Official Name: Singapore
Singapore
English, Malay, Tamil, Standard Mandarin
Singapore dollar
OUR SERVICES;
- Consultation (in person, online, phone)
- Helping to prepare your documents
- Start to finish your company registration process
- Immigration services
Singapore
Singapore, officially the Republic of Singapore, is a small island city-state located in Southeast Asia. Despite its small size, it is a global financial and economic hub and has been ranked as the world’s most competitive economy by the World Economic Forum.
History:
Singapore was founded as a British trading colony in 1819 by Sir Stamford Raffles. It remained under British rule until 1963 when it became part of Malaysia. However, due to political and economic differences, Singapore was expelled from Malaysia and became an independent nation in 1965. Since then, it has experienced rapid economic growth and development, transforming from a third-world country into a first-world country in just a few decades.
Culture:
Singapore is a multicultural society with a population consisting of Chinese, Malay, Indian, and Eurasian ethnic groups. Each group has its unique culture and traditions, and this diversity is reflected in Singapore’s cuisine, festivals, and religious practices. Singapore is known for its strict laws and regulations, including strict laws against drug use, chewing gum, and littering.
Economy:
Singapore has a highly developed and diversified economy that is driven by exports, particularly in electronics, manufacturing, and finance. It is the world’s fourth-largest financial center and is home to many multinational corporations. The government has implemented policies to attract foreign investment and promote entrepreneurship and innovation, which has contributed to Singapore’s economic success.
Politics:
Singapore is a parliamentary representative democratic republic with a unicameral legislature. The People’s Action Party (PAP) has dominated Singaporean politics since the country’s independence, and has held power since 1959. The government is known for its strict laws and regulations and has been criticized for limiting freedom of speech and expression.
Overall, Singapore is a prosperous and modern country that has managed to achieve impressive economic growth and development in a relatively short period. Its multicultural society, strict laws, and strong
Types of companies in Singapore
In Singapore, there are several types of business entities that you can choose to set up, depending on your business needs and goals. Here are the most common types of companies in Singapore:
Sole Proprietorship:
A sole proprietorship is a business structure where one person owns and runs the business. It is the simplest and most common form of business entity in Singapore. The owner has unlimited liability and is responsible for all the business’s debts and liabilities.
Partnership:
A partnership is a business structure where two or more individuals own and run the business together. It is similar to a sole proprietorship, but with multiple owners. Partners share the profits and losses of the business, and each partner has unlimited liability.
Limited Liability Partnership (LLP):
An LLP is a hybrid of a partnership and a company. It has the flexibility of a partnership and the limited liability of a company. Partners in an LLP are not personally liable for the debts and liabilities of the business. However, they are liable for any debts incurred as a result of their own wrongful acts or omissions.
Private Limited Company (Pte Ltd):
A private limited company is a separate legal entity from its shareholders. The company has its own assets, liabilities, and legal identity. Shareholders have limited liability, which means their personal assets are protected from the company’s debts and liabilities. A Pte Ltd company must have at least one shareholder and can have up to 50 shareholders.
Public Limited Company (Ltd):
A public limited company is a company that has its shares listed on a stock exchange. It can have an unlimited number of shareholders, and the shareholders have limited liability. Public companies are subject to more stringent regulatory requirements than private limited companies.
Subsidiary Company:
A subsidiary company is a company that is wholly or partially owned by another company, known as the parent company. The subsidiary company has its own legal identity, but the parent company has control over its operations and management.
Branch Office:
A branch office is an extension of a foreign company in Singapore. It is not a separate legal entity from its parent company and is subject to the same regulations and laws. The foreign company is responsible for the branch office’s debts and liabilities.
Advantages of company registration in Singapore
Ease of Doing Business:
Singapore has consistently been ranked as one of the easiest places to do business in the world. The government has implemented various policies and initiatives to attract foreign investors and promote entrepreneurship, making it easy and straightforward to register a company in Singapore.
Political Stability:
Singapore is known for its political stability and strong governance. The government has a pro-business attitude and has implemented policies to create a business-friendly environment. This stability and predictability make Singapore an attractive location for businesses.
Strategic Location:
Singapore is strategically located in Southeast Asia, making it an ideal hub for businesses to access the Asia-Pacific region. It has excellent connectivity to major markets, with a world-class airport and seaport. This makes it a natural gateway for businesses to expand into the region.
Tax Benefits:
Singapore has one of the most competitive tax systems in the world. The corporate tax rate is currently at 17%, and there are various tax incentives and exemptions available to businesses. These include tax exemptions for newly incorporated companies, tax incentives for specific industries, and reduced tax rates for companies with smaller profits.
Access to Skilled Talent:
Singapore has a highly skilled workforce, with a strong education system and a culture of lifelong learning. The government has also implemented various initiatives to attract and retain foreign talent, making it easier for businesses to access the skills they need.
Intellectual Property Protection:
Singapore has strong intellectual property laws and a robust legal system. The government has taken measures to protect and enforce intellectual property rights, making it an attractive location for businesses that rely on intellectual property.
Common questions:
What is the process of registering a company in Singapore?
The process of registering a company in Singapore involves submitting an application to the Accounting and Corporate Regulatory Authority (ACRA) and obtaining approval of the company name, along with the necessary documents and information related to company directors, shareholders, and registered office address.
What are the different types of companies that can be registered in Singapore?
The different types of companies that can be registered in Singapore are private limited company, public limited company, sole proprietorship, partnership, and limited liability partnership.
What are the requirements to register a company in Singapore?
The requirements to register a company in Singapore include at least one director who is a Singapore resident, at least one shareholder, a company secretary, a registered office address in Singapore, and a minimum paid-up capital of SGD 1.
What documents are needed to register a company in Singapore?
The documents needed to register a company in Singapore include a completed application form, a memorandum and articles of association, a declaration of compliance, identification and address proof of company officers and shareholders, and a certificate of incorporation.
Can a foreigner register a company in Singapore?
Yes, a foreigner can register a company in Singapore. However, at least one director of the company must be a Singapore resident.
What is the minimum age requirement for registering a company in Singapore?
There is no minimum age requirement for registering a company in Singapore.
What is the minimum share capital required to register a company in Singapore?
The minimum share capital required to register a company in Singapore is SGD 1.
Can a company be registered with a virtual office address in Singapore?
Yes, a company can be registered with a virtual office address in Singapore, provided that it is a registered address with the ACRA.
What is the time frame for registering a company in Singapore?
The time frame for registering a company in Singapore is usually one to two business days.
What is the cost of registering a company in Singapore?
The cost of registering a company in Singapore depends on the type of company and the services required. It can range from SGD 315 to SGD 1,155.
What is the validity period of a company registration in Singapore?
The validity period of a company registration in Singapore is indefinite, as long as the company remains active and meets its regulatory obligations.
What is a company constitution in Singapore?
A company constitution in Singapore is a legal document that outlines the rules and regulations governing the company’s internal management and operations.
Is it mandatory to have a company constitution in Singapore?
Yes, it is mandatory to have a company constitution in Singapore.
What is the purpose of a company constitution in Singapore?
The purpose of a company constitution in Singapore is to provide clarity and transparency in the company’s internal management and operations, and to protect the interests of shareholders and other stakeholders.
Can a company constitution be changed in Singapore?
Yes, a company constitution can be changed in Singapore, subject to the approval of the shareholders and compliance with the Companies Act.
What is a business name in Singapore?
A business name in Singapore is the name under which a business is registered and operated.
What are the requirements for choosing a business name in Singapore?
The requirements for choosing a business name in Singapore include that it must be unique, not offensive, and not infringe on any trademarks or intellectual property rights.
Can a company have more than one business name in Singapore?
Yes, a company can have more than one business name in Singapore, subject to approval from the ACRA.
What is the process of registering a business name in Singapore?
To register a business name in Singapore, you need to do a name availability search and then apply for registration online through the Accounting and Corporate Regulatory Authority (ACRA).
What is a company seal in Singapore?
A company seal in Singapore is a stamp that contains the company’s name and registration number. It is used to certify official documents and transactions of the company.
Is it mandatory to have a company seal in Singapore?
No, it is not mandatory to have a company seal in Singapore.
What is the purpose of a company seal in Singapore?
The purpose of a company seal in Singapore is to authenticate documents and transactions of the company, such as contracts, share certificates, and resolutions.
How can a company seal be obtained in Singapore?
A company seal can be obtained by ordering it from a company seal maker. It can also be purchased from office supply stores.
What are the responsibilities of a company director in Singapore?
The responsibilities of a company director in Singapore include managing the company’s affairs, making decisions in the best interest of the company, complying with legal and regulatory requirements, and acting with due care and diligence.
How many directors are required to register a company in Singapore?
A private limited company in Singapore must have at least one director, while a public company must have at least three directors.
Can a director also be a shareholder of the company in Singapore?
Yes, a director can also be a shareholder of the company in Singapore.
What are the requirements for appointing a director in Singapore?
To appoint a director in Singapore, the person must be at least 18 years old, of sound mind, and not disqualified under the law from being a director.
Can a foreigner be appointed as a director of a company in Singapore?
Yes, a foreigner can be appointed as a director of a company in Singapore.
What is the role of a company secretary in Singapore?
The role of a company secretary in Singapore is to ensure compliance with legal and regulatory requirements, maintain the company’s records and statutory registers, and assist the directors in their duties.
Is it mandatory to have a company secretary in Singapore?
Yes, it is mandatory for all Singaporean companies to have a company secretary within six months of their incorporation.
What are the requirements for appointing a company secretary in Singapore?
To appoint a company secretary in Singapore, the person must be a resident of Singapore and have the necessary qualifications and experience.
Can a company secretary also be a director of the company in Singapore?
Yes, a company secretary can also be a director of the company in Singapore.
What is the role of a shareholder in a company in Singapore?
The role of a shareholder in a company in Singapore is to own a portion of the company and have the right to vote on important matters such as the appointment of directors, the distribution of dividends, and the amendment of the company’s constitution.
Can a shareholder be a foreigner in Singapore?
Yes, a shareholder can be a foreigner in Singapore.
What are the requirements for shareholding in a company in Singapore?
There are no specific requirements for shareholding in a company in Singapore, but it is important to comply with legal and regulatory requirements and maintain accurate records.
What is the minimum and maximum number of shareholders in a company in Singapore?
A private limited company in Singapore can have a minimum of one shareholder and a maximum of 50 shareholders, while a public company can have any number of shareholders.
What is the difference between authorized capital and issued capital in Singapore?
Authorized capital is the maximum amount of shares a company can issue to shareholders. Issued capital, on the other hand, refers to the portion of the authorized capital that the company has already issued and sold to shareholders.
What is the process of issuing shares in a company in Singapore?
To issue shares in a company in Singapore, the company must first hold a board meeting to authorize the issuance of shares. The company must then file a notice of allotment with the Accounting and Corporate Regulatory Authority (ACRA) within 14 days of the issuance of the shares.
What is the process of transferring shares in a company in Singapore?
The process of transferring shares in a company in Singapore involves the seller completing a share transfer form and delivering it to the buyer along with the share certificate(s). The buyer must then complete the form and return it to the company along with the share certificate(s) to effect the transfer.
What is a registered office address in Singapore?
A registered office address in Singapore is the official address of a company for the purposes of receiving correspondence from the government and other official bodies.
Is it mandatory to have a registered office address in Singapore?
Yes, it is mandatory for every company in Singapore to have a registered office address.
What are the requirements for a registered office address in Singapore?
The registered office address must be a physical location in Singapore and cannot be a P.O. Box. The address must also be capable of receiving and forwarding mail and other communications.
Can a virtual office be used as a registered office address in Singapore?
Yes, a virtual office can be used as a registered office address in Singapore, as long as it meets the requirements for a registered office address.
What is a business registration number (BRN) in Singapore?
A business registration number (BRN) in Singapore is a unique identifier assigned to a business entity upon registration with the Accounting and Corporate Regulatory Authority (ACRA).
How is a business registration number (BRN) obtained in Singapore?
A business registration number (BRN) is obtained by registering a business entity with the Accounting and Corporate Regulatory Authority (ACRA).
What is a goods and services tax (GST) registration in Singapore?
A goods and services tax (GST) registration in Singapore is a registration for businesses that sell taxable goods and services in Singapore. It allows businesses to collect GST from their customers and claim back any GST paid on their purchases.
Is it mandatory to register for GST in Singapore?
GST registration is mandatory for businesses that have an annual taxable turnover of more than SGD 1 million. Businesses with a turnover of less than SGD 1 million may register voluntarily.
What are the requirements for GST registration in Singapore?
The requirements for GST registration in Singapore include having a registered business entity in Singapore, having a taxable turnover of more than SGD 1 million, and being engaged in the sale of taxable goods and services in Singapore.
What is the process of GST registration in Singapore?
The process of GST registration in Singapore involves submitting an online application through the Inland Revenue Authority of Singapore (IRAS) website. The application must include supporting documents such as the company’s financial statements and business profile.
What are the tax implications of GST registration in Singapore?
The tax implications of GST registration in Singapore include the requirement to charge and collect GST from customers on taxable goods and services, as well as the ability to claim back any GST paid on business expenses.
What is the corporate tax rate in Singapore?
The corporate tax rate in Singapore is 17%.
What are the tax incentives available for companies in Singapore?
Corporate Income Tax Rebate: A company can enjoy a rebate on their corporate income tax, which is currently set at 25% of the tax payable, subject to a cap of S$15,000.
Pioneer Incentive: This incentive is for companies engaged in new industries or undertaking significant expansion of existing capabilities. The Pioneer Incentive grants a corporate tax exemption of up to 15% for a period of up to 15 years.
Development and Expansion Incentive: Companies that are expanding or upgrading their operations in Singapore can apply for this incentive. The incentive provides a corporate tax exemption of up to 50% on the incremental income from qualifying activities for a period of up to five years.
Productivity and Innovation Credit (PIC) Scheme: This scheme encourages companies to invest in innovation and productivity-enhancing activities. Eligible companies can claim tax deductions or cash payouts for qualifying expenditures under six categories, including research and development, automation, and training.
Global Trader Programme: This programme offers tax incentives to companies that engage in international trading activities. The incentive provides a reduced corporate tax rate on qualifying income derived from qualifying activities.
Double Tax Deduction for Internationalization: This incentive allows companies to claim a tax deduction for expenses incurred in internationalization activities, such as market surveys, participation in trade fairs, and overseas business development trips.
Financial Sector Incentive (FSI): This incentive is for companies engaged in qualifying financial sectors activities, such as fund management, treasury operations, and reinsurance. The incentive provides a reduced corporate tax rate on qualifying income derived from qualifying activities.
Documents required to register a company:
Company name: A proposed company name that is unique and not identical or too similar to any existing registered company or trademark.
Company directors and shareholders information: Personal information such as full name, identification number or passport details, residential address, nationality, and contact details of all directors and shareholders.
Company secretary information: Personal information such as full name, identification number or passport details, residential address, nationality, and contact details of the appointed company secretary.
Memorandum and Articles of Association (M&AA): This document outlines the company’s constitution and regulations, including the business activities, share capital, rights and obligations of shareholders, and directors’ duties and powers.
Registered office address: A physical address in Singapore that will serve as the company’s official address for receiving official correspondence.
Share capital: The amount of share capital the company will have, including the number of shares and their nominal value.
Identification documents: A copy of identification documents such as passports or NRICs for all directors, shareholders, and the company secretary.
Residential address proof: Proof of residential address such as a recent utility bill or bank statement for all directors, shareholders, and the company secretary.
Employment pass (if applicable): If any foreign director or shareholder plans to relocate to Singapore to manage the company, they must have a valid employment pass.
Type of Banks in Singapore
Retail Banks: These banks offer traditional banking services to individual customers, such as savings accounts, loans, and credit cards. Examples of retail banks in Singapore include DBS, UOB, and OCBC.
Benefits: These banks are ideal for individuals who need basic banking services, such as savings accounts, credit cards, and personal loans.
Corporate Banks: These banks focus on providing banking services to businesses, including corporate loans, trade financing, and treasury services. Examples of corporate banks in Singapore include Citibank, Standard Chartered, and HSBC.
Benefits: These banks are suitable for businesses that require financing for their operations, trade financing, and treasury services.
Private Banks: These banks provide personalized banking services to high net worth individuals, including wealth management, investment advisory, and private banking. Examples of private banks in Singapore include UBS, Credit Suisse, and DBS Private Bank.
Benefits: These banks are ideal for high net worth individuals who require personalized wealth management services and investment advice.
Islamic Banks: These banks operate based on Islamic finance principles, which prohibit charging interest on loans. Instead, they offer Shariah-compliant financial products such as Murabaha and Mudarabah. Examples of Islamic banks in Singapore include Maybank Islamic and CIMB Islamic.
Benefits: These banks are suitable for individuals and businesses who prefer to operate based on Islamic finance principles and require Shariah-compliant financial products.
Digital Banks: These banks operate entirely online, with no physical branches, and provide services such as savings accounts, debit cards, and loans through mobile applications. Examples of digital banks in Singapore include Grab, Singtel, and Sea Group.
Benefits: These banks are ideal for individuals who prefer to conduct their banking entirely online and require convenient and accessible banking services.
The top universities in Singapore
National University of Singapore (NUS) – www.nus.edu.sg (Ranked 11th globally)
Nanyang Technological University (NTU) – www.ntu.edu.sg (Ranked 12th globally)
Singapore Management University (SMU) – www.smu.edu.sg (Ranked 387th globally)
Singapore University of Technology and Design (SUTD) – www.sutd.edu.sg (Ranked 441-450 globally)
Strange or unusual to visitors in Singapore
Strict laws and regulations: Singapore is known for having strict laws and regulations, which visitors may find surprising. Some examples include fines for littering and chewing gum, and a ban on smoking in public places.
Cleanliness: Singapore is one of the cleanest cities in the world, and visitors may be surprised by the lack of litter and cleanliness of the streets.
Multiculturalism: Singapore is a melting pot of cultures, with a mix of Chinese, Malay, Indian, and Western influences. Visitors may find it unusual to see mosques, Hindu temples, and Buddhist temples all within close proximity.
Hawker centers: Hawker centers are open-air food courts that offer a wide variety of affordable and delicious local food. Visitors may find it unusual to see different types of food being sold in the same place, and may be surprised by the lack of seating.
Efficient public transportation: Singapore has one of the most efficient public transportation systems in the world, with a network of buses, trains, and taxis. Visitors may find it unusual to see how punctual and well-maintained the system is.
High-tech infrastructure: Singapore is a high-tech city, with features such as automated immigration clearance and smart traffic systems. Visitors may find it unusual to see such advanced technology being used in everyday life.
Climate: Singapore has a tropical climate, with high humidity and temperatures that rarely drop below 25 degrees Celsius. Visitors may find it unusual to deal with the constant heat and humidity, especially if they come from a cooler climate.
Singlish: Singlish is a unique blend of English, Malay, Chinese, and Tamil that is spoken in Singapore. Visitors may find it unusual to hear locals speaking in a language that is not quite English, but not quite any other language either.
“Tips for Newcomers: Adjusting to Life in Singapore”
Embrace the culture: Singapore is a diverse city-state with a unique culture. Take some time to learn about the local customs and traditions, and be open to new experiences.
Get connected: Join local social groups or expat associations to meet new people and make friends. This can be especially helpful if you’re feeling homesick or isolated.
Stay active: Singapore has a wide range of sports and fitness activities, from running groups to yoga classes. Exercise is a great way to stay healthy and meet new people.
Try the local cuisine: Singapore is famous for its food, which is a blend of Chinese, Malay, and Indian influences. Be adventurous and try new dishes, but be prepared for spicy flavors!
Learn some basic phrases: English is the official language in Singapore, but many locals also speak Mandarin, Malay, and Tamil. Learning some basic phrases in these languages can help you communicate with locals and feel more at home.
Get to know your neighborhood: Singapore is a small country, but each neighborhood has its own unique character. Take some time to explore your local area and discover the hidden gems.
Be prepared for the weather: Singapore is hot and humid year-round, so be sure to dress appropriately and stay hydrated. Carry an umbrella or rain jacket as well, as sudden downpours are common.
Stay organized: Singapore is a busy and fast-paced city, so staying organized can help you manage your time and stay on top of things. Keep a calendar, make to-do lists, and set reminders to help you stay on track.
Take advantage of public transportation: Singapore has a well-developed public transportation system that is clean, safe, and efficient. Use the MRT (Mass Rapid Transit) and buses to explore the city and save money on transportation costs.
Be patient: Adjusting to a new country and culture takes time, so be patient with yourself and don’t expect to feel completely settled right away. Keep an open mind and a positive attitude, and you’ll soon feel at home in Singapore.
Top recruitment agencies in Singapore
Randstad Singapore
Website: https://www.randstad.com.sg/
Contact: +65 6510 1350
Kelly Services Singapore
Website: https://www.kellyservices.com.sg/
Contact: +65 6709 3388
ManpowerGroup Singapore
Website: https://www.manpower.com.sg/
Contact: +65 6232 8811
Adecco Personnel Pte Ltd
Website: https://www.adecco.com.sg/
Contact: +65 6835 3400
Hays Singapore
Website: https://www.hays.com.sg/
Contact: +65 6223 4535
Recruit Express Pte Ltd
Website: https://www.recruitexpress.com.sg/
Contact: +65 6735 0800
Robert Walters Singapore
Website: https://www.robertwalters.com.sg/
Contact: +65 6228 0200
Michael Page Singapore
Website: https://www.michaelpage.com.sg/
Contact: +65 6533 2777
GMP Recruitment Services (S) Pte Ltd
Website: https://www.gmprecruit.com/
Contact: +65 6736 2022
Talentvis Singapore Pte Ltd
Website: https://www.talentvis.com/
Contact: +65 6337 1412
The Easiest Way to Immigrate to Singapore
Employment Pass: Skilled professionals who have a job offer from a Singaporean employer can apply for an Employment Pass (EP). The EP is a work visa that allows holders to live and work in Singapore for up to two years, with the option to renew.
Entrepreneur Pass: Foreign entrepreneurs who want to start a business in Singapore can apply for an Entrepreneur Pass (EntrePass). The EntrePass is designed to attract foreign talent and encourage entrepreneurship in Singapore.
Permanent Residency: If you have been living and working in Singapore for a certain period of time, you may be eligible to apply for permanent residency (PR). PR status allows you to live and work in Singapore indefinitely and enjoy many of the same benefits as citizens.
Student Pass: Foreign students who are accepted into a Singaporean educational institution can apply for a student pass. This pass allows students to live and study in Singapore for the duration of their course.
Necessary phone number in Singapore
Emergency services (police, ambulance, fire): 999
Non-emergency police hotline: 1800 255 0000
Singapore Civil Defence Force (emergency medical services): 995
Healthline (non-emergency medical advice): 1800 022 2222
Singapore Tourist Assistance Hotline: 1800 736 2000
Changi Airport information: +65 6595 6868
Public transport (bus and train) information: 1800 225 5663
Immigration and Checkpoints Authority (ICA) for visa and entry-related enquiries: +65 6391 6100
Ministry of Manpower (MOM) for work pass-related enquiries: +65 6438 5122
Central Narcotics Bureau (CNB) for drug-related matters: +65 1800 325 6666
http://danarg.com/city-of-millionaires/
In case you’re interested in knowing more info on credit saint, stop by https://financiallygenius.com