A company incorporation in Singapore is a simple and efficient process that can be completed in a few days. There are many reasons for starting business in Singapore, including the following:
Singapore is a pro-business environment with low taxes and red tape. The government offers various incentives for businesses to set up and operate in Singapore. These include grants, loans, and tax breaks.
Singapore is strategically located at the heart of Asia. This makes it an ideal base for companies looking to expand their operations into the region. The city-state also has excellent infrastructure and a world-class airport.
Singapore has a highly educated workforce. More than half of the population aged 15 and above have completed tertiary education. The country also attracts talented foreign workers from all over the world.
The process: what is required?
Singapore company incorporation is a straightforward process that can be completed in just a few steps.
First, you will need to choose a company name and registered address. The company name must be unique and cannot be already in use by another business. Once you have chosen a name, you will need to register it with the Accounting and Corporate Regulatory Authority (ACRA).
Next, you will need to appoint at least one director for your company. The director must be a Singapore citizen or resident, and must be at least 18 years old. You will also need to appoint a company secretary, who can be either an individual or a corporate entity.
Once these appointments have been made, you will need to prepare the necessary documents for incorporation. These include the Memorandum and Articles of Association, as well as the application form for registration with ACRA.
The costs: how much will it cost?
The costs of company incorporation in Singapore can vary depending on the type and size of business. For example, a sole proprietorship may cost around $65 to register, while a private limited company may cost $300 to set up. The fees for setting up a public limited company are generally higher, starting at around $1,500.
There are also ongoing costs associated with running a company in Singapore. These can include corporate tax (which is currently 17%), accounting and auditing fees, and company secretarial fees. Depending on the nature of the business, there may also be other costs such as import/export licence fees and Intellectual Property (IP) registration fees.
Overall, the cost of setting up and running a company in Singapore is relatively affordable compared to other countries in the region. This makes Singapore an attractive option for entrepreneurs looking to start or expand their businesses.
If you’re thinking about starting a company in Singapore, the process is relatively straightforward. 3E Accounting Singapore makes it even easier to understand the basics of incorporating business in Singapore. Incorporating a company in Singapore requires only a few steps and can be done entirely online. This article will guide you through the process of incorporating a company in Singapore, including what documents you’ll need and how to register your business.