Company Formation Singapore

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Updated on Friday 23rd September 2016

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FAQForeign investors wanting to open a company in a country have many questions before starting the whole process and Singapore is no exception. In most cases it is best to first verify with company formation agents in Singapore before starting the incorporation procedure in order to save time. Below you can find the answers to the most frequently asked questions about company registration in Singapore.

1. Who can start a company in Singapore?

Anyone can start a company in Singapore, no matter their nationality. Foreign investors have the same rights as Singapore citizens, but are also granted different types of incentives for opening companies in the city-state.

 2. Does the company have to be registered in Singapore?

Company registration means the business must have a registered address in Singapore. Foreign companies are also entitled to register branch or representative offices, according to the Singapore Company Act.

3. How can I open a bank account in Singapore?                 

The company incorporation procedure in Singapore implies the opening of an account with a local bank. The main documents required to open a bank account are the passport and documents related to the company. Our consultants in company formation in Singapore will provide you with detailed information about the necessary documents for opening a corporate bank account.

4. What are the steps for company incorporation in Singapore?

Company incorporation in Singapore is quite simple: you must choose the suitable type of entity, select the company’s name and reserve it with the Singapore Commercial Register, have the Articles of Association drafted by a notary and then submit them with the Accounting and Corporate Regulatory Authority.

 5. What is the minimum share capital in Singapore?         

The minimum share capital required to open a company in Singapore is 1 SGD. However, the shareholder can deposit the amount they consider necessary for achieving their goals. The amount must also be declared in the company’s Articles of Association.

 6. What are the documents required for company incorporation in Singapore?

The most important documents containing information about the company’s structure and business activities are the Articles of Association.

 7. How long does it take to register a company in Singapore?

Company registration in Singapore will take about 24 hours. However, where special licenses issued by the Government are necessary, it may take up to 14 days. Our specialists in company incorporation in Singapore can provide you with more information about the registration timeframe.

8. Do I need special permits and licenses in Singapore?       

Yes. Certain types of companies will require special permits from the governmental agencies. Among these are restaurants, companies offering medical services, educational services and telecommunication.

9. What are the taxes that I have to pay in Singapore?

Singapore is very advantageous from a taxation point of view. The personal income tax applies gradually: it starts at 0% and ends at 20%, while the corporate tax is capped at 17%.

 10. Why should I invest in Singapore?        

Singapore is one of the most developed financial centers in the world. It also provides numerous benefits to foreign investors, starting with incentives in most of the industries and some of the lowest taxes in the region.

For complete information about company registration and investment incentives we invite you to contact our specialists.

 

 

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