subject: Asiabizservices Confers Singapore Company Setup Procedure And Timeline [print this page] Asiabizservices Confers Singapore Company Setup Procedure And Timeline
The legal act that regulates the formation, dissolution and management of companies is called the Companies Act. It differs from country to country. No company can be established without following the norms set by the law. Among the Asia Pacific region, Singapore is the leading country for company incorporation. The country has friendly policies for foreign entrepreneurs. Below are other advantages in doing business in Singapore;
Singapore has extensive tax-treaties with other countries
English is a common language
Taxes are only on the income sourced within or that is remitted into Singapore from a foreign source
It has a one-tier corporate tax system
Singapore's Companies Act came into force in 1967. Any business that has more than 20 employees is termed as a Company. Companies in Singapore are governed by the Companies Act (Cap 50, 1994 Rev Ed.). Certain companies in addition to the Companies Act are also governed by other Acts. Example, banks and insurance companies are also governed by the Insurance and Banking Acts. Given below are requirements for setting up a company in Singapore;
Minimum one shareholder
Minimum one director who is the citizen of Singapore
One Company Secretary who is the resident of Singapore
Registered office address
Shareholder and director cannot be the same person
In Singapore the types of companies that can be formed are sole proprietorships/partnerships/limited liability partnership, private limited company and public limited companies. In addition, below are the procedure and/or timeline for company registration in Singapore;
Get company name approval
Prepare registration documents
Client to sign company registration documents
Register company
Open bank account
Memorandum and Articles of Association
Statutory Declaration of Compliance
Particulars of Shareholders, Directors, Secretaries, etc.
Certificate of Identity
Situation of Registered Office/Office Hrs at Time of Registration
Consent to Act as Director and Statement of Non-disqualification to Act as Director
A Consent to Act as Secretary
Time taken to register the Company is normally 1 day.
In the above-mention, it usually takes one day to incorporate a Singapore Company, the timeline is however, based on the premise that incorporation requirements are already at hand. Asiabizservices, a leading company incorporation provider however, confers the timeline on some vital incorporation procedures regardless of the availability of the required documents;
10 minutes to complete our full detail online form to expedite the incorporation process
10 minutes to reserve company name
30 minutes to prepare necessary incorporation documents
20 minutes to incorporate the company with Accounting & Corporate Regulatory Authority of Singapore
15 minutes to prepare company documents for bank account opening.
