Company Formation in Singapore – SK Patodia

ADVANTAGES OF COMPANY FORMATION IN SINGAPORE

Singapore is known for its professional business environment and offers huge progression opportunities to the investors. It is estimated to be one of the few countries in the world where business can be set up with ease and at the same time, the owners can garner significant revenues. Following are the advantages of company formation in Singapore.

  • Strategic Location

    Its strategic location ensures top-notch connectivity. Singapore’s port is one of the busiest in the world, and the country is characterised as a prime International Maritime Centre.
  • Ideal Place for Global Trade and Commerce

    Singapore is located at the heart of the Asia Pacific region, which makes this area an ideal destination for international companies planning to tap major Asian markets including Taiwan, India, China, Malaysia and even Australia.
  • Outstanding Tax Benefits

    Companies (resident and non-resident) that carry on a business in Singapore are taxed on their Singapore-sourced income when it arises and on foreign-sourced income when it is remitted or deemed remitted to Singapore. Non-residents are subject to withholding tax (WHT) on certain types of income (e.g. interest, royalties, technical service fees, rental of movable property) where these are deemed to arise in Singapore. Tax on corporate income is imposed at a flat rate of 17%. A partial tax exemption and a three-year start-up tax exemption for qualifying start-up companies are also available.
  • Flexible Immigration Policies

    The Singapore government provides several tax incentives to certain foreign companies to attract more companies to set up their business operations from Singapore. It also offers long-lasting competitive benefits. Thus, there is an extensive list of foreign investors lined up to set up their Business in Asian Market.

REQUIREMENT TO OPEN A COMPANY

BASIC REQUIREMENTS

  • Minimum 1 Shareholder (Individual/Corporate Entity).
  • 1 Resident Director (Director must be a resident of a country or must own an Entrepreneur Pass or a Dependent / Employment Pass).
  • 1 Company Secretary.
  • 100% local or foreign shareholding allowed
  • A local registered office address.
  • A Director or Shareholder can be the same or different person.
  • 100% local or foreign shareholdings is also allowed.
  • Maximum 50 Shareholders for a private limited company.
  • The Director/ Representative of the company need to visit Singapore for the bank account opening process.

DOCUMENTS REQUIRED

Individual Shareholder:

  • Application forms duly signed by the authorized signatory.
  • Passport Copy of the UBOs/ Shareholders/ Directors.
  • Copy of National Identity Card/Aadhar Card of the UBOs/ Shareholders/ Directors.
  • Most Recent Utility Bill/ credit card statement/ bank statement with name and residential address of the UBOs/ Shareholders/ Directors.
  • Curriculum Vitae (CV) /Profile of the UBOs/ Shareholders/ Directors.

Corporate Shareholder:

  • Applications forms duly signed by the authorized signatory.
  • Certificate of Incorporation of the corporate shareholder (mother company).
  • Memorandum & Articles of Association of the mother company.
  • Board Resolution detailing the formation of the branch or the subsidiary nominating an authorized manager.
  • Passport Copy of the UBOs/ Shareholders/ Directors.
  • Copy of National Identity Card/Aadhar Card of the UBOs/ Shareholders/ Directors.
  • Most Recent Utility Bill/ credit card statement/ bank statement with name and residential address of the UBOs/ Shareholders/ Directors.
  • Curriculum Vitae (CV) /Profile of the UBOs/ Shareholders/ Directors.

OUR SERVICES

Incorporation Services:

  • Company Formation.
  • Provision for the Local Nominee Director in Singapore – 1st Year.
  • Provision for the Company Secretary in Singapore – 1st Year.
  • Provision for the Local Registered Office Address in Singapore – 1st Year.

Other Maintenance & Compliance Services:

  • Renewal of the Business Trade License Annually.
  • Renewal for the Local Nominee Director in Singapore Annually.
  • Renewal for the Company Secretary in Singapore Annually.
  • Renewal for the Local Registered Office Address in Singapore Annually.
  • Statutory Audit (depends on volume and complexity).
  • Corporate tax filing (depends on complexity).
  • Accounting (depends on volume ) - based on less than 50 transactions per year.
  • Drafting of financial statements (single company).
  • Drafting of financial statements (Group of companies).
  • CPF registration.
  • Payroll services (submission CPF and generate payslip, IR8A) - for one staff - optional.
  • GST registration.
  • xBRL Filing (group of companies).
  • xBRL Filing (single company).
  • ACRA - filing of annual return.
  • Employment Pass Application.
  • Taxation & DTAA Services.

TIME PERIOD

Having received all the documents as requested in order, the incorporation documents of your Singaporean entity can be obtained within just 24 hour time. You can now start to convert your Business Visions to Reality !!
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