A Comprehensive Guide to Incorporating a Company in Singapore
Incorporating a company in Singapore is a straightforward process that involves several key steps. Here’s what you need to do:
Choose a Company Name
First, select a unique and meaningful name for your company. Additionally, ensure that it complies with Singapore’s regulations and is not already in use. Type in the “Preferred Name” in the “Search” section in the link below to check for availability:
Determine Company Structure
Next, decide on the type of company structure that best suits your business needs. Common options include private limited companies (Pte Ltd), sole proprietorships, and partnerships. However, we suggest that the client incorporate a Pte Ltd structure to enjoy the fixed rate of Corporate Income Tax at 17%.
Appoint Directors and Shareholders
After determining the structure, it’s time to choose individuals who will serve as directors and shareholders of the company. However, at least one director must be a resident of Singapore, while shareholders can be local or foreign entities. uSafe do provide Nominee Director (Local) services to our clients.
Appointment of Corporate Secretary and Prepare Company Documents
Once the directors and shareholders are appointed, prepare the necessary documents. Whereby, these include the Company Constitution, which outline its rules and regulations. uSafe do provide Secretarial services to our clients.
Register the Company
With the documents ready, submit them to the Accounting and Corporate Regulatory Authority (ACRA) for company registration. Whereby, this step can be done online through ACRA’s website. Besides, Background Check and Know-Your-Client (KYC) are require to be done before the application.
Pay Registration Fees
Upon submission, pay the applicable registration fees to complete the incorporation process. Besides, keep in mind that the fees vary depending on the type of company and services required.
Fees
Name Application: $15
Registration Fee: $300
For more details, please visit the link below:
Sources: https://www.acra.gov.sg/how-to-guides/company-related-fees
Obtain Necessary Licenses and Permits
Depending on your business activities, you may need to obtain specific licenses or permits from relevant government authorities before commencing operations. Therefore, ensure you fulfill all requirements. uSafe do provide licenses and permits application services to our clients.
Set Up Corporate Bank Account
Subsequently, open a corporate bank account in Singapore to facilitate business transactions. Indeed, choose a reputable bank that offers suitable banking services for your company’s needs. uSafe do provide corporate accounts opening services to our clients.
Comply with Tax Obligations
Familiarize yourself with Singapore’s tax regulations and ensure compliance with corporate tax filing requirements. Indeed, consider engaging a tax consultant to assist with tax planning and compliance. Moreover, this step is crucial for avoiding any tax-related issues in the future. Additionally, as a Singapore Chartered Tax Professional (SCTP), we ensure that all of our clients are in compliance with the corporate tax filing requirement. uSafe do provide professional tax services to our clients.
Maintain Compliance
Lastly, stay updated on regulatory changes and ensure ongoing compliance with Singapore’s laws and regulations. In addition, this includes filing annual returns, holding annual general meetings, and updating corporate records. By staying compliant, you can avoid penalties and legal complications.
By following these steps and incorporating transition words where appropriate, you can successfully incorporate your company in Singapore and lay the foundation for a thriving business venture.
Feeling Troublesome?? Looking for Hassle-Free??
USAFE’s is HERE to ASSIST!!
USAFE is dedicated to simplifying processes for our clients, allowing them to concentrate on their core operations. Our firm specializes in handling all aspects of corporate requirements, ensuring seamless compliance and accuracy in financial reporting. Besides, whether it’s conducting the audit, preparing relevant documentation, or liaising with regulatory authorities, we take care of it all. Moreover, we provide ongoing support and guidance to help clients navigate the regulatory landscape and optimize their financial reporting practices. Therefore, with our commitment to excellence, clients can trust in USAFE to deliver reliable services and support their long-term success.
Disclaimer: This article is for informational purposes only and does not constitute any professional advice. Feel free to contact us to consult with our professional advisors team for personalized advice and guidance.
Sources: https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company
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