Singapore is a huge hub for innovation and entrepreneurial growth because of its dependency on trade. There are several businesses getting incorporated in Singapore each day as it is the financial hub in South-East Asia. Five fastest-growing industries in Singapore according to Yahoo Finance are FinTech, Startups, Health and Fitness, Cryptocurrency and Cybersecurity. The growth in various industries depends from sector to sector.
There are three categories of companies in Singapore. They are as follows:
- Private Limited Company: This type of company cannot have more than 50 shareholders.
- Listed Company: 50 or more shareholders. This type of company can raise capital by issuing shares and bonds to the public once approved by local governmental authorities.
- Singapore Branch of a Foreign Company: In this setup, the process involves only recording of the branch rather than the incorporation.
Things required to incorporate a company in Singapore are as follows:
- Official Requirements: These are the things that each company must have according to the local government. These include a company secretary, a nominee director, and a registered address.
- Getting the company registered: If foreigners need to incorporate their companies then they require a certified agency who will collect all the documents online, assemble them and send the application to sign electronically on behalf of the company.
- Opening a bank account
- Setting up an accounting route: The company needs to submit several tax reports in a year complying with the guidelines of the government. For this purpose, a company needs to hire a Chartered Accountant who organizes the documents, prepares reports, and files them neatly. The CA also advises on various exemptions so that the companies pay taxes smartly.
Average fees charged for various services required to incorporate a company are listed as follows:
- Incorporation: S$2,550
- Accounting: S$1,200
- Bank Account Opening Assistance: S$200
- CorpPass Registration: S$100 (This pass is required for online transactions with the government, like filing tax or employee-related submissions)
|ACRA Company Name Check and Reservation||Everything in QuickStart, PLUS:||Everything in Business, PLUS:||Everything in Corporate, PLUS:|
|ACRA Registration fee Inclusive (S$320.50)||18 months Corporate Secretary Fees (Free 6 months!)||One-year registered address in Singapore, CBD||One-year mail scanning and email forwarding|
|Company Business Profile||First Board of Directors Resolution||Mail collection and email notification||First year financial statement preparation|
|Company Constitution||First year AGM/ Annual Return Filing||First year ECI and Tax preparation and filing|
|First Board of Directors Resolution||ACRA filing fees inclusive|
|Bank Appointment Setup with Mobile Bankers||Company Stamp|
Incorporating a company in Singapore can be quite challenging, whether it is setting up a completely new company or simply relocating a company to Singapore. It can be unnerving and cumbersome to incorporate a company in Singapore because of the overlong procedures, strict deadlines to follow, and countless requirements. We can help you with setting up your company hassle-free in Singapore.
Note : Cost can change according to Govt fees or company nature
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