Many experts have confirmed that Singapore has the most open economy in the world. This makes her the best place in the world to start a business. Here are the things you need to know in order to Start a Singapore company.

Things Must Know In Order to Form a Company in Singapore

Singapore is a sovereign city-state which has become really interesting for foreign investors in the past ten years. This is because of the growing economy and the positive economic climate in this Asian country. Singapore company incorporation is one of the most popular options for foreign investors seeking a new venture in an overseas jurisdiction. Many experts have confirmed that Singapore has an economy that can be viewed as the most open in the world. So it is no wonder why so many local and foreign business owners and investors have decided to form a company in Singapore. Starting your business in Singapore is one of the best decisions you will make.

In addition, company incorporation in Singapore brings many benefits for the owners. You can hardly find any other country in the world offering so many advantages when it comes to taxation, tax exemption schemes, corporate tax benefits, protection from bankruptcy and liability in cases of debts caused by business activities. Not to mention the ease with which you can acquire a work visa if you meet the requirements. The easy company formation process is a major bonus point. These are only some of the reasons why so many people are incorporating companies in Singapore. However, if you are interested registering a Singapore company, you should know that these advantages come with certain responsibilities. What is even more important is that the process of forming a company is linked to certain legal and formal activities. These activities are created by the authorities. This is their way to prevent cases of tax evasion, money laundering, financial abuses and other illegal activities. Now, let’s highlight some of the legal actions you have to take to run a Singaporean company.

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Important Things to Note About Singapore Company Incorporation

One of the most important things is to select a local resident director who is permanent resident or citizen of Singapore. Every company can have one or more directors and shareholders, but at least one of them should be from Singapore. In this way the state has a guarantee that at least someone is accountable for the actions of the company.

Another thing that companies must have is a qualified company secretary who once again should be a permanent resident or citizen of Singapore once you have registered your company. This company secretary is appointed with a decision of the shareholders. In addition, the company should submit a directors’ report. The content of this report should be precise and it should contain the shareholders and directors’ accounts and interests. It also needs to contain the disclosure of the company’s operations, accounting policies and financial statements. Financial statements here could include bank statements and any other financial statements etc. When you engage incorporation services providers like Paul Hype Page, corporate secretarial services are part of the business solutions we offer to make life easier for you.

Just like in any other country, companies in Singapore need to submit financial year-end documents. The annual returns should also be submitted after the annual meeting of a company. The documents must be submitted to the Accounting and Corporate Regulatory Authority (ACRA). When it comes to tax returns, they should contain the directors’ report. Depending on the situation, they should also contain the so-called Form C. The Form C document is submitted every year in June when the fiscal year is finished. There is an opportunity to postpone this submission until December if the company files its ECI.

Private limited companies are allowed to submit unaudited accounts.This is just in case they have a turnover of less than $5 million during the year. Branch offices and companies owned by foreign citizens are an exception from this rule.

All businesses must have a business profile. You must also have an established business address which can be a residential address, and a corporate bank account for business transactions. You should also note that no P.O Boxes will be allowed as a registered address for your company. Once your business has been successfully incorporated, ACRA will issue you a certificate of incorporation. If you require a work pass to live and work in Singapore to run your business, we can prepare the necessary documentation for you.