Setting Up a Company in Singapore


Setting Up a Company in Singapore

Setting Up a Company in Singapore

Local and foreign companies may open a business and set up a company in Singapore within a very short time. Foreign companies may use Singapore as their representative office when the company wishes to conduct market research or provide after sales service to the customers. For registering Representative office in Singapore the company should have a certification of incorporation in the English language. The processing fees for the registration process of RO is $200 and that is payable to IE.

The company Act of Singapore also allows companies to open a branch office in Singapore and head office is liable for the activities of the branch office. Any branch office must be registered with ACRA. During the registration process, the foreign companies have to provide the original copy of foreign company’s incorporation certificate, the latest audit report for the relevant year, a copy of company’s law and constitution guideline, identity documents of company’s passport holders and the details of the appointed authorized representative who generally resides in Singapore. The documents mentioned above need to be submitted in English and one-time registration fees of Singaporean $300 should be payable to ACRA.

The potential investors may be setting up a company in Singapore as Limited Liability Partnership (LLP) Company and this form of company is beneficial for tax purpose and also for the case when a partner is residing outside Singapore or the company engages in the foreign partnership. The time duration of an LLP company is unlimited and the company may change the partners and this does not make any effect on LLP Company. For registering LLP companies, one has to appoint at least one manager who is a neutral person and generally resides in Singapore and the obligation of the manager is to make sure that the company is running according to LLP guidelines. Any LLP company should be registered with ACRA and initially, a name check should be done by taking the intended names. LLO companies should have a registered office in Singapore and that should generally accessible to the public during normal office hours. The company has to provide the details of their directors and also pay Singaporean $150 to ACRA for the registration process.

For setting up a company in Singapore as the private limited company one should apply through ACRA as well. The potential company first go through the name check process for getting an intended name for the company and then the name should be reserved for the company till next sixty days from the date of application. The company has to provide all the documents that were required for the incorporation process. Additionally, a company has to provide the details of shareholders, directors, the company’s constitution, a company’s structure chart etc. All the documents must be in English language and if not then the documents should be translated. One can open the private limited company in Singapore with as small as one Singaporean dollar.

If the company is not titled as the dormant or small company then all PTE ltd companies should abide by the tax law. According to tax law in Singapore PTE Ltd companies should appoint an accredited auditor for conducting an annual audit of the company. The dormant type companies got no financial transaction in a relevant financial year and they are exempt from doing an audit. The same small applies for the small company and any company may be treated as a small company if they generate total annual revenue smaller than fifty million and their asset is less than fifty million and their number of employees is less than fifty personnel.

The regular tax rate for PTE Ltd Company is 17% of the net income generated by the company from the business activities inside Singapore. The country does not charge tax for the income that generates overseas. However, if the company generated revenue remitted into Singapore then tax implies on it. All companies that run the business in Singapore are exempted from 75% tax for their first 10,000 income and 50% tax for their next 290000 income.

For setting up a company in Singapore and to do work in Singapore foreign personnel requires the work permit and the required document for this purpose is known as employment pass. In order to receive employment pass one should make application to the authority by stating name, detail address and passport number, educational background of the applicant, intended job position in a company, salary etc. the time take to process the application is one to 2 weeks and if any cases the application gets rejected then the time for appealing is generally takes six to eight weeks. Application for employment pass only can be made when a representative office or Limited Liability partnership company or branch office or private limited company is created in Singapore. In general, the employment pass is issued only for one year and it has to renew yearly. If the employee got any spouse or dependants then they have to apply for dependent pass and holders of dependant pass may remain in Singapore.

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Businesses setup in Singapore as a Foreigner


Businesses setup in Singapore as a Foreigner

Businesses setup in Singapore as a Foreigner

Businesses setup in Singapore as a Foreigner.

If you’re a foreigner wanting to begin a business in Singapore, you’ll be happy to grasp that this task isn’t as discouraging as you’re thinking that it’s. This guide aims to assist you navigate the procedures needed to include a business in Singapore.

  1. Registering a Sole-Proprietorship

Foreigners can be apply for sole proprietorship in Singapore, however they need to appoint associate authorized representative WHO is unremarkably resident in Singapore while they reside outside of Singapore. Standard residents embody Singapore voters, Permanent Residents and EntrePass holders. Must you would like to reside in Singapore instead and run your business, you’ll got to apply for associate EntrePass on the mum web site to line up your sole-proprietorship.

Other steps within the registration method, like selecting an appropriate name and address, and eventually finishing the complete kind on Bazile exploitation Sing Pass, area unit constant for foreigners as they’re for locals. If you are doing not have a Sing Pass, you’ll got to have interaction the services of a registered filing agent like a firm to fill out the appliance for you.

You may would like to consult with our guide forming a sole-proprietorship for a lot of info.

  1. Registering a Partnership

Similar to sole-proprietorships, foreigners also are able to register partnerships in Singapore if one among the partners is unremarkably resident in Singapore. Ought to all of the partners be foreigners, you’ll got to appoint associate authorized representative WHO is unremarkably resident in Singapore. However, must you or your partners would like to reside in Singapore and run the partnership yourself, you’ll got to apply for associate Entre Pass on the mum web site as per putting in a sole-proprietorship.

Other steps within the registration method, like selecting an appropriate name and address for your business, and eventually finishing the complete kind on Bazile+ exploitation Sing Pass, area unit constant for foreigners as they’re for locals. If you or your partners don’t have a Sing Pass, you’ll got to have interaction the services of a registered filing agent like a firm to fill out the appliance for you.

You may would like to consult with our guide forming a partnership for a lot of info.

  1. Incorporating an organization

Setting up a neighborhood company:

Unlike sole proprietorships and partnerships, the putting in of foreign firms in Singapore could be a a lot of tedious and long method. There are a unit a pair of classes – foreign firms desire to line up in Singapore and foreigners desire to line up a n eighborhood company in Singapore.

If you’re a foreigner wanting to line up a neighborhood company in Singapore, you’ll got to appoint a minimum of one domestically resident director whereas you still reside outside of Singapore. The remainder of the incorporation method is that the same as that for a locally-incorporated company. However, must you would like to reside in Singapore to manage your company’s operations, you’ll got to apply for a whole Pass with mum so you’ll be able to proceed along with your company’s incorporation.

As per sole-proprietorships and partnerships, if you are doing not have a Sing Pass, you’ll got to have interaction the services of a registered filing agent like a firm to fill out the appliance for you.

You may would like to consult with our guide Singapore company registration for a lot of info.

Registering a far off company in Singapore:

If you own a far off company and need to line up in Singapore, there are a unit four entry choices out there to you – a branch workplace, a subsidiary, a representative workplace and re pad. Every entry choice has its execs and cons and varied points to think about like tax exemptions and extent of liability. Hence, foreign firms wanting to line up in Singapore can got to take these under consideration before deciding that the simplest entry choice to go together with is.

Please consult with our article on Company registration in Singapore for a lot of elaborated rationalization of the subject.

Setting Up your Business

In summary, foreigners also are able to open their business in Singapore – be it a sole-proprietorship, partnership or company. The steps for registration or incorporation area unit mostly similar, with further steps for foreigners like appointing a neighborhood authorized representative or director, or applying for associate EntrePass so they will be in Singapore to manage the business themselves.

Contact with us For company registration in Singapore and virtual office.

S & F CONSULTING FIRM LIMITED ____

Singapore Office :  531 A, Upper Cross Street, 4-95, Hong Lim Complex, Singapore(051531)
Customer Service Skype:  sfconsultingmalaysia_1
Phone:  +6591333515 (Viber/ WhatsApp)
Email:  singapore@sfconsultingbd.com