Singapore Company Formation |
| |||||||||||||||||||||||
Singapore company formation provides international entrepreneurs with a perfect way to conduct global business. Singapore has evolved into one of the wealthiest country in the world, with in terms of gross domestic product (GDP) per capita and continues to attract vast amounts of foreign direct investment every year. Important points for entrepreneurs to note when considering Singapore company formation are below. Further information about setting up a company in Singapore can be found in our Singapore company registration guide.
| ||||||||||||||||||||||||
| 1. | Singapore company formation is both cost effective and straightforward when compared to other international jurisdictions. According to the World Bank's Doing Business 2011 Survey, Singapore is also the world's easiest place to do business. Additionally, the World Economic Forum ranks Singapore high at 2nd place on its Global Competitiveness Report 2011-2012.
| |||||||||||||||||||||||
| 2. | Singapore company formation is based on UK common law and is governed by the Singapore Companies Act 1963. The Accounting and Regulatory Authority of Singapore (ACRA) is the governing body for such business matters. The cost to register a company with ACRA is S$300 (US$240).
| |||||||||||||||||||||||
| 3. | The model of Singapore company formation preferred by the majority of entrepreneurs for international business is a limited liability company (LLC). Statistics from ACRA shows there were over 23,000 applications for Singapore company formation during the FY 08/09.
| |||||||||||||||||||||||
| 4. | To undertake Singapore company formation, the company must appoint a director and that director must be resident in Singapore. While corporate directors are not permitted, there are no limits on the number of directors of the company. In addition, Singapore company formation requires the appointment of a local, resident company secretary and registered office. Corporate company secretaries are not allowed.
| |||||||||||||||||||||||
| 5. | Annual financial statements must be submitted to both ACRA and the Inlands Revenue Authority of Singapore. Singapore company formation requires the submission of an annual tax return for all company types (with the exception of a representative office) to the Inland Revenue Authority of Singapore (IRAS).
| |||||||||||||||||||||||
| 6. | Following Singapore company formation, entrepreneurs can easily open corporate bank accounts around the world, apply for employment visas in Singapore and rent office space.
| |||||||||||||||||||||||
| 7. | After the Singapore company formation is complete, company details, such as shareholder and director information, must be made available for public viewing on the ACRA online public register.
| |||||||||||||||||||||||
| 8. | There is a minimum of 1 shareholder required for a Singapore company. Both individual and corporate shareholders are permitted, though a private limited company must not exceed 50 shareholders. The minimum authorized share capital when undertaking Singapore company formation is S$1.
| |||||||||||||||||||||||
| Other Information | ||||||||||||||||||||||||
Refer to the following links to read more about Singapore company formation:
| ||||||||||||||||||||||||
| Contact Us | ||||||||||||||||||||||||
For more information on Singapore company formation, contact email@healyconsultants.com or phone us in Singapore at (+65) 6735 0120.
| ||||||||||||||||||||||||
