Registration of a company in Singapore: how to give a good start to your business
Company registration in Singapore
- company type: There are different types of companies that can be registered in Singapore such as Private Limited Company (Pte Ltd), Sole Proprietorship, Partnership and Limited Liability Partnership (LLP). Pte Ltd is usually the most common choice for SMEs.
- minimum capital: Most companies are not required to have an authorized capital. This means that it is possible to register a company with zero capital.
- management and shareholders: Pte Ltd must have at least one director who is a resident of Singapore and one shareholder (individual or legal person). At the same time, you can be both a director and a shareholder of your company.
- registration: You can use the services of registered agents or contact the Singapore Accounting and Corporate Regulatory Authority (ACRA) yourself.
- Company name: You will need to choose a unique company name that is not already in use in Singapore. Also, of course, the name must be appropriate and not violate the laws or moral standards of the state.
- legal addressin which the company will be registered, naturally, must be.
- documentation: You will have to provide a fairly large package of documents, including copies of passports of directors and shareholders, written consent of directors and shareholders to participate, as well as documents confirming the address of the legal leased property.
- permits and licenses: Depending on the industry and activities, a special permit or license may be required.
- timing and costs: Registration of a company can take several days and cost different amounts depending on the type of company chosen and the services provided by registered agents.
Business in Singapore — why it’s profitable
Doing business in Singapore is considered beneficial for a number of reasons, including the following benefits:
- attractive tax system: Singapore has one of the most attractive corporate tax systems in the world. Income tax is low and amounts to 17%. And there is a double taxation system, which means that profits earned abroad may be exempt from taxation.
- Singapore is famous for its political stability and transparency, as well as a strong economy. This creates favorable conditions for business and investment.
- convenient location: Singapore is located at a strategic point in Southeast Asia, making it an ideal location to expand business in the region and interact with other Asian countries.
- efficient infrastructure and communications: Singapore has a developed infrastructure, modern technology and high-speed Internet connections, making it easier to do business and connect with the world.
- ease of doing business: The process of registering a company and doing business in Singapore is relatively simple and transparent. It provides support for entrepreneurs, including online services and effective government.
- Singapore provides strong protection intellectual property and strict trademark, patent and copyright laws.
- Singapore has a multi-ethnic population and attracts highly qualified specialists from around the world, providing access to a diverse and competent workforce.
- access to financial resources: Singapore is a financial center with access to banking services, investment and capital.
- Singapore has agreements about double taxation with many countries, which reduces the risk of double taxation for companies doing business in the global market.
These advantages, experts emphasize, truly make Singapore an attractive place to do business and invest, especially for international companies and entrepreneurs. However, of course, there are many subtleties associated with a specific type of activity.
Register a company yourself or contact specialists for help
Self-registration, important things to keep in mind:
- bbudget: registering a company yourself can be cheaper due to savings on fees of registered agents or legal consultants.
- knowledge: they are at the forefront. If there is practical information about the registration process itself, the pitfalls and requirements of doing business in this country, then the possibility of self-registration is indeed possible.
- access to resources.
- Time: Registering a company may take time. Moreover, if you do not know the intricacies of the process and are not thoroughly familiar with the local “bureaucratic” specifics.
Turning to specialists has more advantages than disadvantages:
- professional registration agents And legal consultants have the experience and knowledge of company registration, which can save you time and ensure that all rules and requirements are followed.
- risk reduction: Experts will help you avoid mistakes that could slow down the registration process or lead to problems in the future.
- consultation: Experts can provide you with advice and guidance related to your business and help you choose the best company type, tax solutions, etc.
- convenience: Turning to professionals can save a lot of time and simplify the process, allowing you to focus on the business itself.
Ultimately, the decision depends on the specific circumstances and availability of resources. If you have the necessary skills and experience, and the ability to devote enough time to learning the process, then registering a company yourself may be a smart choice. However, if confidence in your abilities or the desire to avoid risks associated with errors in the registration process is clearly a priority, then turning to specialists may be a more reliable and convenient option.