Choose a Business Structure-
Selecting the correct business structure is crucial. Singapore offers several options, including a Private Limited Company, Sole Proprietorship and limited liability partnership. Most entrepreneurs opt for a Private Limited Company due to its distinct legal identity and limited liability.
Register Your Business Name-
Select a unique name for your company. Make sure it meets Singapore’s naming guidelines. Verify the obtainability of your selected name on the Accounting and Corporate Regulatory Authority (ACRA) website.
Appoint Directors and Shareholders-
You can appoint local or foreign directors. Additionally, you need at least one shareholder and a company secretary.
Prepare the Necessary Documents-
Gather the required documents, including:
Company Constitution: Draft the company’s constitution
Registered Address: Provide a local Singapore address as your registered office.
Share Capital: Decide on the amount of share capital and the number of shares to issue.
Register Your Company-
Submit your incorporation documents to ACRA. Pay the necessary fees and your company should be registered within a few hours.
Obtain Necessary Licenses and Permits-
As per your business activities, you may need specific licenses or permits. Research your industry requirements and apply for the necessary approvals.
Open a Corporate Bank Account-
Open a corporate bank account in Singapore. This is vital for conducting business transactions.
Meet Taxation Requirements-
Familiarize yourself with Singapore’s tax laws and obligations.
17% above SGD 300,000, 8.5% below – No taxation on the profits earned abroad or from financial securities however a company is liable to pay tax in Singapore on income that is:
- accrued in or derived from Singapore; or
- received in Singapore from outside of Singapore.
Income Received from Abroad – Under Section 10(25) of the Income Tax Act, income from outside Singapore is considered received in Singapore when it is:
- remitted to, transmitted or brought into Singapore;
- used to pay off any debt incurred in respect of a trade or business carried on in Singapore; or
- used to purchase any moveable property brought into Singapore (e.g. equipment or raw materials connected to your business).
Seek Professional Guidance-
Consider engaging a professional firm to assist with the incorporation services in Singapore.They can help you throughout the process.
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