Singapore has rapidly become one of the strongest countries in the world, especially when it comes to its economy.
This is the main reason why Singapore company incorporation has surged over the years. With a stable political ruling and with laws that protect and attract entrepreneurs from all over the world, this country has managed to become so powerful that it is frequently associated with countries such as Switzerland, Monaco and Luxembourg.
There are a lot of reasons for which this country is so attractive for foreigners who want to open a business and start Singapore companies of their own here, and the main one is related to the fact that the entire process is as easy, bureaucracy-less and straightforward as possible. The Singapore government has made it easy for people to like the idea of settling their business in their country and that is precisely why this little dot on the map has managed to get so far.
What distinguish us from all our competitor?
Our state-of-the-art facilities and pending patent ibizfile system mean:
You don’t need to go out of your way to visit a lawyer, registrar of oath, official councillor, or any government official in your home country to certify true copies of your identity card or passport. Hence, physical presence is not required with our system
All directors and shareholder are now able to complete signing of documents and all submission via our ibizfile system online
Collection and viewing of all the company incorporation documents can be done online. It’s a trusted and secure system that has been tested for years, so there will be no breach of your data.
iBizFile system is in full compliance with the Singapore Evidence Act, as
Passport with picture of individual will be uploaded in our system for further verification
Individual’s data are password protected, and
Each stakeholder will be identified with their personal email address for further protection of data
Before we proceed, please allow us to inform you that incorporation of companies in Singapore is not as easy as you think, and when you further your read below, we will explain to you more as the article goes.
How will you fail your company incorporation?
Money Laundering in Singapore
After the recent 1 Malaysia Development Berhad (1MDB) case that shook the world, Singapore has been more careful with our approach towards money coming in to the Republic. BSI Bank in Singapore was ordered to shut down after cases to them relating to 1MDB came to the surface. Ever since then, every financial institution, especially Paul Hype Page & Co, has take more precaution when it come to new Singapore company incorporation.
How Paul Hype Page & Co conduct this
We at Paul Hype Page & Co adhere to the regulation set by ACRA and Monetary Authority of Singapore (MAS). Before we incorporate your company, it is necessary for us to know who you are through the Know Your Customer (KYC) process. The regulations will assist the relevant authorities in knowing understanding all financial dealings better to monitor any transactions for identification and preventing suspicious transactions.
Under the MAS Act, any institution that fails or refuses to comply with their requirements is guilty and will be liable on conviction to a fine not exceeding $1 million.
What is KYC
Know your customer (KYC) refers to due diligence activities that all regulated companies must perform to ascertain relevant information from their clients for doing business with them. Everyone who is incorporating a company in Singapore are required to pass the KYC process. This is a necessary measure to ensure that everyone that has a company in Singapore are legitimate entities.
With our ibizfile system, together with the assistance of Dow Jones, the process of conducting a KYC search is easy, effective, and legitimate in accordance to Singapore legal system.
Why KYC is Important
It is important for us to understand who you are. Paul Hype Page & Co has a long-standing history with many reputable clients. With that in mind, we do not want to engage into any businesses with individuals and/or companies that will tarnish the image of this company, the image of Singapore, and the country that our potential clients hail from.
In Paul Hype Page & Co, we believe in having the ‘RIGHT CUSTOMERS’, and we strive for the continuity of this
When client due diligence is required
Client due diligence is required when an institution covered by AML and Countering the Financing of Terrorism (CFT) regulations enters a business relationship with a client.
This process applies not only to Paul Hype Page and Co’s new clients, but also to existing clients to ensure that records remain up-to-date and relevant.
Documents required for the due diligence process
Passport and/or NRIC
Utility bills, bank statements of individuals (local or foreign address)
Details on the business and ownership structure
Information from other regulated persons to help verify the identity, ownership and control structure of the client
Advantage that comes with implementing KYC
Safeguarding your interest as a client of Paul Hype Page and Co.
Preventing scammers from participating in any malicious activities that may affect your business
Combating criminal acts, i.e. money laundering and terrorism activities
Ensuring the safety of your company’s assets
Avoiding legal, tax and reputational issues
Establishing your credibility with banks in Singapore
The process to A Successful Incorporation
Propose and reserve your company name in Singapore. However, ACRA will reject a proposed company name if,
Register your company with the Accounting & Corporate Regulatory Authority (ACRA)
Assist you with opening corporate bank accounts in Singapore
Submit an electronic Certificate of Incorporation
Obtain a company/branch office Business Profile extract from ACRA
Create minutes of the first board meeting
Create and keep in safe custody the company seal or company/branch office rubber stamp and pay the relevant government and professional fees.
Typically, the process to have your company up and running takes about 24-72 hours. However, that will depend on how fast we are given all the documents required. Company registration might take longer if,
The company is a corporate entity
Identity card/ passport / corporate ID failing the required risk assessment test
Insufficient documents presented, or/and
Expiring of the documents in iBizfile after 72 hours
Who Can Incorporate A Singapore Company
Minimum Requirements for a Singapore Company Registration
Incorporation of Branch /Foreign Subsidiary in Singapore
Type of Singapore Company Incorporation
Employment Pass (EP)
Applicable to foreigners who are equipped with years of management skills, formal tertiary education and having met the minimum salary requirement. An EP can be applied with the Ministry of Manpower (MOM).
Also known as an Entrepreneur Pass. This is for foreign entrepreneurs who are actively involved in the business operations and who do not have a formal tertiary education. Applications can be made with MOM. Approval of this visa is on a case-by-case basis.
Local Nominee Director
A local resident based in Singapore must act as your local nominee director, with a local residential address. This is applicable to foreigners who do not want to relocate to Singapore, and those not involved in the daily operations of a business.
Representative Office with Business Visa
A good exploratory option for foreigners to embrace the business opportunities in Singapore and within the region. Businesses signed within companies in Singapore can enjoy the privilege of banking and trading in Singapore.
Foreign Subsidiary Incorporation
This entity shares the same provisions as other local companies in Singapore, even though the development of the company is foreign and separate.
Foreign Branch Incorporation
If you do not want to incorporate a local company in Singapore, you can still carry out your business activities by registering as a Foreign Branch. This entity is an extension of the parent company, and it is not considered a legal entity that is separate from the parent company. This entity will not have a board of directors or shares.
Foreign Representative Office (RO)
A RO do not have a legal status but is merely an administrative arrangement. It is primarily designed for non-commercial activities. A RO is unable to carry out any profit generating business activities in Singapore.
Offshore company in Singapore
An Offshore company incorporation can be extremely advantageous if you are not interested in actually moving to Singapore and if you are not interested in running everyday procedures related to your business. With this method, you are not required to obtain any visa and you are able to visit Singapore when your business require you to do so.
Different types of Company setup in Singapore:
Private Limited Company (Recommended)
Limited by shares and is a separate legal entity from its shareholders. It is recognized as a taxable entity.
A business entity owned by one person.
Two or more individuals carrying out a business. Assets and returns are typically shared internally, although the amount may differ.
A business owned by two or more individuals. At least one must be a General Partner, and one a Limited Partner.
Limited Liability Partnership (LLP)
Each partner’s own liability is generally limited.
Why chose Paul Hype Page
As Singapore’s NO. 1 company incorporation service provider, our dedicated Corporate Specialists are here to guide you through the entire Singapore company incorporation process.
We have 3 physical offices located in Malaysia, Indonesian and Singapore. We also have a virtual office in Korea.
By engaging Paul Hype Page & Co, it does not only open you to the Singaporean market, but also the possibility of conquering the Association of Southeast Asian Nations (ASEAN) region.
With 3 other offices in the Association of Southeast Asian Nations (ASEAN) region, we can guide you to venture your business into that region.
In the ASEAN region, it all about personal relationship. Hence, our dedicated and friendly staffs at Paul Hype Page & Co will provide you with personalize and private consultation if you need help with matter such as,
Banking within your jurisdiction
Business liaising with the government department
Business license applications
Emailed documentation of your addresses matters on your residency, financial background from your country of origin
How our Physical Presence Will Help You to Save Tax and Consider Tax Evasion
A key consideration for setting up an offshore company in Singapore is the corporate tax rates but Paul Hype Page & Co has a distinct advantage because with our physical office and staffs. We offer the following services to ensure that you are TAX Compliance:
Services Office with REAL staffs running your operation
Registered Agent Services
Challenges you might face as a business owner
To keep up with the regulations in Singapore is a common pitfall for many new foreign businesses.
A local resident director who does not make sure an annual general meeting is held and the annual return is filed with ACRA, can be summoned to court.
Obtaining Work Passes
Non-nationals who wish to reside and work in Singapore need a valid working pass to do so. Labour legislation imposed by the Ministry of Manpower (MOM) have made it more difficult to obtain a working pass.
High Operating Costs
The cost of opening and running a business in Singapore is relatively higher than other Southeast Asian countries. Limited land also contributes to high rental costs for offices or retail space.
The government’s strict employment limits on foreign workers can make it difficult to bring in manpower from other countries.
Being a country of multi-ethnic society, it is vital that a newbie appreciate and understand all the many different customs and traditions that could impact the Singaporean business culture and etiquette.
However, we ensure you we are dedicated to be guiding you throughout your journey.
Your success, is our preference.
Paul Hype Page & Co – Acra service provider and Asean Chartered Accountant.
Paul Hype Page & Co. have 3 physical offices in Singapore, Malaysia and Indonesia
Our Firm Goal is to assist Foreigner and Foreign Companies to set up business in Asean.
How we can help you:
Step 1- Listen to your Business plan and Relocation needs.
Step 2- Analysis your Singapore Tax Planning
Step 3- Recommend the most suited type of Company Incorporation , Open Bank account and
Step 4- Arrange for your Spouse and Children Visa
Step 5- Assist as your company to hire staffs and handle all HR matters
Step 6- Every financial year end, we assist you with your yearly Acra Financial and Tax Compliance
Step 7- Assist you to expand business to Malaysia, Indonesia , Vietnam and Thailand.