Registration Of A Singapore Company Discusses By Rikvin
Company incorporation procedure in Singapore has become more efficient and easy by the computerization of the registration system by the Singapore Registrar of Companies. Thus, the registration process may take only 1-2 days under normal circumstances.
But before proceeding with the registration process, there are minimum requirements that must first be complied. Below are some key facts you must remember before incorporating a Singapore company:
Company Name. Before you can proceed to incorporate your company in Singapore, you must first obtain approval from the ACRA of your company name. Be sure to comply with the regulations for company name approval in order to hasten the name approval process and thus shortening the entire company incorporation process.
Directors. It is required for every Singapore company to have a minimum of one resident director who must either be a Singapore Citizen, a Singaporean Permanent Resident, or a an Entrepass, Employment Pass, or Dependent Pass holder. A director must be at least 18 years old and must not be bankrupt or convicted for any malpractice in the past. Non-shareholders can be appointed directors.
Shareholders. A minimum of 1 shareholder and a maximum of 50 shareholders is required for a Singapore company. A shareholder can act as a director at the same time. The shareholder can be a natural person or another legal entity such as another company or trust. 100% local or foreign shareholding is allowed.
Company Secretary. Section 171 of the Singapore Companies Act mandates that every company must appoint a qualified company secretary within 6 months of its incorporation. A company secretary should not be a director or shareholder in cases of a sole director/shareholder. The company secretary must be a natural person who is ordinarily resident in Singapore.
Paid-up Capital. In order to register a Singapore company a minimum paid-up capital of S$1is required. The paid-up capital (also known as share capital) can be increased anytime after the incorporation of the company. Singapore companies do not recognize authorized capital.
Registered Address. A local Singapore address is required for every Singapore company as its registered address. The registered address must be a physical address and cannot be a PO Box. It can either be a residential or commercial address.
Taxation. Very attractive tax exemptions and incentives can be enjoyed by every registered Singapore company. For the first S$300,000 annual profits, your company pays less than 9% and thereafter a flat rate of 17%. There is no capital gains or dividend tax in Singapore.
Author Box:
Rikvin has successfully assisted local and foreign entrepreneurs incorporate a Singapore Company. Our success rate is phenomenal, most of our enterprise clients have entrusted us, with the routine management tasks such as Singapore shelf company, incorporation company registration, book keeping and secretarial services and we continue to impress them beyond our promise. For more information on registration of a Singapore company, please do not hesitate to ask for Rikvin’s assistance.
Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. If you are interested in learning more about Rikvin’s Services kindly email us at info@rikvin.com or give us a call at +65 64838887
Processing your request, Please wait....
