Guide for Foreigners to incorporate a company in Singapore

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You will find a number of jurisdictions all over the world where registering a company is a challenge even for the locals. However, Singapore is not one of those places. Here is a guide for foreigners to incorporate a company in Singapore.

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Presentation Transcript

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Guide for Foreigners to Incorporate a Company in Singapore

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Straightforward Free of Red-Tape Free of Corruption Foreign Company Registration Options in Singapore The types of businesses a foreign company can incorporate in Singapore .

The foreign entrepreneurs & corporates want answers to,:

How to start a business in Singapore for a foreigner? Is it easy to register a company in Singapore for a foreigner? The foreign entrepreneurs & corporates want answers to,

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Straightforward Free of red-tape Free of corruption The process for starting a business in Singapore for foreigners is,

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You can get professional corporate services to set up business in Singapore. When a foreigner incorporates a private limited company , it is considered to be a tax resident of Singapore and is eligible for the tax benefits. Singaporean Taxation Effective Corporate Tax rate is between 8.5% – 17% Personal Income Tax rate is between 0%-22% No Inheritance or Wealth Tax No Capital Gains Tax Dividends are Tax-Free Yes, Foreigners Can Register a Company in Singapore

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A foreigner needs work visa such as Employment Pass (EP) or EntrePass. The EP or EntrePass holder can act as a local director of a Singapore company Any person above age 18 years can register a company in Singapore. Foreigners need to appoint a Singapore company incorporation service to apply on their behalf. They have the experienced incorporation agent Key Points to Consider for Singapore Company Incorporation

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If the foreigners intend to remotely operate their businesses, they need to appoint a local nominee director You can consult with the agencies such as Standards, Productivity, and Innovation Board (SPRING) and International Enterprise Singapore (IE Singapore) Singapore ranks second in the Ease of Doing Business (EDBI) index – a 2017 report prepared by the World Bank Cont..

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Foreign company registration in Singapore offers a great opportunity for the corporates. Depending on their business goals, they can form a Subsidiary Company Branch Office Representative Office SBS Consulting Pte Ltd has made the Singapore company registration process fuss-free. At $699, it is highly affordable for you. Check out our 3-in-1 promo incorporation package Company Registration Singapore for Foreign Companies

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Foreign Company Registration Options in Singapore The types of businesses a foreign company can incorporate in Singapore . Subsidiary Company Singapore Branch Office Representative Office

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Subsidiary company is the most viable type of business structure for foreign corporates. It can have the foreign parent company as its 100% shareholder. Even a local company can become the shareholder of a subsidiary company. It is a separate entity from its parent company. The parent company’s liability is limited to the share capital invested. The foreign parent company needs to relocate one of its employees, having Employment Pass, to Singapore to take charge of the new company’s affairs. Subsidiary Company Registration

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Some foreign corporates especially the SMEs choose to register a branch office in Singapore . It is considered an extension of its parent company. The parent company is responsible for all the debts and liabilities incurred by the branch office in Singapore. The name of the branch office must correspond to the name of its parent company. A branch office is considered as a non-resident company for tax purposes. Singapore Branch Office

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A foreign company can set up a representative office in Singapore for testing the business potential of the marketplace. This entity is set up only to conduct market research and feasibility studies. It cannot initiate any profit-making activities. A representative office does not have a legal identity separate from its foreign parent company. A three-year-old, foreign company having an annual turnover of more than S$250,000 can set up a representative office in Singapore. Representative Office

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Comparison of Subsidiary Company, Branch Office, & Representative Office Comparison Factors Subsidiary Company Branch Office Representative Office Company Name Similar or different from the parent company Same as that of the parent company Same as that of the parent company Valid Up to Last forever until closed Last forever until closed Maximum of 3 years, must be renewed every year Legal Status Separate legal entity An extension of the parent company A temporary setup. An extension of the parent company Liability Not liable to the parent company It is liable to the parent company It is liable to the parent company Registration Timeline 1 to 2 days 1 to 2 days 3-5 days

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Cont... Officers’ Appointment Need at least 1 local director Need to appoint at least one local agents Need to appoint a chief representative of the parent company Staff Employment Can hire any number of local or foreign staff Can hire any number of local or foreign staff Apart from the chief representative, a maximum of 5 employees can be hired Activities Permitted Can be similar or different from the activities of the parent company Same as that of the activities of the parent company Can conduct administrative tasks, market research and feasibility studies only Opening of Bank Account Corporate bank account in Singapore Corporate bank account in Singapore Can open a bank account in Singapore funded by the parent company

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Cont... Taxed Under Singapore tax resident Taxed as a non-resident in Singapore Not applicable. Not allowed to conduct business activities Annual Tax Filing Need to file its own accounts Need to file the accounts of Singapore branch office & parent company Not applicable Audited Accounts Must submit the audited accounts to ACRA and IRAS Must submit the audited accounts to ACRA and IRAS Not applicable

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We, at SBS Consulting Pte Ltd , advise our clients on registering the most suitable type of company for their purposes. It is an important step, as it can affect the taxation of the new business entity.

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Contact us: SBS Consulting Pte Ltd Visit: https://www.sbsgroup.com.sg High Street Center, #17-02, 1 North Bridge Road, 179094 - Singapore Phone: +65-6536 0036 Email: info@sbsgroup.com.sg

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