singapore, a license is not required prior to beginning operations. However, certain industries do require licenses prior to activity commencement. Examples include employment agencies, financial services firms, travel agencies, restaurant businesses, etc.
For the first three years, there is a 100 per cent tax exemption on the first S$100,000 in profits and a 50 per cent tax exemption on the next S$200,000 in profits. Note that beginning with the Year of Assessment 2020, and this incentive will change to a 75% tax exemption on the first S$100,000 in profits and a 50% exemption on the next S$100,000 in profits for the first three years.
A tax credit of up to 100 per cent of the capital expenditures incurred during the first five years for qualifying projects (up to eight years in some cases).
Four hundred per cent tax deduction or allowance for investments in productivity or innovation.
Several grants are available for startups in specific industries.
At Business Setup in India, we simplify the process of starting and running a successful business. Our expert team offers comprehensive services, from legal support to accounting and business advisory, tailored to meet the needs of entrepreneurs and companies.
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