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Company Formation Services
Company Incorporation Services in Singapore
Starting a new business can be challenging, especially when it is in a new place. Singapore is one of the most exciting locations to set up a company and many people are jumping on the bandwagon. The only thing standing between you and owning a company in Singapore is company incorporation. For your company to exist and operate in Singapore, you will need to have a business registration. To register a company in Singapore, you will require the necessary information and documentation for the process. Alternatively, you can entrust your company registration and incorporation to a company incorporation service in Singapore.
What Is Company Incorporation?
Company incorporation refers to the process of legally registering a company as an individual entity. The company can stand on its own, and will be treated as separate from its founders. It is worth noting that company incorporation doesn’t refer to the company formation, but it’s used to describe the beginning of the company’s official status. After incorporation, the company’s funds and assets will stand apart from those owned by the board members and owners. Incorporating a company comes with several benefits, which make it appealing to set up companies all around the world, and Singapore is no exception.
Benefits Of Company Incorporation
Some of the benefits you get when your company is incorporated include:
1. Assets Protection
Company assets are solely owned by the company, meaning that it bears the losses and earns any profits. When there is a loss, the owner or shareholder’s assets are protected as they do not bear the loss. In case of a profit, the company earns it and pays out dividends to the shareholders. Therefore, incorporation helps to protect your assets from being listed against company losses.
2. Assets Transfer
Since the company is a separate entity with assets, its assets are easily transferable. While the company is an individual entity, it is still an asset. One can sell their assets and transfer them easily. You can either sell a small part of your assets or sell everything, transferring control to someone else entirely. Thus, it can serve as a way to raise funds either for the company or for an individual.
3. Lower Personal Income Tax
Without incorporating your company, you will be taxed on all profits from your income. This will often lead to a higher tax rate or a larger tax bill. With the company being treated and taxed as a separate entity, you will be taxed as an individual. Therefore, this will result in a lower tax bill.
Singapore Business Incorporation
To run a company in Singapore successfully, you will need to register the business. A Singapore business incorporation is not a difficult process but can be cumbersome, especially when you aren’t based in Singapore. At SJH Advisory, our company incorporation services in Singapore can handle everything from the incorporation documents preparation and proper keeping of statutory files, to the registration of the company through the local registrar in Singapore.
You don’t have to leave your home, or stress yourself out to incorporate your company. SJH advisory will handle the entire process on your behalf once you engage us. Not only are we in proximity to register a Singapore company, we are also knowledgeable in the process. We can provide advice and suggestions that can help to remove the hassles of opening a company.
Keynotes Of Singapore Company Incorporation
The incorporation of companies in Singapore is handled by the Accounting & Corporate Regulatory Authority (ACRA). They regulate the process throughout the entire country per the Companies Act, chapter 50.
The registration process is short, straightforward and can be wrapped up in under 72 hours. You may choose to handle the registration yourself, but you might require help with the whole process. To make the registration easier, you need someone who knows the process well. We offer consultancy services for those who wish to handle it themselves. Alternatively, you may choose to let us handle everything.
The requirements will be communicated to you, and all of the needed information will be obtained for the registration. You will simply be notified once the registration has been approved, and you will have a registered Singapore business.
Requirements for Company Incorporation in Singapore
As long as you are of legal age, owning a business in Singapore is not a problem. You can proceed to open a company and register it, provided you meet all the requirements. The major requirements for business registration in Singapore are:
- At least 1 dollar as capital
- Minimum number of shareholders is 1
- A local resident director
- A local company secretary
- A Singapore registered office address
For locals in Singapore, you can serve as the resident director, and getting a local office shouldn’t be a problem. On the other hand, foreigners may have to deal with a few added requirements during the business registration process, including:
A local director: This person can be an ordinary citizen who will serve as the company’s director and act in that capacity. For a new company formation, anyone who is already based in Singapore can serve in this capacity.
A filing agent: As stated earlier, someone will have to handle the registration process in Singapore in your absence. Our organization can serve in this capacity and help make the process easier for you.
Company Incorporation Process
The first thing you will need to do is register the name of your company with the appropriate body. You will get to choose the name personally, but there are a few things you need to consider. The name will have to be something that relates to your business, and cannot contain any obscenity. Copyright laws will also apply, so you should make the choice carefully. Once the name is successfully approved, it will be reserved for 60 days, during which you are expected to complete the registration. After 60 days, the name becomes available if the registration is incomplete, unless the filling agent applies for an extension.
The next thing you will need to do is to ensure you have the appropriate documents for the necessary body. You will require at least seven documents in this process, and they are:
- Approval from ACRA for the company name
- A document describing your business activities
- Local business address
- Credentials of members
- A passport and document proving your residence for foreigners
- For a foreign company, business documents, including Memorandum and Article of Association
- A valid ID card for locals
You aren’t necessarily required to submit the original copies of these documents, as you may provide the certified copies to prove that you have them.
Once all your documents are available, you can then proceed to submit them to ACRA. Despite it being an online process, your local agent will be best suited to handle it. This will ensure the agent is contacted for any further requirements, and can respond appropriately.
There are different types of companies that you can open and your documents may be dependent on the chosen type. Thus, documentation may vary, and the process of registration might be different from what you expect. Each company type will have its unique requirements which must be met before ACRA can approve your application.
You will also need to have a valid constitution for the formation of your company. If you don’t have one, you will be required to provide one during the process. For an established company, however, there will likely already be a constitution in use that governs the business operations.
Once the registration is completed successfully, there will be a confirmatory email with a business profile, in which the company structure and details will be shown.
Conclusion
A Singapore business incorporation is easy when the right firm is helping you, and SJH Advisory is dedicated to doing just that. We also offer business consulting and accounting services, even if you are based in Singapore and wish to handle the business registration yourself.
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Company Incorporation Services in Singapore
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Starting a new business can be challenging, especially when it is in a new place. Singapore is one of the most exciting locations to set up a company and many people are jumping on the bandwagon. The only thing standing between you and owning a company in Singapore is company incorporation. For your company to exist and operate in Singapore, you will need to have a business registration. To register a company in Singapore, you will require the necessary information and documentation for the process. Alternatively, you can entrust your company registration and incorporation to a company incorporation service in Singapore.
What Is Company Incorporation?
Company incorporation refers to the process of legally registering a company as an individual entity. The company can stand on its own, and will be treated as separate from its founders. It is worth noting that company incorporation doesn’t refer to the company formation, but it’s used to describe the beginning of the company’s official status. After incorporation, the company’s funds and assets will stand apart from those owned by the board members and owners. Incorporating a company comes with several benefits, which make it appealing to set up companies all around the world, and Singapore is no exception.
Benefits Of Company Incorporation
Some of the benefits you get when your company is incorporated include:
1. Assets Protection
Company assets are solely owned by the company, meaning that it bears the losses and earns any profits. When there is a loss, the owner or shareholder’s assets are protected as they do not bear the loss. In case of a profit, the company earns it and pays out dividends to the shareholders. Therefore, incorporation helps to protect your assets from being listed against company losses.
2. Assets Transfer
Since the company is a separate entity with assets, its assets are easily transferable. While the company is an individual entity, it is still an asset. One can sell their assets and transfer them easily. You can either sell a small part of your assets or sell everything, transferring control to someone else entirely. Thus, it can serve as a way to raise funds either for the company or for an individual.
3. Lower Personal Income Tax
Without incorporating your company, you will be taxed on all profits from your income. This will often lead to a higher tax rate or a larger tax bill. With the company being treated and taxed as a separate entity, you will be taxed as an individual. Therefore, this will result in a lower tax bill.
Singapore Business Incorporation
To run a company in Singapore successfully, you will need to register the business. A Singapore business incorporation is not a difficult process but can be cumbersome, especially when you aren’t based in Singapore. At SJH Advisory, our company incorporation services in Singapore can handle everything from the incorporation documents preparation and proper keeping of statutory files, to the registration of the company through the local registrar in Singapore.
You don’t have to leave your home, or stress yourself out to incorporate your company. SJH advisory will handle the entire process on your behalf once you engage us. Not only are we in proximity to register a Singapore company, we are also knowledgeable in the process. We can provide advice and suggestions that can help to remove the hassles of opening a company.
Keynotes Of Singapore Company Incorporation
To run a company in Singapore successfully, you will need to register the business. A Singapore business incorporation is not a difficult process but can be cumbersome, especially when you aren’t based in Singapore. At SJH Advisory, our company incorporation services in Singapore can handle everything from the incorporation documents preparation and proper keeping of statutory files, to the registration of the company through the local registrar in Singapore.
You don’t have to leave your home, or stress yourself out to incorporate your company. SJH advisory will handle the entire process on your behalf once you engage us. Not only are we in proximity to register a Singapore company, we are also knowledgeable in the process. We can provide advice and suggestions that can help to remove the hassles of opening a company.
Requirements for Company Incorporation in Singapore
As long as you are of legal age, owning a business in Singapore is not a problem. You can proceed to open a company and register it, provided you meet all the requirements. The major requirements for business registration in Singapore are:
- At least 1 dollar as capital
- Minimum number of shareholders is 1
- A local resident director
- A local company secretary
- A Singapore registered office address
For locals in Singapore, you can serve as the resident director, and getting a local office shouldn’t be a problem. On the other hand, foreigners may have to deal with a few added requirements during the business registration process, including:
A local director: This person can be an ordinary citizen who will serve as the company’s director and act in that capacity. For a new company formation, anyone who is already based in Singapore can serve in this capacity.
A filing agent: As stated earlier, someone will have to handle the registration process in Singapore in your absence. Our organization can serve in this capacity and help make the process easier for you.
Company Incorporation Process
The first thing you will need to do is register the name of your company with the appropriate body. You will get to choose the name personally, but there are a few things you need to consider. The name will have to be something that relates to your business, and cannot contain any obscenity. Copyright laws will also apply, so you should make the choice carefully. Once the name is successfully approved, it will be reserved for 60 days, during which you are expected to complete the registration. After 60 days, the name becomes available if the registration is incomplete, unless the filling agent applies for an extension.
The next thing you will need to do is to ensure you have the appropriate documents for the necessary body. You will require at least seven documents in this process, and they are:
- Approval from ACRA for the company name
- A document describing your business activities
- Local business address
- Credentials of members
- A passport and document proving your residence for foreigners
- For a foreign company, business documents, including Memorandum and Article of Association
- A valid ID card for locals
You aren’t necessarily required to submit the original copies of these documents, as you may provide the certified copies to prove that you have them.
Once all your documents are available, you can then proceed to submit them to ACRA. Despite it being an online process, your local agent will be best suited to handle it. This will ensure the agent is contacted for any further requirements, and can respond appropriately.
There are different types of companies that you can open and your documents may be dependent on the chosen type. Thus, documentation may vary, and the process of registration might be different from what you expect. Each company type will have its unique requirements which must be met before ACRA can approve your application.
You will also need to have a valid constitution for the formation of your company. If you don’t have one, you will be required to provide one during the process. For an established company, however, there will likely already be a constitution in use that governs the business operations.
Once the registration is completed successfully, there will be a confirmatory email with a business profile, in which the company structure and details will be shown.
Conclusion
A Singapore business incorporation is easy when the right firm is helping you, and SJH Advisory is dedicated to doing just that. We also offer business consulting and accounting services, even if you are based in Singapore and wish to handle the business registration yourself.
Frequently Ask Questions
It simply refers to registering the company or business with the right authorities. Without this registration, your business cannot stand on its own legally as an entity. Once your business is registered, however, it officially becomes an independent entity and it’s treated as such. At this point, the company is considered to have rights, as it’s seen as a different entity from its owners and board members. If there are any questions, please kindly contact us now to get a FREE Consultation.
No, your physical presence isn’t required to incorporate your company in Singapore, but you may need to have someone present to serve as a local director. You can simply select a filing agent like us and have them handle the registration on your behalf. As part of our service, we stand in for you if such a presence is ever required. If there are any questions, please kindly contact us now to get a FREE Consultation.
This will usually depend on you and what plans you have for your company. Each type of company comes with its benefits that you may find appealing. You may want to check what each type of company entails, its requirements, and its benefits before you select the best one for you. The most popular choice for both foreigners and Singapore natives is Private Limited Company. You can follow the trend if you find it to your liking. If there are any questions, please kindly contact us now to get a FREE Consultation.
The registration itself is fairly straightforward and won’t take more than three days. This only applies if you already have all the requirements and are ready to submit them. If you just started planning to set up the company, then the process will take significantly longer. There is no fixed timeline in this situation and the entire process will vary depending on each process. Once you acquire all the necessary documents and submit them, the three-day period can start to take effect. If there are any questions, please kindly contact us now to get a FREE Consultation.
Yes, Singapore is a great place for starting a business. The economy is favorable and the policies in place are all designed to help companies grow. If you have a startup company in Singapore, it isn’t too difficult to seek funding to help your business grow. There are also beneficial tax policies that include rebates and exemptions to businesses. All dividends paid to shareholders are also tax-free. If there are any questions, please kindly contact us now to get a FREE Consultation.
Yes, a foreigner can own a company in Singapore provided they are over the legal age limit. The age limit for owning a company in Singapore is 18. The law allows for foreigners to own up to 100% equity in the company. However, you may not be able to incorporate the company yourself without being in Singapore. You will likely need to have a company incorporation service handling the process. Our services cover incorporation for foreigners as well. If there are any questions, please kindly contact us now to get a FREE Consultation.
Apart from our affordable service fee, the only fees you will have to worry about are those required for registering the company name and the company. Both of these fees are required by ACRA and amount to a total of 315 Singapore dollars. That, and our fees are the only two fees you will be paying throughout the entire incorporation process. Our fees will depend on the plan you choose. If there are any questions, please kindly contact us now to get a FREE Consultation.
Yes, a foreigner can serve as the director of a Singapore company. While you may be required to have at least one Singapore-based director, you can also have more than one foreigner as a director. Luckily, there is no limit to the number of directors that a company in Singapore can have. However, the type of company you are opening may have some limitations, so you might want to check its requirements. You should also note that you cannot have a corporation as the directors in a Singapore company. If there are any questions, please kindly contact us now to get a FREE Consultation.
Our incorporation professionals can help you register your company in one day once you provide us with the required documents.
Yes, there are a few things you should consider after incorporating your company. They include:
- Acquire important licenses (if your business needs them).
- Open a corporate bank account for your company (if your business needs one).
- Contribute to the Central Provident Fund (CPF) if you are hiring local employees.
- Apply for work visas with the Controller of Work Passes if you are hiring foreigners.
Contact Us
If you have any enquiries, please feel free to contact us. We will answer your question as soon as possible, Thank You!
Contact Us
If you have any enquiries, please feel free to contact us. We will answer your question as soon as possible, Thank You!
