subject: Commonly Asked Questions About Singapore Incorporation [print this page] Commonly Asked Questions About Singapore Incorporation
Many choices will be provided in incorporation of business in Singapore. Some important things will be considered. Given below are some of the most asked questions.
1. Should I appoint a secretary?
Yes, you are required by law to appoint a company secretary within six months of your original incorporation date. The law which hiring a secretary falls is in the Singapore Companies Act.
2.I understand that Singapore incorporation can be done and maintained by one person. Is this true and are there any stipulations?
It is true that one person may incorporate in Singapore. However, as previously stated, you must appoint a secretary, and if you are the company director, you cannot also be the secretary.Directors should be a resident in Singapore.
3.Are there any special requirements for hiring a company secretary?
Absolutely, hiring a secretary that is already professionally qualified is not allowed.Changes regarding the law have been changed.
Be reminded that a director should be able to work all the responsibilities given to him/her.This person must have necessary experience and knowledge for the job, also.
4.I know about incorporating a business in Singapore. This means that I will spend extra on posting my company name at my desired business location. How long do I have to get this done?
Law states that it is no longer required. Make sure that the exact location of your company is clearly stated.These changes are being considered to make all the process a lot easier and to give chance to some businessmen who wants to start a home business.
5.As a new business, I will want to have business papers printed. Are some requirements needed in such?
Right,always keep all the registration numbers on your correspondence.Company registration numbers includes accounting statements along with business letters.These numbers are required during publications.
6.I want to start incorporating a business in Singapore. However, I have extensive training and experience in my chosen field. Which type of visa should I apply for?
If you have some skills and earned a degree from a good school then applying for an employment pass is strongly recommended. The process is much faster. If applying for an Employment Pass won't be possible, you can still apply for Entre Pass which is uniquely designed to less educated and experienced businessmen.
7.Is tax exemption possible in the first year of a new business?
[Yes, but there are qualifications.Right, but some requirements are required.Possible, but there are things to be considered.]
a. Company should be incorporated in Singapore
b. More than 20 shareholders is prohibited.
c. You must also be a qualified tax resident of Singapore.
d. The exemption is for the first $100,000 of income or profit.
e. 8.5% is applied to the first $100,000 to $300,000 and 17% will be applied to $300,000 plus income.
Being knowledgeable on Singapore incorporation is essential. In that manner you will be able to have the benefits you wish to have for your business. Remember that you must appoint a company secretary and it cannot be the director. One individual is required to file for the incorporation. Putting a company sign in your residences is not needed. Make all your registration numbers ready for publication purposes. Tax exemption will be applied for the first income of S$100,000. You may have many other questions concerning Singapore company incorporation.
