COMPANY INCORPORATION FAQ - PowerPoint PPT Presentation

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COMPANY INCORPORATION FAQ

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Comprehensive guide and answers to How To Register A Company In Singapore. Find Out More Information About Singapore New Company Incorporation. – PowerPoint PPT presentation

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Title: COMPANY INCORPORATION FAQ


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COMPANY INCORPORATION FAQ
Bestar Services Pte. Ltd
2
COMPANY INCORPORATION FAQ
  • These are the list of the questions most
    frequently asked by the customers about the
    process of opening a company in Singapore.
  • If you cant find an answer to your question
    here, please call us on 65 62994730 or email us
    at admin_at_bestar.com.sg and will revert within 24
    hours.

3
1) What are the requirements for setting up a
company in Singapore?
4
2) How long does it take to incorporate my
company?
  • With the help of specialist Company registration
    and incorporation 
  • like us Bestar  you can have your
  • company incorporated within 1 day.

5
3) What documents are necessary for the
incorporation of a subsidiary company in
Singapore?
  • Subsidiary company incorporation requires the
    following documents to be presented
  • Details of the subsidiary company proposed to be
    incorporated. The name, share capital, key
    personnel, shareholders, etc.
  • A copy of your passport and a Singapore ID of
    every key personnel and individual shareholder.
  • A certificate of incorporation of the main,
    parent company along with a document producing
    the key personnel of the Head Company and address.

6

4) Do I have to be present to carry out legal
requirements while company incorporation?
  • No.
  • The procedure can be completed without your
    presence here.
  • We can help you carry out the procedure by
    sending you all the documents via courier, which
    you can send us back.

7

5) Do I require prior approvals?
  • Yes,
  • A prior approval with ACRA will be necessary to
    approve the name of your company before you begin
    with your incorporation process.

8

6) Why should I opt for a company and not other
forms of business incorporation in Singapore?
  • A company, incorporated as a Pte. Ltd.
  • The Company is considered as the most powerful
    business entity in Singapore.
  • Such an entity has a prime legal status, which is
    separate from that of all its owners, directors,
    and shareholders.

9

7) I do not meet the local/resident director
criterion. Can I still incorporate my company in
Singapore?
  • There are other options to consider
  • You could relocate to Singapore via an
    Entrepreneur Pass to act as director later
  • You could take the help of someone you know in
    Singapore, who will be able to act as a resident
    director to your company
  • You can also seek out the help of a professional
    services company, and hire a nominee director to
    fulfill the clause.

10

8) Can a Director and the Company Secretary be
the same people?
  • Yes,
  • They can be the same person, provided they are
    qualified to hold the two positions.

11

9) What do you mean by the constitution or
Memorandum of association of the company?
  • The Constitution of the company is a legal
    document that is registered with the ACRA during
    incorporation.
  • The Constitution can be amended as and when
    required. If the company is incorporated before
    the date of commencement of Companies Act, 2014
    (Amendment), the MOA or the Memorandum of
    Association of the company is required to be
    submitted.

12

9) What do you mean by the constitution or
Memorandum of association of the company?
  • The Constitution/MOA of the company must contain
    the following necessary pieces of information
  • The name of the company
  • The capital structure of the company
  • The liability of all the members
  • Details of the subscribers along with the number
    of shares subscribed by them
  • The governing rules for the internal management
    of the company

13

10) When is the issued share capital supposed to
be paid?
  • The issued share capital is required to be paid
    immediately during the incorporation stage in the
    Corporate Bank Account.

14

11) If I have a large paid-up capital, will I be
liable?
  • Paid-up capital is nothing but the amount which
    is paid by the shareholders towards the company
    of which they are trying to purchase the shares
    of.
  • The funds thus generated are supposed to be used
    to meeting the expenses of the company, including
    paying off any debts incurred by the company.
  • If the paid-up share capital amount is fully paid
    for by the individual shareholders, there is no
    need for personal liability.
  • However, if any amount is not yet fully paid-up,
    the creditors can duly demand the liability and
    shortfalls to be paid personally by the
    shareholders.

15

12) How soon can I start using the money
generated from shareholders, as the paid-up
capital towards the growth of my company?
  • There is no requirement of waiting for a certain
    period before you can begin using the paid-up
    capital for your company.
  • You can start using the amount received almost
    immediately.

16

13) I am a foreign individual. Can I own 100
shares in the company?
  • Yes.
  • In fact, both a foreign individual and a foreign
    company can own 100 of the shares of a company
    incorporated in Singapore.

17

14) What business activities are allowed by the
Government of Singapore?
  • There are no particular restrictions over the
    kind of business you want to pursue in Singapore.
  • However, certain businesses like travel agency,
    financial services agency, school, recruitment
    agencies, etc. are some of the businesses that
    require a pre-approved license to be run.

18

15) Are there any cappings on the movement of
funds between my home country and Singapore?
  • No.
  • There are no restrictions on moving the funds
    from and to Singapore, as far as legal business
    purposes and activities are concerned.

19

16) Will the branch office I opened in Singapore
be qualified under a start-up exemption?
  • No.
  • Any branch office opened in Singapore is not
    qualified for a start-up exemption.
  • However, the branch office can be considered for
    a tax exemption over its chargeable income.

20

17) What is the current corporate tax rate in
Singapore?
  • Corporate Tax currently stands at Exemptions,
    both full and partial, can be provided over
    taxable income of up to S 300,000.

21

18) Can I opt for a corporate bank account in
Singapore?
  • Yes.
  • Once the company incorporation procedure is
    completed, you can open a corporate bank account.

22

19) Will my presence be required to open a
corporate bank account?
  • This will completely depend on the type of bank
    you choose.
  • Most corporate bank accounts can be easily opened
    without the person being physically present,
    however, some banks do require your physical
    presence as well.

23

20) Will I be required to pay taxes for hiring
and staffing human resources for my company in
Singapore?
  • As far as local Singapore citizen employees are
    concerned, you will be required to contribute to
    their Central Provident Fund at a specific rate,
    depending on their salary percentage.
  • In the case of foreign employees, The Central
    Provident Fund is not necessary.
  • Singapore is known for the independence of human
    resources. Here the workforce is responsible for
    its tax payments and as a company you are not
    necessarily required to withhold any percentage
    of their income as income tax.

24

21) What all compliances need to be fulfilled?
  • Every compliance that is necessary will be
    fulfilled by the Company Secretary you hire,
    including AGM and return filing.

25

22) How long do I have to maintain my companys
accounting records?
  • Any company registered as per the Singapore
    Company Law is required to maintain
    their accounting records to a minimum period of
    five years.
  • Along with accounting records, you will also be
    required to maintain every piece of document that
    supports your business operations and
    transactions.

26

23) What kind of grants can my company receive?
  • Singapore Government has been placing immense
    attention on the development of Small and
    Medium-scale enterprises in the country in order
    to boost the economy and to achieve productivity.
    The Government thus provides corporates with
    grants to push them to excellence.
  • These grants have the capacity to allow small and
    medium scale enterprises to get all kinds of
    assistance when it comes to business growth.
  • Grants and schemes like the Productivity and
    Innovation Credit Scheme, Capability Voucher
    Scheme, and iSPRINT are known to help Small and
    medium scale enterprises with all the help they
    require to make it big in Singapore.

27

More questions?
  • Allow the experts at Bestar help you.
  • Reach out to us, we would be happy to serve you.

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