subject: Incorporate a Singapore Company Requirements [print this page] Incorporate a Singapore Company Requirements
Although there are other countries to choose from, Singapore maintains its reputation of being the favorite business hub of investors around the world because of the business tax incentives it provide to foreign investors.
One major benefit is that newly created companies pay a mere zero dollar on taxes for the first three consecutive years on the first chargeable income of S$100,000. Aside from that, there is a 50% tax off on the next S$200,000 of chargeable income.
Foreign investors looking to put up a company in Singapore may form a Sole Proprietorship, a Limited Liability Partnership or a Private Limited Company. And of all the companies incorporated in Singapore, most are incorporated as Private Limited Companies.
Companies or businesses that belong to this classification are registered with the Accounting & Corporate Regulatory Authority (ACRA).
The Singapore Companies Act stipulates that all companies in Singapore must adhere to its rules and regulations.Local and foreign entrepreneurs are subject to different terms and regulations as per Singapore Companies Act.Businessmen or investors can be foreign or local individuals, foreign or local companies, Singapore Residents and companies offshore.
Below are the requirements the companies have to meet before being able to incorporate a Singapore Company.
Before being appointed by a Private Limited Company, directors must possess some requirements.With this, Singapore company directors must also possess certain qualifications before they can be appointed by a Singapore Private Limited Company. These added qualifications are as follows:
1. For a registered business, there should be at a minimum of one shareholder, one resident director and one company secretary.
2. Only at a minimum of $1 paid-up capital is required as a share
3. Office address in Singapore
A foreigner can acquire full ownership of a company in Singapore. However, it is expedient that companies should have a minimum of one director that is either a Singapore citizen, a person who holds a permanent resident, an EntrePass, an Employment Pass or a Dependants' Pass.
