Starting a new business in Singapore? Let Accorp help you
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The corporate service provider can help with the process of reserving a company name with ACRA.
The provider can assist with the registration of the company with ACRA and obtaining a unique entity number (UEN).
The provider can provide a registered office address for the company.
The provider can assist with the appointment of directors and shareholders, and ensure compliance with relevant regulations.
The provider can assist with the appointment of a corporate secretary, who is responsible for ensuring compliance with regulatory requirements.
The provider can provide virtual office and other business support services such as mail handling, call forwarding, and meeting room rental.
Attractive tax system: Singapore offers a competitive tax system with low corporate tax rates and numerous tax incentives and exemptions for businesses. The country also has a network of more than 80 double-taxation treaties, making it easier for companies to do business internationally.
Skilled workforce: Singapore has a highly skilled and educated workforce, with a strong emphasis on education and training. The country also has a large pool of foreign talent, making it easier for businesses to recruit skilled workers from around the world.
Access to financing: Singapore has a well-developed financial system, with a range of financing options available for businesses, including venture capital, private equity, and traditional bank loans.
Excellent infrastructure: Singapore has world-class infrastructure, including a modern transportation system, an advanced telecommunications network, and state-of-the-art ports and airports.
The process for incorporating a company in Singapore typically involves the following steps:
Company Name Reservation: The first step is to reserve a company name with the Accounting and Corporate Regulatory Authority (ACRA). The name must not be identical or similar to any existing companies or trademarks, and must also not be offensive or prohibited.
Appointment of Directors and Shareholders: A Singapore company must have at least one director who is a Singapore resident and at least one shareholder. The shareholder can be an individual or a corporate entity.
Registered Address: A Singapore company must have a registered address in Singapore. This can be a commercial or residential address, but cannot be a P.O. Box.
Company Constitution:The company's constitution outlines the rules and regulations for the operation of the company. This document is usually prepared by a lawyer and must comply with Singapore's Companies Act.
Company Registration: Once the above steps have been completed, the company can be registered with ACRA. The registration process can be done online and typically takes 1-2 days.
Business Licenses and Permits: Depending on the nature of the business, certain licenses and permits may be required before the company can commence operations. These may include a business license, permits from regulatory authorities, and approvals from government agencies.
Tax Registration: Every company in Singapore must register for taxes with the Inland Revenue Authority of Singapore (IRAS) and obtain a tax identification number. Singapore has a Goods and Services Tax (GST) of 7%, which must be collected on taxable supplies made by the company.
Once the company is incorporated, it can open a corporate bank account, hire employees, and start doing business in Singapore. It's important to note that Singapore has strict regulations on the types of businesses that can be incorporated, and certain industries require additional licenses and permits. It's recommended to seek professional advice from a Singapore-based corporate service provider or a lawyer to ensure compliance with all regulatory requirements.
In Singapore, several types of business entities and companies can be incorporated. The most common ones are:
Sole Proprietorship: This is the simplest and most common form of business entity in Singapore. It is owned and managed by one person, who is personally liable for all debts and obligations of the business.
Partnership: A partnership is owned by two or more individuals who share the profits and losses of the business. Partners are personally liable for all debts and obligations of the partnership.
Limited Liability Partnership (LLP):An LLP is a hybrid business entity that combines the benefits of a partnership and a company. It has a separate legal identity from its partners, and partners have limited liability for the debts and obligations of the business.
Private Limited Company (Pte Ltd): A private limited company is the most common type of company incorporated in Singapore. It has a separate legal identity from its shareholders, who have limited liability for the debts and obligations of the business.
Public Company Limited by Shares: A public company limited by shares can raise capital by issuing shares to the public. It must have at least 50 shareholders and meet additional regulatory requirements.
Subsidiary Company: A subsidiary company is a company that is wholly or partially owned by another company. It is incorporated in Singapore and has a separate legal identity from its parent company.
Branch Office: A branch office is a foreign company that has set up a presence in Singapore. It is not a separate legal entity from its parent company and is liable for the debts and obligations of the parent company.
Each type of business entity has its own advantages and disadvantages, and the choice of entity will depend on factors such as the nature of the business, the number of owners, and the desired level of liability protection. It's recommended to seek professional advice from a Singapore-based corporate service provider or a lawyer to determine the most appropriate business entity for your needs.
The accounting process for Singapore company incorporation involves several steps to ensure compliance with regulatory requirements and maintain accurate financial records. Here are some of the key steps involved:
Bookkeeping: Bookkeeping involves recording all financial transactions, such as sales, expenses, and receipts. This can be done using accounting software or manually using ledgers and journals.
Financial Statements: Financial statements are used to summarize the financial transactions of the company. The financial statements typically include the balance sheet, income statement, and cash flow statement.
GST Registration and Filing:Goods and Services Tax (GST) registration and filing are mandatory for businesses with an annual turnover of more than SGD 1 million. The GST registration involves applying for a GST number, while the filing involves submitting quarterly or monthly GST returns.
Annual Return Filing:All companies in Singapore are required to file an annual return with the Accounting and Corporate Regulatory Authority (ACRA). The annual return provides information about the company's directors, shareholders, and registered office address.
Audit and Compliance: Companies that meet certain criteria, such as having more than SGD 10 million in annual revenue or more than 50 shareholders, are required to conduct an annual audit. Additionally, companies must comply with other regulations related to financial reporting, such as the Companies Act and the Financial Reporting Standards.
Tax Filing: Companies in Singapore are required to file annual tax returns with the Inland Revenue Authority of Singapore (IRAS). This includes filing for corporate income tax, as well as any other taxes such as withholding tax or property tax.
It's important to note that the accounting process can be complex and time-consuming, and may require the assistance of a professional accounting or corporate services firm. These firms can provide guidance on accounting and tax compliance, as well as other corporate services such as company secretarial services and payroll processing.
Business analysis involves determining the legal structure, business activities, and capital requirements while ensuring compliance with regulations and market research.
Documentation involves preparing legal documents for incorporation, such as MOA, and AOA, and ensuring compliance with UAE laws and regulations.
Incorporation involves submitting documents to DED for trade license approval, with possible additional approvals from other government entities like Dubai Municipality, Dubai Chamber of Commerce, and Dubai Customs.
It is required for most Dubai companies after trade license issuance and is essential for conducting business transactions.
The company incorporation process typically takes 1-2 days if all the required documents and information are provided..
No, you do not need to be a Singapore citizen or resident to incorporate a company in Singapore. However, you must appoint a local resident director who is a Singapore citizen, permanent resident, or an Employment Pass holder.
Yes, you must have a registered office address in Singapore to incorporate a company. This address must be a physical address and not a PO Box.
Companies in Singapore must comply with various ongoing requirements, such as filing annual returns with ACRA, conducting annual audits, and filing annual tax returns with IRAS.
Yes, it is possible to open a bank account in Singapore for a company as a foreigner. However, the bank may require additional documentation and due diligence before opening the account.
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