A Systematic Approach to Company Incorporation Singapore

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Presentation Description

A comprehensive guide of company incorporation Singapore and post-incorporation obligations for both local foreign entrepreneurs.

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Presentation Transcript

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Singapore’s efforts to become the entrepreneur hub of Southeast Asia have paid off. Still not an entrepreneurial hub in the true sense Singapore has already started global entrepreneurs and multinational companies singing to its tunes. In a few decades this island nation has started catalyzing economic and industrial growth in a definitive manner. The strategic location and The favorable economic environment have attracted many local and international entrepreneurs to set up a company in Singapore. A Systematic Approach to A Systematic Approach to Company Incorporation Company Incorporation Singapore Singapore website : www.sbsgroup.com.sg

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Although Singapore has introduced different types of business entities the most common business entity preferred by many entrepreneurs is Private Limited Company. In a Private Limited company the numbers of shareholders are restricted to fifty or less. They have no restrictions when it comes to transferring the shares. The locals or foreign individuals and local or foreign business entities are eligible to incorporate a private limited company in Singapore. The Singaporean corporate environment is flexible enough to allow nonresident Singaporeans to incorporate a company in Singapore. In a private limited company the shareholders are not liable for any losses or debts incurred by the company during the course of business. One can establish a business in Singapore with a minimum paid-up capital of S1. Normally the incorporation of a company takes only 1 - 3 days. However it may also require as long as 2 months if the application needs to be reviewed by the higher authorities. General Characteristic of Singapore Company Incorporation

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A foreigner interested in Singapore company formation and being the director of his own company will have to acquire an EntrePass or Employment Pass as per the norms of Ministry of Manpower MOM. Only after approval of a pass the foreign individual can go ahead and work in Singapore. A foreign entrepreneur owning a Singapore registered company for not more than six months is also eligible to apply for the EntrePass. The first step of incorporating a company in Singapore is to get approval for the proposed name of the business. At the time of registering a company name it is mandatory to follow and comply with certain guidelines prescribed in the Companies Act. Once the proposed business name is approved documents necessary for company incorporation need to be prepared like A document setting out the purpose and bylaws of the incorporated company which is called as the Memorandum Articles of Association MAA. Form 6 for Statutory Declaration of Compliance Form 7 for the Certificate of Identity Form 44 for the Notice of Situation of Registered Office and Office Hours Form 45 for the Consent to Act as Director and Statement establishing the Non-Disqualification of appointed individual to act as Director of proposed company The Systematic Process of Singapore Company Registration

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Few Important Points Related To Singapore Company Incorporation Companies incorporated by a single person or a single business are permissible and must have at least one local resident Director who happens to be above 18 years of age with a clean record. More often the firm offering Singapore incorporation services will make an arrangement of the registered Singapore address for a nominal fee until the company manages to get its own registered address. Apart from that an entrepreneur taking advantage of the Home Office Scheme can utilize a residential property or flat as the registered address in Singapore.

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Applications for Licenses and Permits: There are few businesses regulated by elite governing authorities in Singapore. Therefore it is mandatory to ensure whether your business requires any type of licenses or permits to initiate business operations. If required the it is necessary to acquire the licenses from appropriate governing authorities. Opening a Bank Account: Singapore considers a private limited company as a separate legal entity hence will require a corporate bank account against its registered business name. You will need a resolution from the company’s board of directors stating the requirement to open a bank account a copy of ‘Certificate of Incorporation’ business profile a copy of companies MAA details of passports or Singapore national identities of the designators and residential address proofs of directors and beneficial owners. Company Stamp and Seal: Preparing a company seal constitutes one of the major post- incorporation compliances. If mentioned in the constitution of the company it is mandatory to prepare the company seal. Along with the seal preparing a company stamp is also important as it affirms the legitimacy of the company. Thus apart from having Unique Entity Number having an official seal and a rubber stamp are two major obligations for each company registered in Singapore. Post-Incorporation Obligations

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Appoint a Company Secretary CS: According to the Singapore Companies Act it is mandatory for each company registered in Singapore to employ a company secretary within six months from the date of its incorporation. Ensure that the appointed company secretary is a natural person who has Singapore as the principle place of residence. In addition to that make sure that the appointed CS is as per the qualification experience and eligibility criteria prescribed by the ACRA. Appoint an Auditor: Unless the incorporated company is exempt from audit requirements every newly incorporated company in Singapore has to appoint an auditor within three months from its date of incorporation. An exempt company is one having less than 20 shareholders out of which not even a single shareholder is a corporate entity. Goods and Service Tax Registration: Consumption tax in Singapore is called as Goods and Service Tax GST and the current rate of GST is 7. Companies expecting to exceed annual revenue generation above S 1 Million or companies already involved in taxable supplies expecting to cross the S 1 Million mark are required to voluntarily register for GST . As per the Companies Act a business must register for GST within thirty days after it is deemed liable. Post-Incorporation Obligations

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It is mandatory by law for foreign business entities or foreign individuals to hire local firms offering Singapore Incorporation Services.The process needs SingPass ID which the foreigners do not have. Foreign companies registering their business in Singapore must appoint at least two agents to act on their behalf. Ensure that the appointed agents are permanent Singapore residents Singapore citizens or the persons holding Singapore Employment Pass. Post-Incorporation Obligations

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SBSGroup.com.sg is an online portal of SBS Consulting one of the leading corporate services providers in Singapore. The site contains all the information related to the corporate environment in Singapore offering a great assistance to companies and individuals opting to open company in Singapore. Although company incorporation remains as one of the prime service areas for SBS taxation company secretarial services XBRL GST filing HR Payroll etc. are its specialties. The versatile range of services offered by SBS Consulting is helping worldwide clients in incorporating their companies and in staying compliant and. For More Information Please Visit www.sbsgroup.com.sg SBS Consulting Pte Ltd

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SBS Consulting Pte Ltd 35-B Hongkong Street Singapore 059674 – Singapore Phone : +65 6536 0036 Email : infosbsgroup.com.sg Contact Us

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