Doing Business in Singapore – Quick Guide on Company Registration and Tax Compliances

ebook

1. Why should you choose Singapore as the country to set up your business in?

Singapore has been consistently ranked among the top best countries to set up a business in for a number of reasons. It has one of the highest percentages of expats in the world. Singapore is also considered as one of the world’s most prosperous and advanced economies, a major financial hub in the Asia Pacific region with strong international trading links and with a per capita gross domestic product (GDP) comparable to or exceeding that of many nations in Western Europe. Various entities have their holding company in Singapore.

Major Reasons for starting up in Singapore:

  • Ease of starting a business 
  • Business Friendly Ecosystem
  • Strong IP Protection Regime
  • Ease of global funding
  • Foreign income exemption
  • Attractive Corporate Tax Rate
  • Network of Trade Agreements
  • Capital Gain taxation exemption
  1. Incorporation & registration requirements & Secretarial Compliances

(A) Incorporation:

  • A person who is carrying on business in Singapore will have to register its business with the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
  • A private limited company is the most common vehicle used by foreign corporations for setting up business in Singapore. A company is a separate legal entity with limited liability and has its own identity for tax and legal requirements purposes.
  • There are other forms of vehicles for setting up business in Singapore such as Sole-Proprietorship, Partnership, Limited Partnership, Limited Liability Partnership, Branch but are not often used by the foreign corporation due to taxation challenges or regulatory issues in Singapore & country of investment.
  • Any person including foreigners can register a company with the help of registered filing agents in Singapore without being physically present in Singapore.
  • The filing agents carry due diligence on their clients before acting on behalf of them for various filings to the Singapore Authorities as per the anti-money laundering/ counter financing of terrorism guidelines for registered filing agents.

This due diligence consists of verification of identification proofs such as passport, address proof documents say any utility bill or bank statement and checking the professional background.

The registration process is quite efficient and less time-consuming. The application is made online with the following important steps:

  • Name approval with ACRA
  • Documentation for Company Incorporation
  • Filing for Company registration with ACRA

A private limited company can be incorporated within one to two days provided all corporate information with respect to directors and shareholders are furnished.

 

Download our Ebook – Doing Business in Singapore – Quick Guide on Company Registration and Tax Compliances for a detailed summary of the registration, secretarial along with corporate taxation and GST laws.

 

 

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