As the #1 corporate service provider in Singapore, Paul Hype Page & Co is the country’s best at helping clients incorporate a Singapore company.
Those who engage with us will receive the industry’s best services to assist in the setting up of a Singapore business for foreigner. At Paul Hype Page & Co, we will adhere to all administrative and business needs in accordance with all statutory regulations and requirements and help complete the process of Singapore business incorporation as quickly and efficiently as possible.
The Process of a Successful Incorporation
By completing each of the following steps, a prospective business owner should be able to have the proposed company incorporated without too much trouble.
Propose and reserve a company name in Singapore. However, the Accounting and Corporate Regulatory Authority (ACRA) will reject a proposed company name if it is identical to another existing company name, undesirable, or similar to an established name or trademark.
Prepare necessary Singapore company incorporation documents. These documents must include the following: personal information of shareholders, directors, and the company secretary; the memorandum and articles of association; the company name; the office’s registered address; and a description of the company’s business activities.
Register the company with ACRA.
Open a corporate bank account in Singapore. The following documents are required when doing so: signed corporate bank account forms by an official bank, a certified copy of the Certificate of Incorporation, a certified copy of the company’s business profile from ACRA, certified copies of one’s passport or SingPass if the prospective business owner is a foreigner, a certified copy of the company’s memorandum and articles of association, the residential addresses of the company’s directors and shareholders, and a resolution from the company’s board of directors which sanctions the opening of the account.
Submit an electronic Certificate of Incorporation.
Obtain a Company Business Profile from ACRA. It will include the following: registration date; amount of paid-up capital; personal information of the company’s directors, shareholders, and company secretary; the company’s registered address; the company’s name and registration number; the registered address; the company’s business activities; and any previous names for the company. All legal and contractual activities conducted by the company require soft copies of the Certificate of Incorporation and Company Business Profile.
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 entire process takes about 24 – 72 hours. However, this depends on how soon we are given all the documents required. Company registration might take longer if:
The company is a corporate entity
The identity card/passport/corporate ID fails the required risk assessment test
Insufficient documents are presented
Documents in ibizfile have been expired for over 72 hours
Minimum Requirements for Singapore Company Registration
Shareholders (individual or corporate)
Local resident director
Initial paid-up share capital of at least S$1
A registered address for the physical office in Singapore
Know Your Customer (KYC) process
The Know Your Customer (KYC) process 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 is required to pass the KYC process. This is a necessary measure to ensure that everyone who has a company in Singapore is a legitimate entity.
With our ibizfile system which is assisted by Dow Jones, the process of conducting a KYC search is easy, effective, and legitimate.
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.
With recent developing news that involves money laundering, we have to become more cautious. The worldwide case of the 1Malaysia Development Berhad (1MDB) scandal in Malaysia has taught many institutions to be more aware of their customers.
At Paul Hype Page & Co, we believe in having the right customers to ensure continued growth for us and our clients’ businesses.
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 & 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 of the business and ownership structure
Information from other regulated persons to help verify the identity, ownership, and control structure of the client’s business
Advantages that come with implementing KYC
Safeguarding your interest as a client of Paul Hype Page & Co
Preventing scammers from participating in any malicious activities that may affect your business
Combating criminal acts, i.e. money laundering and terrorist activities
Ensuring the safety of your company’s assets
Avoiding legal, tax, and reputation issues
Establishing credibility with banks in Singapore
Our Primary advantage over our Competitors
THOSE WHO WORK WITH US DO NOT NEED TO BE PHYSICALLY PRESENT FOR THEIR SINGAPORE COMPANY REGISTRATION
Our state-of-the-art facilities and pending patent ibizfile system mean:
There is no need to visit a lawyer, registrar of oath, or any government official to certify true copies of an identity card or passport. Hence, physical presence is not required with our system.
All directors and shareholders are now able to complete signing of documents and all submissions via our ibizfile system online.
Collection and viewing of all the company incorporation documents can be done online. This is a trusted and secure system that has been tested for years, so there will be no breaches of data.
However, it must also be mentioned that the process of incorporation of companies in Singapore is not simple. Applications can be rejected if minimum requirements and standards that have been set by the relevant government bodies are not fulfilled.
Foreign Company Incorporation in Singapore
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.
Incorporate a Company – Foreign Company
If a parent company from abroad incorporates a subsidiary company in Singapore, the subsidiary company will be regulated as a local company under the Singapore Companies Act. Such an entity shares the same provisions as other local companies in Singapore, even though the development of the company is foreign and separate. The below are some interesting topics relating to foreigner incorporating a company in Singapore
What Are the Guidelines for Foreigner to start a company in Singapore?
Those who do not wish to incorporate a local company in Singapore may nevertheless carry out business activities by incorporating a foreign branch. A foreign branch is an extension of the parent company and is not considered a legal entity that is separate from the parent company. This entity does not have a board of directors or shares.
Foreign Representative Office (RO) Company Registration
An RO does not have legal status but is merely an administrative arrangement. It is primarily designed for non-commercial activities. An RO is unable to carry out any profit-generating business activities in Singapore.
Reasons for rejection of a Singapore company’s incorporation
Money Laundering in Singapore
Singapore adopts a strict approach to combat money laundering and terrorist financing (ML/TF). This initiative is led by the Anti-Money Laundering and Countering the Financing of Terrorism Steering (AML/CFT) Committee. This committee comprises the Permanent Secretary of the Ministry of Home Affairs, Permanent Secretary of the Ministry of Finance, and Managing Director of the Monetary Authority of Singapore.
We at Paul Hype Page & Co adhere to the regulations set by ACRA and Monetary Authority of Singapore (MAS). Before we incorporate and proceed with the registration of a Singapore company, it is necessary for us to know who our prospective clients 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 S$1 million.
Those who can incorporate a Singapore company include:
Why Newly-Incorporated Companies in Singapore Do Not Have to Pay Tax
Singapore offers a start-up tax exemption scheme which allows new companies to claim a full tax exemption. This scheme offers an exemption of up to S$100,000 on qualifying expenses for the first three years of the company’s operation. The scheme is the Singaporean government’s way of encouraging entrepreneurship among people living in the country. It worked with IRAS to formulate this scheme. As Singapore is one of the world’s major business centers, the government would like to do all it can to preserve this prestigious status. However, not every company may claim this exemption. Companies which are eligible must have been registered in Singapore, a Singapore tax resident during the current year of assessment, and have 20 or fewer shareholders during the current year of assessment. Companies which are primarily involved in investment holding or the development of properties for sale, investment, or both are ineligible for the exemption. To have a full picture of Singapore Tax System
Foreign Individuals’ Visa Needs after Incorporation of a Singapore Company
Applicable to foreigners who are equipped with years of management skills and formal tertiary education and have also met the minimum salary requirement. An Employment Pass allows one to work in Singapore and also be the director and shareholder of the company.
Also known as an Entrepreneur Pass. This is for foreign entrepreneurs who are actively involved in business operations but do not have any formal tertiary education. Applications can be made with the MOM. Approval of this visa is on a case-by-case basis.
Those who intend to incorporate a company as a sole proprietorship or partnership are ineligible for this visa.
What Paul Hype Page & Co can do for you
As Singapore’s #1 company incorporation service provider, our dedicated corporate specialists will guide you through the entire Singapore company incorporation process.
We have three physical offices located in Malaysia, Indonesia, and Singapore. Therefore, working with Paul Hype Page & Co not only gives you access to the Singaporean client base but also the rest of the Association of Southeast Asian Nations (ASEAN) region.
Our dedicated and friendly staff at Paul Hype Page & Co will provide you with personalized and private consultation in matters such as:
Business liaising with the government department
Banking within a specific jurisdiction
Business license applications
Emailed documentation of issues about residency and financial background
How We Will Help You Save Tax Money
Paul Hype Page & Co offers the following services to ensure your tax compliance:
Registered agent services
Post-incorporation challenges for Singapore business owners
Challenges one might face being a business owner in Singapore include:
Failure to keep up with the regulations in Singapore is a common pitfall for many new foreign businesses.
Annual General Meeting
A local resident director who does not make sure an annual general meeting is held and the annual return filed with ACRA can be summoned to court. What the yearly compliance , the company need to perform for Annual Tax and Accounting.
Non-nationals who wish to reside and work in Singapore need a valid working pass to do so. Labor legislation imposed by the Ministry of Manpower (MOM) has made it more difficult to obtain a working pass.
High Operating Costs
The cost of opening and running a business in Singapore is relatively high compared to other Southeast Asian countries. Limited land also contributes to high rental costs for offices and retail space.
The government’s strict employment limits on foreign workers can make it difficult to bring in manpower from other countries.
It is vital that a newcomer appreciate and understand the many different customs and traditions that impact Singaporean business culture and etiquette.
At Paul Hype Page & Co, we will help you to:
Get timely updates on the status of your documents and proposed suggestions
Receive simple, virtual services that meet industry standards
Access documents electronically through our website
Find the best prices for required licenses
Check on common practices and report any advantages
Help you make structured decisions about your company
Help you benefit from our years of Business activities and compliance experience
There are no restrictions on the identity of those who plan to incorporate a company in Singapore. Anyone who fulfills all of the necessary criteria is allowed to do so. However, those who fail to fulfill the criteria may not incorporate a Singapore company until they have done so.
The information listed within a company business profile is important because it verifies the details about the company. The company business profile proves that the company is genuine and devoid of the intent to deceive its customers. For this reason, the company business profile (along with the certificate of incorporation) is required for all of the company’s contractual and legal activities.
The tax exemption for start-ups which has been offered by the Singaporean government is currently expected to remain in place for the foreseeable future. The government has always had the intent to develop entrepreneurship in the country. Therefore, it would like to keep this exemption in place to foster the development and growth of start-ups in Singapore.
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:
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