Singapore is known for its amazing lifestyle, infrastructure and world’s famous corporate bodies, which attract the global businessmen, entrepreneurs, and investors a lot. There are several benefits to do business in Singapore. Among all profits, tax exemption for small or new businesses in Singapore is the key benefit that lows up to specific turnover.
The tax rate for existing businesses in Singapore is sealed up to 17% for businesses and GST tax up to 7% too. Apart from that, the corporate environment and its security factors are also good signs that bind the attention of global traders to incorporate their new ventures in Singapore too.
So, if you are interested in pursuing a new company in Singapore too, you should first know about the rules of the Singapore Company Act wisely. This act permits an individual having more than 18 years of age for setting up a company in Singapore easily. Apart from that, there are many typical procedures and requirements for incorporating a new business in Singapore that you need to know wisely.
Procedure and Requirements for Company Setup in Singapore
- First of all, you need to start by setting set a professional name of the company and get it approved by the Accounting and Corporate Regularity Authority (ACRA) in Singapore too.
- There should be one director and shareholder each in the company and they can vary in numbers too.
- The company should have registered address proof and contact details too.
- The numbers of shareholders in the company can be increased up to 50 only.
- You need to submit details of the company’s bank account and its financial status that should be S $1.
- Do not forget to appoint a company secretary, who should be a resident of Singapore.
So, above are some necessary things that you need to keep in mind when going for setting up a company in Singapore. If you can manage all the above things to fulfill on your own then it’s good, otherwise, you can have services of the genuine company registration agencies in Singapore too. Here such agencies may play a good role to get your company registered according to the Singapore Company Acts too.
For Singapore company registration, it would be better to hire an experienced business registration professional or legal advisor, who can navigate you with the right procedure and requirements to get the job done in an authorized way. For this service, he will also charge you reasonably but will do all possible efforts to get your new company registered in a legal way without any issues.
So, you will ample of options to start up business in Singapore and grab the profits of corporate industry and make global customers easily.