Benefits of Registering a Singapore Company
What makes a private limited company the popular selection is the fact of limited personal liability and the income tax incentives and benefits for corporate entities. Shareholders of the private exempt limited company are only limited to its paid up share capital that they have invested in the company.
In addition, your company can be exempted from annual audit requirements if you meet all of the following criteria:
- Revenue less than $10 million
- No corporate member
- Less than 20 shareholders
In addition, you get to benefit from full tax exemption of up to $100,000 for the first 3 years upon incorporation.
How to Register a Company in Singapore?
1. What you must know?
Before you start doing it yourself or hire the services of a professional firm, there are a few things you should know:
- You should decide a company’s name, although it has to be approved by the registrar;
- A private company should have a minimum of 1 shareholder and a maximum of 50. Although a director can also be a shareholder, it is not a must for a director to be a shareholder;
- Your company must have at least one resident director;
- You should ensure that your company has a company secretary at least 6 months after incorporation. This is a natural person who is a resident of Singapore;
- You should have a minimum paid up capital of $1; and
- Your company’s registered address should be a physical address which is local, so you should provide it
2. Documents for Registering a Company
You or the Professional Firm will then compile the following information for submission to Accounting and Corporate Regulatory Authority (ACRA).
- The company name – (The first thing that the is to be done is to have the name of the company approved by ACRA. This is by filing an application with ACRA. The result of the approval or rejection will be given in less than an hour)
- Description of the activities of the business;
- Particulars of the shareholders, directors and the company secretary;
- Registered address; and
- Memorandum of association
You are also supposed to provide a copy of your Singapore identity card to the incorporating firm for it to be used with the other documents.
3. Registering the Singapore Company
After all the documents are ready and they have been duly signed, filing of incorporation request and the approval by the company registrar can be done in a few hours. This will mean that you can have your company incorporated in one or two days or even in a few hours.
Do note that an registration fee of $300 for incorporating a private limited company need to be paid to ACRA on top of the $15 registration fee for the business entity name to ACRA.
After the company is incorporated, ACRA will email an official notification confirming the incorporation of the company. This is the official certificate of incorporation since the hard copy is not needed although it can be given upon request and a fee of $50 is applicable.
The process of incorporating a private limited company in Singapore is a fast yet important process.
If you would like to try doing it yourself, you can visit this self-help tutorial located in J Accounting Services website under the do it yourself resources tab on incorporation of company in Singapore. If you are unfamiliar with this process of registering your Singapore Company, it would take you about one day to one week to do so.
Alternatively, this can be made even more efficient and effective if you get the help of J Accounting Services to assist you in this whole process of registering your Singapore Company. It only cost you a one-time flat fee of only $750, where all government fees will be absorbed by J Accounting Services. This saves you time, and you can also have a peace of mind with the care of J Accounting.