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Establishing a Singapore Company

John Marsh (2021-11-10)

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8 Things to Keep an Eye Out When establishing a Singapore Company

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Although Singapore might be the most convenient location in the world to establish a business, it does have numerous legal requirements that are best handled by a professional company that is experienced in incorporating businesses in Singapore.

Entrepreneurs looking to establish the creation of a Singapore business should look for these eight things in their list of things to do.

 

Singapore company incorporation

 


1. Verify that your company's name is in use

When you've decided on your brand's name, use any Singapore company name checker tool to confirm that the name you want to use isn't already taken. Otherwise, you'll be experiencing delays in the process of incorporating your Singapore business.


Names shouldn't be provocative or suggestive.


2. There must at least one director who is a resident.

The director should at least reside at least one director must be a resident of Singapore. Additionally, all directors must be 18 years of age and not be insolvent or guilty of any kind of misconduct within the last few years.


3. At least one shareholder

It is required to have at one shareholder in the company. Private companies can possess 50 shareholders. Shares can be issued, and existing shares may be sold to another individual at any time after the company has completed the incorporation process.


4. Secretary of the company

The company must choose a secretary during the very first 6 months after beginning to incorporate in Singapore. Anyone can be appointed the company secretary for as long as they is resident in Singapore.


While a Singapore private company isn't required to choose a certified individual to be a secretary of the company It is crucial that the secretary for the company is knowledgeable and has the expertise to perform the duties of their office.


5. Capital that is paid-up

There is a $1 minimum capital paid-up for Singapore regardless of currency. The amount is able to be increased anytime after the formation of a Singapore company incorporation.
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6. A Singapore address

One of the most important prerequisites for foreign companies looking to set up their operations in Singapore is having a local physical Singapore office address, which can be either commercial or residential. It is however not an address that is a PO Box.


7. Taxation obligations

Companies that are registered in Singapore have a wealth of tax benefits and other incentives. When you incorporate in Singapore your business can enjoy tax benefits that are attractive that allow you to enjoy significant savings. There is also no dividend or capital gains taxes for Singapore businesses.


This is just one of the reasons there are companies that are successful, like Shell as well as Wilmar within Singapore.


8. Filing conditions

If you're setting an affiliate business, branch office, or a limited liability partnership, or sole proprietorship There are requirements for filing that you have to be aware of, including annual declarations and returns.


If these demands consume more than you can handle it is possible to engage the help of professional firms to help you deal with the demands.



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