Registering a company to kick start your operations is not an easy task. However, with the right partners, you can register and incorporate your business and work in a foreign land with no hassle at all. Singapore is one of the growing business economies globally that welcomes businesses from its citizens and foreigners.
But if you are to start your operations, how do you join the company register in Singapore?
Below is a guide on how to include your company with the Singapore government company register.
How to register your company in Singapore
Unlike partnerships and sole proprietors, company owners in Singapore have limited liability, which means the directors and founders are not held personally responsible for company debt or legal actions.
To register your business, you need to have:
Directors, with at least one of them residing in Singapore
A minimum of one and a maximum of 50 shareholders, local or foreign, for private limited companies
A company secretary not later than six months after incorporation
A minimum of S$1 paid-up capital for company registration
A local physical address, which could be in commercial or residential districts
To get into the company register in Singapore, you must have certain documents to complete your registration process.
To select a unique, non-trademarked name for your company
Prepare your company’s constitution for submission
Complete your online registration through BizFile+ after paying S$315 for registration fees
Draft your shareholder’s agreement, where you specify rules and regulations to help in company management
Upon completing the online registration process, you have to wait about 15 minutes before your business is set up in Singapore’s company registry. However, if you intend to start a school or learning institution, you will have to wait for approval for about 14 days to two months.
Once the waiting period lapses, you will receive:
A certificate of incorporation, in the form of an email via the official email address submitted. This document includes your company’s registration number and serves as your business ID in Singapore. If you need a hard copy, you can always apply for one from ACRA for S$50.
A business profile for your company- you can also request a PDF file by paying S%16.50 to ACRA for your business profile.
Business Taxation in Singapore
One way to remain in the company register in Singapore is to ensure that you are always up to date with your taxes.
For any income earned in or derived from Singapore, you have to pay a 17% tax to the government. However, businesses in Singapore enjoy some of the most luxurious tax exemptions in the world, making it an even more attractive hub to register your company.
You can always file for your return with the Inland Revenue Authority of Singapore.
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