Most Singapore companies are filed as limited liability companies which means more than likely your business will be filed under the same registry.Private limited companies are considered to be separate entities and shareholders aren’t considered liable for debts beyond the shared capital that was invested in the beginning.
The Singapore company ACT allows anyone over the age of 18 to register a company in Singapore. But like with anything else, there is a procedure and certain requirements that must be met to efficiently register your business in Singapore.
To setup a Singapore company takes ongoing regulatory compliance requirements that must be well understood and obeyed.
Things to know about company formation and company registration
1.Your company name must be approved before company incorporation can occur.
2. There has to be a minimum of one nominee director who is a resident of Singapore.
3. A limited liability company in Singapore can have no more than 50 shareholders and a minimum of 1.
4. Every Company registered within Singapore must hire a professional secretary in within 6 months of incorporation.
5. Paid-Up capital must exist and can be increased after the incorporation of the company.
6. You must be able to provide a Singapore address.It can not be a P.O Box and it must be the physical address of the business.
7. Tax incentives are the reasons why entrepreneurs choose to register a business in Singapore. Paying 9% on the first 300,000 and a 17% flat rate there after. Read on further on this foreign business taxation topic: Exceptional Tax Exemptions for Business Registrations in Singapore
To Form a Singapore company means to prepare to register a professional firm . There is no room for self registry when it comes to registering a business in Singapore.You aren’t required to obtain a visa if you have no plans of moving to Singapore. You can do offshore company formation giving you the ability to run your company overseas. Under these circumstances, you will still be expected to have a director who lives in Singapore.
Creating a BVI company means less compliance requirements. You won’t need a local director, no audit is required and you don’t have to worry about tax returns.You also won’t have to handle annual returns, which takes away some of the work required to maintain a Singapore company. When creating a BVI company, your director information and shareholders are kept private. The only thing that is public is the certificate of incorporation as well as the Memorandum articles of association.
There are many benefits to setting up a company in Singapore and if you are willing to go through the registration process and abide by the timeline given, you can easily form yourself a Singapore corporation in no time.
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