Company Incorporation in Singapore

Every incorporated company in Singapore is required to have a company secretary. Company secretaries are there to assist in the general running of the company and ensure that the company’s directors and shareholders remain properly informed about all regulatory obligations

A total of S$315 is incurred. It comprises of Company Name application (S$15) and Company Registration (S$300) which is introduced by the Accounting and Corporate Regulatory Authority (ACRA).

However, there are other additional costs has to be made with reference to some incorporation requirements.

You will need to fulfill the minimum requirements to incorporate your company

• A local director, a shareholder, a company secretary, a physical local address and at least S$1 paid-up capital.

Follow by opening a Corporate Bank Account in Singapore

• You can choose from various types (Local, Foreign and Online) based on your needs.

Lastly, you will undergo the following process to incorporate your company successfully,

• Propose and reserve your company name in Singapore. However, Accounting & Corporate Regulatory Authority (ACRA) will reject a proposed company name if,
  • It is identical to another existing Company Name, undesirable and similar to an established name or trademark
• Prepare your Singapore company incorporation documents
• Register your company with ACRA
• Opening of corporate bank accounts
• 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.

You will require the following documents to relocate your business to Singapore,

• A proof of the company’s financial soundness
•  A genuine copy of the company’s incorporation documents
• Registration papers through which the company seeks re-domiciliation
• A receipt proving the company’s payment of a registration fee

After which, within 60 days of relocation,

• The company is required to file evidence of de-registration issued by its home country’s companies register with Accounting and Corporate Regulatory authority.

Yes, they can start a business in Singapore if they fit these THREE criteria; (1) Owns an Employment Pass, (2) Local resident director and, (3) Registered address in Singapore

A newly incorporated company which satisfies the qualifying conditions can claim a 75% tax exemption on the first S$100,000 and,
A 50% tax exemption on the next S$100,000 of normal chargeable income for each of its first 3 consecutive years of assessment (YAs).

For more details, you can refer from here.

In Singapore, there are TWO types of banks you can choose from; Local & Foreign. Each of them can cater to your needs.

• Locally, there are 4 different banks; Bank of Singapore, DBS, OCBC and UOB.
• Internationally, there are 117 different banks and here are some examples; HSBC, BNP Paribas, ABN AMRO, Maybank, Standard Chartered, Citibank.

Alternatively, you can consider using Aspire, a Neobank comprises of various perks (I.e., No minimum deposit is required, No monthly fees, etc.) with reference to traditional banks.
Find out more from here