If you want to set up a company in Singapore, you must know about the various requirements for doing so. For instance, the process may require you to register for GST, a tax similar to value-added tax (VAT).
You must also have a local director and fulfil added compliance requirements. The process can be streamlined when you work with a service provider.
Requirements for a company secretary
Singapore has a reputation as one of the most business-friendly locations in the world, with a streamlined incorporation process and a host of financial incentives. Foreign companies seeking to do business here should familiarize themselves with the country’s unique compliance requirements. These include the requirement to have a local director and registration for goods and services tax (GST) in certain scenarios.
You’ll also need to submit your company constitution, which sets out the rights and obligations of directors, shareholders and corporate shareholders. This document is also known as the ‘Articles of Association’ and should be carefully reviewed to ensure that your business structure is compliant with Singapore law.
All Singapore companies are required to appoint a qualified resident company secretary within six months of incorporation. The secretary must not be a shareholder or director, and can be provided by Piloto Asia. Company secretaries also manage the annual return filing deadline, and provide assistance with other statutory paperwork.
Licenses and permits
Many kinds of businesses in Singapore require special licenses and permits to begin operations. For instance, educational institutions, travel agencies, real estate agents, distributors of liquor or tobacco and food and beverage establishments are required to acquire an initial license after registration with the Accounting and Corporate Regulatory Authority (ACRA).
The ACRA’s LicenseOne Portal is the best place for businesses to check their permit requirements. The portal lists all of the approving authorities and the types of licenses needed for different business types.
If you are a foreigner who wants to start a business in Singapore, the safest option is to incorporate a private limited company. This entity limits your personal liability and allows you to apply for an Employment Pass or Entrepass if you are a foreigner who wishes to be present in the country to manage your business. Incorporated companies must also have a local address, which is usually a serviced office in the Commercial Business District.
Bank account details
Once your company has been incorporated, you will need to provide your business bank account details. Singapore offers a number of banking options, both local and international. Choosing a bank that matches your needs will help you avoid delays and unnecessary costs.
You will also need to secure a business license and permits. These will depend on the type of business you are running. For example, restaurants, travel agencies, and export/import companies will need several permits and a Singapore business profile. You may also need to register for GST (Goods and Services Tax) if your projected annual revenue is above S$1 million.
You will need to provide proof of identity for all directors and shareholders. These documents should include passports and residential addresses. In addition, you will need to provide trading proofs, such as invoices, contracts, and agreements. You will also need to submit a certified copy of your resolution, business profile, and constitution/Articles of Association.
Singapore is a popular choice for entrepreneurs because of its business-friendly environment and supportive government policies. Its close proximity to Asia’s 4.68 billion people is also a big draw, making it an excellent location for start-ups looking for customers, partners and investors. The city-state also offers a variety of financial benefits, including no capital gains tax and easy ways to move funds.
Before you start a company in Singapore, you’ll need to fulfil some key requirements, such as the ownership requirement and a registered business address. You can register your business with the Singapore authorities using their BizFile+ portal. A company constitution is also required, which you can get from a professional firm, such as Piloto Asia.
You’ll need to appoint a local resident as a company secretary within six months after your Singapore company registration. If you don’t have a local resident to act as the company secretary, you can hire a professional firm to do so on your behalf.how to set up a company in Singapore