Singapore - Pte Company Incorporation
Singapore key points
- Time - only 3 days to incorporate your company
- Cost - a Singapore company will cost £1950
- Directors - a Pte requires 1 resident director which, we can provide
- Shareholders - only one shareholder is required, who may be may be individuals or corporate bodies
- Share Capital - the share capital requirement is only $1
- Support - using our 20 years experience we guide you throughout every step of the company formation process
- A Singapore Company is required to appoint a qualified Company Secretary
Singapore is offers one of the best and safest environment for any new company setups. The World Bank report ranked Singapore as the number one country in terms of the doing business for 2 consecutive years. Singapore is also ranked as the 2nd most competitive country after USA.
Starting a new business in Singapore is a great prospect for any foreign companies. However, there are rules and regulations that you might want to know when incorporating a company in Singapore.
Singapore Company Incorporation
The conditions are simple:
- At least one of the directors must be a resident Singapore citizen, or hold a work permit.
- Both Singaporeans and foreigners can register a new Singapore company
- Only $1 for paidup capital
- Minimum of 1 director and 1 shareholder is required, these can be the same person.
- The company must have a local registered address
- The company must hire a local qualified company secretary.
- Secretary: Within 6 months of its incorporation, a Singapore Company is required to appoint a qualified Company Secretary
- Shareholders: There is no restriction on foreign shareholders in a Singapore Company, and there is also no requirement that the shares must be owned by Singaporeans
Benefits of setting up a Singapore company
Here’s one great benefit: The country grants tax exemption for the first $100,000 profits new companies. This benefit continues for up to three years and the corporate tax is also very enticing at 8.5% tax for up to $300,000 profits. Not many countries can match the low tax rates set by Singapore, which makes it a very big factor for choosing Singapore.
Incorporating your company in Singapore
Before a company can be incorporated in Singapore, its name must first be approved by, and reserved with, the Registry of Companies & Businesses, the name is reserved for two months, during which the incorporation documents are required to be submitted to the RCB.
Upon the issuance by the RCB of a Certificate of Incorporation, the Singapore Company will be incorporated on and from the date stated in the Certificate.
A company is a business registered under the Companies Act, Chapter 50. It has the words 'Pte. Ltd.' or 'Ltd.' as part of its name.
How many directors must a company have?
A company can have one director who must be ordinarily resident in Singapore ie: a Singapore Citizen, a Singapore Permanent Resident, a person who has been issued an Employment Pass/Approval-In-Principle letter/Dependant’s Pass.
A foreigner who wishes to act as a local director of a company can apply for an Employment Pass/Approval-In-Principle letter from the Employment Pass Department of the Ministry of Manpower.
How many shareholders must a company have?
There must be at least 1 shareholder who can either be an individual of any nationality or a corporate person.
Subsidiary company in Singapore
The main requirements for the incorporation of a Singapore subsidiary company are:
- Name approved by the Registrar of Companies.
- A printed and duly signed memorandum and articles of association (constitutional documents) each stamped with a S$10 impressed stamp.
The documents that have to be lodged for the incorporation of a company are:
- Statutory declaration of compliance
- Certificate of identity of the officers and subscribers
- Return of allotment of shares
- Notice of location of registered office and of office hours and particulars of any changes
- Consent to act as director signed before a notary public, advocate and solicitor or an approved company auditor
- Return giving particulars in register of directors, managers, secretaries and auditors and particulars of any changes
Registration fees on a sliding scale are payable on incorporation and are based on the authorised share capital of the company. The fees of S$300 (for an authorised share capital of up to S$100,000)
After registration of the company's memorandum and articles of association and upon its compliance with all other requirements, the ROC will issue it a Certificate of Incorporation. The company exists formally when the Certificate is issued. The whole process of incorporation of a typical subsidiary (private) company normally takes about two weeks.
Allotment of shares up to the limit of a company's authorised share capital will not attract stamp duties.