Manager – Corporate Services
Singapore has been ranked as the world’s easiest place to do business in the survey of 2016. With the availability of world class infrastructure and easy business policies, starting a business in Singapore has never been more hassle free. We at IMC cater to all needs and statutory requirements needed in setting up a company in Singapore. With its transparent policies, registering a company in Singapore is an easy process.
There are very few procedures involved in Singapore business registration. Singapore incorporation can be done very quickly. There are different classes of Singapore company formation available in accordance with the client’s needs. The procedures in Singapore business registration are fairly simple and transparent.
At IMC, we provide expert assistance in setting up a company in Singapore. We have expert technical and legal advisors who assist in registering a company in Singapore. Compliant with the Singapore company law, we ensure that your business is up and running in the shortest span possible. We are proud to say that we provide experts of the highest caliber to assist you in starting a business in Singapore.
The Singapore company law has provided a scope for different types of business formations like:
Foreign individuals – They are eligible to incorporate a company regardless of the relocation clause. They can be given an employee, entrepreneur pass or the position of a Resident director.
Overseas companies- These companies are eligible to register their branch offices, subsidiary office or representative office according to Singapore incorporation law.
Singapore residents – They are eligible to register a Limited Liability partnership, a sole proprietorship or as a private limited company. But most of them opt for LLP as there are benefits of corporate tax, limited liability protection, and scalability.
These are some of the services offered by the IMC under the head of corporate secretarial services in Singapore. We ensure that all your compliances are duly filed within the due date. Keeping your company up to date with statutory regulations is our responsibility. We guarantee professional and timely corporate secretarial services in Singapore.
Singapore occupies a unique position in the world economy. It provides the best of both Asian and the world market in a single place. There are numerous advantages in availing Singapore incorporation.
About Incorporating a Singapore Company
According to the World Bank’s survey of 2016, Singapore is time after time ranked as the best place to incorporate a company. Singapore business registration process can be completed within 2 – 4 working days given all the documents along with the application are submitted duly.
Singapore is known for its stable political climate and holds the distinction for the lowest crime rate in the world. The stable political climate leads to better governance, and superior economic policies make a conducive situation makes foreign companies lean towards Singapore company formation.
Singapore has been consistently ranked internationally for it business friendly atmosphere. World Bank’s Doing Business Report, the World Economic Forum’s Global Competitiveness Report, and Global Information Technology Report have featured Singapore as the business friendly atmosphere in their rankings. These rankings have boosted Singapore’s image in the global market. Singapore is now home to an array of multinational companies having their headquarters in Singapore.
Well planned Air and sea transport connect Singapore globally. It houses an excellent and well-planned logistics and infrastructure requirements for demand and supply chain management. It is also home to many international cargo carriers.
Singapore facilitates foreign companies in expanding their business towards the other Asian countries. At the same time, there is also a continuous exposure to the international market. Setting up a business in Singapore would guarantee the best of both worlds. Singapore holds 21 bilateral and regional free trade agreements and 41 investment guarantee agreements. There are ongoing negotiations for forging new agreements. These agreements ensure less cost to your international business expansion.
Singapore is home to many international banks and financial agencies. The Singapore exchange holds the fourth place in the global forex market. The island houses excellent infrastructure and environment needed for starting a business in Singapore.
There are attractive tax benefits and incentives involved in Singapore incrporation.There are exemptions available in case of foreign income. If you are planning to set a subsidiary company, you can avail all the benefits and exemptions that are available for a Singapore based company.
Singapore is regarded as the 4th largest financial centre across the globe. This is one of the major reasons why many foreigners favour Singapore to start their business. In addition, Singapore is known to be a highly urbanised and corruption-free country in Asia coupled with other benefits such as diverse cultures, strategic location, business-friendly government and favourable tax laws which makes it a convenient destination for local as well as international entrepreneurs.
Starting a business in Singapore for foreigners is quite easy and straightforward. Foreigners can use either of the three options to register a company in Singapore.
In the first option, the foreigner can incorporate a company that is limited by shares and post registration, an Employment Pass from the Ministry of Manpower should be applied to stay and work in Singapore. It is a work visa that allows you to live and work in Singapore.
In the second option, the foreigner can incorporate a company that is limited by shares by applying for an EntrePass. In order to apply for EntrePass, some basic conditions need to be fulfilled which are:
– The business must not be illegal
– The business must be registered within 6 months as a private limited company
– The minimum paid-up capital should be S$ 50,000
– Foreign applicants must hold a minimum of 30% shares in the company
In the third option, if the foreigner does not wish to relocate to Singapore instead run his business from an overseas location, he can appoint a nominee resident director to satisfy the statutory requirements.
The Bottom Line
If you are a foreigner and wish to start a business in Singapore, it is advisable that you engage a reputed professional firm like IMC Group to assist you in company incorporation in Singapore and ensure all legal compliances are met.
Before you register a company in Singapore, you will have to comply with the following requirements:
The company name must be approved before the incorporation of the Singapore company.
At least one resident director must be appointed. The director can be a citizen, permanent resident or someone with a valid SS or Employment Pass. The director must be at least 18 years of age and have a clean criminal record and must not suffer from bankruptcy.
A minimum of one and shareholder can be an individual or a legal entity, local or foreigner. Post incorporation, you can issue or transfer shares to another shareholder.
A company secretary must be appointed within 6 months of company incorporation. The company secretary must be an individual ordinarily resident in Singapore. If a company has a sole director or shareholder, he cannot act as a company secretary.
The minimum paid-up capital should be S$1. However, it can be increased any time after incorporation.
A local registered address for the company office in Singapore is a must. It can be a commercial or residential address but not post office box. If you fall under the Home Office Scheme, you may use your residential address as your business address.
The above-mentioned are the basic requirements that you need to follow before incorporating a company in Singapore. If you need help with incorporating your company in Singapore in a smooth and hassle-free manner, you may get in touch with IMC Group.