How to set up a Company in Singapore?

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How to set up a Company in Singapore
Bestar Services Pte. Ltd
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How to set up a Company in Singapore
Tax Planning While Being In Singapore

• The World Bank report that came six years ago
  marks Singapore on the top place as the easiest
  place to do business. Ever since Singapore has
  never left the spot as it allows business owners
  to set-up their business smoothly and without any
  fuss. The reason why business owners prefer to
  set up companies in Singapore is due to its easy
  ways to fill taxes along with adaptable
  immigration policy along with laws that are
  suitable to do business.
• The efficient steps to set up a company in
  Singapore as given as under-

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How to set up a Company in Singapore
Tax Planning While Being In Singapore

• Fulfil the Mandatory Requirements to set up a
  Private Limited
• Company in Singapore

• Any adult (above 18 years of age) with no history
  of legal offences can establish their business in
  Singapore. Such individuals should ensure that
  they have the following-

• Local Director Youll require a local director
  who resides in Singapore and is willing to
  self-register your company in the country.
• Name the Company Accounting Corporate
  Regulatory Authority (ACRAs) online portal
  Bizfile provides the access to register the
  unique name of your company.

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How to set up a Company in Singapore
Tax Planning While Being In Singapore

• Fulfil the Mandatory Requirements to set up a
  Private Limited
• Company in Singapore

• Shareholders It is compulsory for every company
  to have at least 1 shareholder and at the most 50
  shareholders.
• Local Company Secretary Foreigners who set up
  their company in Singapore should appoint at
  least 1 company secretary residing in Singapore
  in the time duration of six months from the date
  of registering their company.

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How to set up a Company in Singapore
Tax Planning While Being In Singapore

• Fulfil the Mandatory Requirements to set up a
  Private Limited
• Company in Singapore

• Capital In order to open a company in Singapore,
  you will require an initial paid-up capital of at
  least S1.
• Local Address When you run your physical office
  in Singapore, you need to register its address.

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How to set up a Company in Singapore
Tax Planning While Being In Singapore

1. Determine the Type of Your Business

• One should not rush into starting up ones
  business before specifying its type that matches
  with ones business. According to ACRA, one can
  differentiate ones business and establish them
  in the following types-

• Private Limited Company (Pte Ltd) In terms of
  this type of company, organizations enjoy
  corporate tax benefits but the Company
  Incorporation and Administration Costs are
  higher. Moreover, the liability of the
  shareholders might be minimal but everyone has to
  follow a strict code of conduct. There might be a
  lot of ease in the procedure of establishing
  ones business in Singapore but the employee
  termination process is a little complicated. In
  order to keep the company running, there is
  perpetual succession but the compliance
  requirements are very rigid.

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How to set up a Company in Singapore
Tax Planning While Being In Singapore

1. Determine the Type of Your Business

• Sole Proprietorship In terms of registering as a
  sole proprietor, business owners can do so at a
  minimal cost as well as quickly but their
  liabilities are unlimited. In addition to that,
  the founder holds the right to make all decisions
  in the business and it can also be managed
  smoothly. There is an absence of perpetual
  succession. This type of organisation has little
  to no compliance requirements but raising the
  capital to establish it can become difficult. In
  fact, the employee termination process is also
  very simple. As a sole proprietor, one has to
  renew the registration at the end of the year. A
  sole proprietor does not enjoy tax benefits
  because the revenue is charged at personal income
  tax rates.

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How to set up a Company in Singapore
Tax Planning While Being In Singapore

1. Determine the Type of Your Business

• Limited Liability Partnership (LLP) In a
  company registered under LLP, the owner enjoys a
  separate legal identity but at least 2 partners
  are required all the time. The liability of the
  partners also comes down to a minimum however,
  the procedure of transfer of ownership and
  investment can be complicated. The compliance
  requirements of the company are neither too many
  nor too much. The different types of corporate
  tax benefits are not present in LLP.

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How to set up a Company in Singapore
Tax Planning While Being In Singapore

1. A Bank Account

• after youve specified your type of business as
  well as fulfilled the mandatory requirements, all
  you have to do is open a bank account. Foreigners
  are free to choose to set up their accounts in
  any of the local banks or even international
  banks in the domain of Singapore.

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How to set up a Company in Singapore
Tax Planning While Being In Singapore

1. Post Registration Requirements

• You have established your business and specified
  its type, as well as your bank account, is set.
  The next step is like a nitty-gritty requirement
  to establish your business which involves-

• Permissions Some businesses need to have
  approvals from government officials like
  childcare centers, video companies, wholesalers,
  retailers of liquor, etc.

• Work Timings Along with your local address, work
  timings (with a minimum of as low as three hours
  per weekday) should be specified for
  documentation as well as for ease when the
  clients should contact you

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How to set up a Company in Singapore
Tax Planning While Being In Singapore

1. Post Registration Requirements

• Registration Number The approved Registration
  Number given by ACRA should be on all your
  official papers just like your logo.
• Customs Registration and Goods and Services
  Registration (GST) In terms of import and
  export business, your company must be registered
  with Singapore customs. While for the supply of
  goods and services within the country as well as
  import of goods into Singapore, GST will be
  levied if the annual taxable revenue exceeds S1
  million every year.
• Central Provident Fund (CPF) All organizations
  are required to have The Central Provident Fund.
  In this pension fund scheme, the employer, as
  well as the employees, contribute a percentage of
  their monthly income.

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How to set up a Company in Singapore
Tax Planning While Being In Singapore
As a person from the outside, it might seem
daunting to establish ones business in
Singapore. However, with the helping hand of
Bestar, all the incorporations will seem as light
as a feather. All you need is to provide us with
all the essential documents and well take it
from there. Lets talk today to start your
business quickly!
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