As one of the most business-friendly countries in the world, incorporating a company in Singapore is much easier than you might think. The world’s top companies choose to invest in the country, because of its robust infrastructure and streamlined regulatory framework.
The first step is to decide on your company name. This must be approved by the Singapore Accounting and Corporate Regulatory Authority (ACRA). The proposed name cannot be identical to any existing names or contain certain prohibited and undesirable words. It must also specify the activities that the business intends to engage in using the relevant Singapore Standard Industrial Classification code.
You must also select the number of shareholders, and the percentage of shares each will own in the company. Shareholders can be both local and non-local individuals or corporate entities. You will also need to provide a registered address, which must be in Singapore. It may be a commercial, residential or mailbox address.
If your company is to be tax resident in Singapore, it will have to register with the Revenue Authority of Singapore and submit its income tax returns. Newly incorporated companies are granted tax exemption for their first three years of operation, and they can enjoy zero corporate income tax on specified foreign income remitted to Singapore.
It is also mandatory for all companies to appoint a qualified company secretary within six months of incorporation. The company secretary must be a Singaporean resident and cannot be a shareholder or director of the company. If you are a foreigner, you can hire a professional service that provides nominee directors to handle this process for you. how to incorporate a company in Singapore