Pre And Post Requirements For Singapore Company Registration
Private limited company is a business structure which works towards a significant growth strategies and development
. It is the most common type of business structure registered in Singapore. It is a separate legal entity securing them from possible losses and liabilities. It is registered with Accounting & Corporate Regulatory Authority (ACRA) under the Singapore Companies Act and it is locally incorporated.
Here are some of the things to consider for Singapore company registration:
Corporate taxation A favorable zero tax on the first S$100,000 of chargeable income for the first three consecutive years is given to new star up companies.
Setup conditions - Minimum 1 Shareholder + 1 Resident Director + 1 Company Secretary, Minimum initial paid-up share capital is S$1 and a Singapore registered office address.
Prerequisites
(1)A unique and desirable company name.
(2)A Singapore resident director, at least 18 years of age, no bankruptcy and criminal malpractice records.
(3)A Singapore resident secretary.
(4)Memorandum and Articles of Association safe kept in ACRA.
Foreigners obligation
(1)Seek assistance from a professional firm which specializes in company incorporation in Singapore.
(2)Secure work visa for foreign individuals.
(3)Secure work visa for foreign corporation management staff
(4)Appoint a Singapore resident director for foreign individuals and corporations not considering relocation to Singapore.
Corporate bank account After incorporation, a corporate bank account may be opened in any local or international banks based in Singapore.
Post incorporation
(1)Secure permit to operate from relevant government authorities.
(2)Outline a registered office hours.
(3)Registration numbers issued by ACRA must be on all letterheads, invoices, billings or other documents used for official business communications.
(4)A custom registration is required for businesses involving import, export and transshipment activities in and out of Singapore.
(5)Goods and Services Tax (GST) registration is required for all Singapore businesses. GST is a tax on the supply of goods and services in Singapore and on the import of goods into Singapore.
(6)Central Provident Fund registration is a required pension fund scheme in which the employer and employee contribute a percentage of the monthly salary to the fund.
Submission of annual tax return to Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS) is required.
The mentioned requirements for Singapore company registration should be legally considered and the operation should work within the guidelines of Accounting and Corporate Regulatory Authority (ACRA) in order for the corporation to start enjoying the benefits of an established company in Singapore.