The country has been seen to be expanding its economy rapidly mainly because of its expanding businesses and Investments in the country. There present various industries in Singapore such as E-commerce Industry, retail Industry, ed-tech industry, food industry etc. Singapore business registration is simple and inexpensive. This makes the businesses expand their network and reach worldwide.
Introduction
Singapore has been stated to be the world’s most competitive economy suppressing the U.S. in 2019 in the Global competitiveness report calculated by World Economic Forum (WEF). In 2020, Singapore was placed in second position in the Ease of doing business report, 2020 which helps in attracting foreign investors and businessmen to execute their business from Singapore. Imishore Consultants can help you to register company in Singapore for commencing or executing the business from Singapore. The business entities in Singapore mainly are rundown of different forms of business organizations which are private limited, limited liability, subsidiary, branch office, and representative office. While commencing business registration the owners need to choose the right business structure. There present many business structures but one needs to consult consultants for choosing the right business structure for one’s business.
Singapore is a pro-business marketplace. The companies pay their corporate tax at a flat rate of 17%. The rate is more affordable than the rates in many countries.A tax resident company can claim tax benefits, exemptions, and rebates. So, their effective tax rate is around 8.5% – 9.5%.Singapore provides a tax exemption scheme for qualified startups. These are private limited companies. They can claim tax benefits of company registration in Singapore for their first three consecutive Years of Assessments (YAs).
The country has been named as “Asian tiger” because of its increasing economic growth. The rapid increase in the economy, business-friendly policies, and technological advancements attract investors and businessmen. The strategic location adds a boost to the economy by enabling foreign exchange and easier export-import to many isolated island nations. Further benefits of Singapore business registration includes 0-17% taxes applied on corporation, 0-22% taxes applied on the individual income, tax-free distribution of dividends by the company, easy tax rebate, no tax on the capital gain, unilateral tax credit and many more. Thus, the economic development and strategic location of the country make Singapore a suitable place and preferred location for investors and company owners.
SINGAPORE BUSINESS REGISTRATION PROCEDURE:
Apply company name:
The first and foremost step which a company owner needs to start with is to choose an attractive and unique name for their business. Choosing a unique name is also an important step which is legally bound in the process of Singapore business registration. The company needs to comply with the application form to the accounting and corporate regulatory authority (ACRC) which reserves the company name for up to 60 days. The name must be the reflection of the company working and also stand out to the customers.
Decide the business structure:
For the expansion and success of any business, the company owner needs to opt for the business structure which suits the business. The right business structure will not only ensure success for the business but also helps with tax and other legal obligations of the company. The accounting and corporate regulatory authority (ACRC) provides various structures among which the company owner needs to decide one structure. The structure includes sole proprietorship which includes sole-proprietor or partnership which includes more than two owners, futher structure includes limited partnership, Limited liability partnership and company. The company owner needs to study all the business structures before choosing any one structure for better expansion and for eliminating legal obligations.
Documents for Singapore business registration:
Applying for business registration in Singapore various documents of the company must be completed and approved by the appropriate authority. The paperwork must be completed before the business registration. The Article of Association(AoA) describes the constitution of the company. The written authorization from the directors of the company stating the authority of them to serve as the board of directors. Further, the documents revealing shareholders, their names, addresses and title needs to be maintained for future reference.
KYC (Know Your Customer) for Singapore business registration:
ACRA requires the corporate service provider to know their customer through the KYC. This KYC helps in due diligence and also enables the company to ask for some verifiable data such as identity and address proving status and documents stating information regarding the company shareholding structure and its executives. The KYC verification documents can vary according to the need of the corporate service provider. The documents are required to be drafted in English or can be translated from any language to English for considering it to be valid.
Signing incorporation documents:
The documents prepared and approved by the appropriate authorities are to be filed with the Accounting and corporate regulatory authority (ACRC). The documents to be filed with ACRC for Singapore business registration include the company constitution or Article of Association, consent by the directors, consent by the company secretary, and declaration of the company controllers. These documents are recommended to be drafted and constituted according to the guidelines of ACRC.
Incorporation of company and open bank account:
The incorporation documents as mentioned above once gets ready and signed the documents are to be filed with the Singapore company registrar which is the accounting and corporate regulatory authority (ACRC). This registration process is mainly conducted online and is time efficient. After the submission of incorporation documents the registrar will generate an e-certificate of Incorporation which confirms the registration of the Singapore company. The certificate includes the name of the company and a unique identification number. Further, the registrar also provides a business profile document which holds the information regarding the primary business activity, registered address, details of shareholders, directors and shareholding structure.
Conclusion:
Putting all together, commencing business in Singapore is a great opportunity because of the economic growth of the country along with its convenient location for import and export. It also creates great opportunities for those entrepreneurs and investors who wish to expand their business and investments to Singapore. With the favourable business environment, stable political status, and various wealth benefits Singapore becomes preferable for companies to set their presence. For successful registration of business in Singapore there presents various requirements and procedures needed to be fulfilled which have been prescribed by the Accounting and Corporate Regulatory Authority (ACRA).
So, Registering a business in Singapore is advantageous and an easy as well as time efficient process which can be done through complying with the laws and regulations. You can contact us for hassle-free registration of business in Singapore. Along with that, Imishore Consultants can also provide you assistance through offshore company incorporation, obtaining offshore financial licenses, regulatory compliance consultation, corporate bank account opening, international trademark registration and other ancillary services which are necessary to register the business in Singapore.
So, what makes you wait? Contact us for guidance and support at an affordable rate and our team will reach out to you within 24 hours . Imishore Consultants with the help of their dedicated and experienced team can advise you with a variety of choices and customized ideas for your business. There are various services available that can be availed by you which include offshore company incorporation, corporate bank account opening, nominee director and shareholder services, international bank setup, cryptocurrency exchange, offshore financial licenses service and finTech entities . There are various ancillary services that you can avail of for the growth and expansion of your business.
