Singapore – Company Formation and Business Services

March 27, 2020
Singapore – Company Formation and Business Services

Republic of Singapore, or just Singapore, is the most developed sovereign nation in Asia, being ranked 9th on the UN Human Development Index, and has the 7th highest GDP per capita in the world. Additionally, it is considered to be the most incorruptible nation in Asia, and the fifth most incorruptible worldwide.

Beside, being a major financial and shipping hub, Singapore is also recognized as tax haven, and it is classified as an Alpha+ global city, and is the only country in Asia with an AAA sovereign rating from all major rating agencies.

Singapore is a member of United Nations (UN), World Trade Organization (WTO), East Asia Summit, Non-Aligned Movement, and the Commonwealth of Nations, and is a recurrent guest invitee to the annual G20 summit.

Company formation

For all foreigner that want to register a company in Singapore, Private Limited Company represent the best possible solution.

Our team will assist you to fulfil all compliance requirement which are stated by the Singapore Statutory Compliance Requirements:

  • Company Name – You must also check if the name has already been taken by another company. You can also do this by visiting ACRA’s website;
  • Choose the Business Activities – you are required to choose the type of business activities your company will be engaged in from the Singapore Standard Industrial Classification Code (SSIC);
  • Registered Address – A company needs to have a registered office in Singapore that is open to the public for at least three hours per day during normal business hours on weekdays. The registered address must be a physical address, i.e., no PO Box is allowed;
  • Paid-up Capital – Minimum initial capital is 1,00 SGD, but additional capital can be injected any time after the company is registered;
  • Fiscal Year – A fiscal year period must be chosen, which can be any time of the year;
  • Director – You need at least one Resident Director. It can also be Nominee Director;
  • Shareholders – Every company needs at least one, but can have up to 50 shareholders. The shareholder can either be an individual or another company;
  • Secretary – You also need to appoint a Company Secretary within six months of incorporating your company;
  • Auditor – Only small companies are exempt from appointing an auditor within 3 months from the date of registration;
  • Central Provident Fund (CPF) – CPF contributions are mandatory for all local employees who are a Singapore citizen or PR earning more than 50,00 SGD a month. Employment Pass holders do not need to contribute to CPF.

Business services in Singapore

Beside company formation and Nominee director services our team can also provide you with following service:

  1. Accounting and Bookkeeping Services
  2. Corporate Secretary
  3. Taxation
  4. Immigration and Passes – Employment Pass, Dependent Pass, Entrepreneur Pass, S pass, Work permit.

For all additional information regarding company formation and business services in Singapore, or any other country from our Asst World program contact our team.