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Registering a company in Singapore in 2020

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In this review, we will describe the procedure of registering a company in Singapore. Singapore’s law has a number of features, that must be considered, when establishing a Singapore company.

One of the most popular legal forms is PLLC. A liability of all founders is limited to the amount of a capital, invested in the company. A debt of the enterprise will not affect a property of founders, as in a case with other forms. PLLC also provides for a profitable tax system. According to the Singapore Companies Act, anyone over the age of 18 can register a company in Singapore.

Main features of registering a company in Singapore:
  • A unique name. Before starting the registration process, you must obtain a permission from the competent authority to use the desired company name.
  • A director of the enterprise. At least one director is required to be a resident. To do this, a citizenship, a residence permit or a permanent residence permit in Singapore is suitable.
  • Founders. Their number for PLLC is from 1 to 50.
  • Founders can be both local and foreign individual/legal entities;
  • 100% foreign ownership is allowed.
  • A corporate secretary. According to the Singapore Companies Act, a corporate secretary must be appointed within six months from the date of registration. He/she can only be an individual, who lives in Singapore. It is not acceptable to appoint the director or a founder of this company as a corporate secretary.
  • A paid capital. A minimum value is 1 SGD (0,72 USD; 0,67 Euro). There is a possibility of increasing a capital at any time after the incorporation of the company in Singapore. A capital may be in the form of various types of shares.
  • Singapore company registration address. It is necessary to have a permanent company registration place. As a rule, it should be a commercial address, but in some cases a registration at the place of residence of the sole owner is possible.
  • A taxation. Singapore has a number of corporate tax incentives for startups. No tax on dividends and a capital. A Singapore company is exempted from a corporate tax, if it conducts business outside this jurisdiction. Otherwise, a corporate tax is 17%.
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Foreign investors cannot register a company in Singapore on their own. Non-residents can use services of registration agents, or a registration procedure can be initiated by one of the directors with a Singapore citizenship. IQ Decision specialists are familiar with all intricacies of this issue, and will help you to set up a company in Singapore with/without nominee services. A registration takes from 2 weeks, and includes the following steps:

  • A reservation of a company name. An application for reserving a corporate name is filed with the registration authority. A name must differ from names of registered companies. It should also not infringe on trademark rights, or be obscene or offensive. A name is reserved as a general rule for a period of 60 days.
  • Filing an application for registration. The applicant draws up the corporation form, signs all necessary documents and submits them to a registration agent for submitting an application to the competent authority.
  • A review by the competent authority of the application for registration.
  • Obtaining a certificate of incorporation. The applicant receives a certificate, confirming the incorporation, and containing the company registration number. A certificate is issued in the electronic form.
  • Opening a bank account in Singapore. Numerous banks, providing services for opening a corporate account, are located in Singapore. Among them there are banks, that do not require a physical presence. IQ Decision lawyers assist clients in opening a corporate account with banks of Singapore. It should be noted, that it is possible to connect VisaNet to an account with a bank in Singapore.
  • Obtaining licenses in Singapore. Some business activities are licensed in this jurisdiction. For example, a license is required for a business in the field of financial services, travel agencies, import/export of goods.
  • Registering a Singapore company with a tax authority. In the event, that the annual turnover of your business reaches 1 million SGD, you must register as a VAT payer. A VAT in Singapore is 7%.

If you want to open a commercial enterprise in Singapore, or decide to buy an existing company in Singapore, IQ Decision lawyers will provide you with comprehensive advice.

  • The information outlined in the article is actual at the time of its publication.

  • Please refer to our specialists for checking possible solutions for your business.

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