Singapore is one of the leading global financial nations and a major capitalist service economy with free trade and low taxation. Singapore is also the best place you can do business due to its low crime rates. If you are foreign, a private limited company is one of the easiest and most famous businesses you can start. With a team of knowledgeable staff at Margin Wheeler Pte Ltd, we can assist you by offering a cheap Singapore company formation process as indicated below.
Requirements of company formation Singapore
Company name: You need to provide between 2 to 3 suggested names and obtain approval for one of the names as your company name.
Directors: The company should have at least one resident director with a dependent pass, employment pass, or permanent resident. The number of both foreign and local directors is flexible.
Shareholders: Public limited company in Singapore should have between 1 to 50 shareholders
Company secretary: After the incorporation process, you are required to appoint a certified company secretary within six months, and only a permanent Singapore resident can become a secretary.
Paid-up capital: During registration, you must have a paid-up capital of at least S$1 that can be increased after incorporation.
Registration address: You need to register a local business address that can be commercial or residential but not a post office.
Taxation: Singapore has the best efficient tax benefits. For instance, companies are not charged capital gains taxes and dividends. Also, on the first S$300,000 of annual profits, companies pay a maximum tax of 8.5 per cent, and after that, they will pay a tax of 17 per cent.
Documents needs for company registration
Brief description of at least two major business activities
Details of directors
Details of shareholders
Details of your registered address
Memorandum and Articles of Association provided by the Singapore company registrar
Details of the company secretary
Requirements for non-Singaporean who want to incorporate a company
If you are a non-resident, you will need to consider the following aspects:
Non-residents people in Singapore cannot self-register a company in Singapore. Therefore, they must look for a professional company to help them in company incorporation.
We can help you handle all the work permit formalities and company incorporation without you physically visiting Singapore. However, if you wish to open a Singapore-based bank, then you need to visit this nation.
If you plan to operate your firm from outside Singapore, it is not mandatory to have a working visa or employment pass. However, you would be required to hire a local director to fulfil a minimum of one resident director.
If you are planning to move to Singapore, you are expected to have an employment pass.
Steps followed when incorporating a company in Singapore
Our cheap Singapore company formation process entails the following process:
Complete our comprehensive online onboarding incorporation form to expedite the company registration process.
We will review your documentation to ensure that you have provided all the required documentation. Our compliance team will undertake a due diligence review before they can approve your onboarding.
We will offer you an invoice before we start the incorporation process.
Reserving your company name: Your company name reservation can take about 30 minutes. While reserving your name, it can be rejected if it exists, is considered sensitive, or includes certain references to regulated sectors, including school, nutrition, or media. After that, we will refer your name to the registrar of companies to approve it(it can take between one week to two months). Your name will be reserved for 60 days upon approval, but if it does, we can apply for an extension of another 60 days.
The signing of incorporation documents: If you are in Singapore, you can sign the documents at our office or signed at the Singapore high commission or presence of a notary public for overseas clients.
Incorporation of the company with the Accounting Corporate Regulatory Authority (ACRA) of Singapore. The incorporation can take one day, and you will receive a certificate of incorporation from ACRA.
We will issue the corporate documents, including the common seal, statutory registers, and share certificate, for every shareholder.
After you have registered your company, we will help you handle other aspects needed to launch your business. The additional service might include easily customizable letterheads and a company stamp.
We will also guide you on the process of opening a Singaporean bank account for your company.