As your appointed registration agent, we will prepare all necessary documents. All you have to do is review and electronically sign the documents through our online portal. Attendance at the CEO Investor Summit is by invitation only and is available solely to accredited investors and publishing research analysts. ACRA also maintains a central Register of Registrable Controllers. Companies are required to lodge the same information on controllers via BizFile+ within 2 business days of the date of change.
Compliance for Singapore Companies
To register a business, the applicant must log into the BizFile+ website using his identification number and SingPass. Otherwise, the applicant may also engage the services of a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm) if the applicant does not have SingPass. It is important to note that in the case where there is only a sole director/shareholder, the same person cannot act as the company secretary. The office of company secretary also cannot be left vacant for more than 6 months at any one time.
Understand Singapore’s Company Registration Requirements
A Singpass is an electronic identity that is provided to all Singapore citizens, while foreigners with qualifying FINs can also apply for a Singpass. ACRA will send an email notification confirming the incorporation of the company. The email notification will include basic company details such as the company registration number. Singapore-registered companies enjoy very attractive tax exemptions and incentives. For instance, a new start-up company can claim tax exemptions on the first $200,000 of its normal chargeable income. In order to register a Singapore company, a local Singapore address must be provided as the registered address of the company.
Incorporate your company and open a corporate bank account
There are no forms of protection offered to personal assets from various business liabilities and risks. Contact Piloto Asia today for seamless company registration and expert guidance tailored to your unique needs. Are you a foreign entrepreneur looking to establish your presence in Singapore? With Piloto Asia, registering your company and owning 100% equity is not just possible, it’s straightforward and efficient. Whether you plan to operate from Singapore or manage your business remotely, we’ve got you covered.
Q. How to register a company in Singapore online?
It means, as individuals, local and foreign companies, too, can register a Singapore company. The parent companies can own 100% equity or shareholding in the new company. If you do not have SingPass Login ID, it means, you cannot access the BizFile+ website to register your business online. In such a case, hire one of the reputable registered filing agents in Singapore to incorporate your company. After the successful incorporation of company, ACRA sends a confirmation email.
- If you choose the latter, you will need the transaction number from your approved company name application to proceed with the “Incorporation of Local Company” process.
- ACRA, the Company Registrar, considers secretaries as one of the officers of the company.
- This article provides a detailed guideline on how to check a registered company in Singapore.
- Namely, the particulars of your directors and company secretary and your Memorandum of Understanding and Association.
- They enjoy a corporate tax rate of 9% for profits up to S$300,000 and is capped at 17% if it’s higher than S$300,000.
After completing the process of company registration Singapore, every company must fulfil a set of annual filing requirements to stay compliant with the law. The company secretary issues share certificates to each of the shareholders. It proves https://www.accountingcoaching.online/reporting-and-analyzing-current-liabilities/ their ownership in the newly set up company Singapore. You start the process for company registration Singapore by getting its name approved by ACRA. The chances of quick approval will be higher if you keep the following things in mind.
In Singapore, this soft copy works as the official certificate of incorporation. If you need, we can obtain a hard copy of this certificate by making an online request. After hiring us, submit your incorporation and KYC documents to us.
If your business activity demands a licence, the Accounting and Corporate Regulatory Authority (ACRA) may employ it to direct your application to the relevant licensing department for approval. The Inland Revenue Authority of Singapore (IRAS) employs the SSIC code to ascertain a company’s eligibility for tax incentives. If you’re looking to expand sometime soon, structuring as a private limited company gives you more credibility. It’s easier to navigate banks and financial institutes’ bureaucracy when your business is a Private Limited Company. If you’re a group of 1 to 50 individuals who own part of the capital of a business at limited risk, then you can benefit from registering as a private limited company. A shareholder agreement supplements the company constitution by adding specific regulations that it does not cover.
A partnership is a business owned by at least two partners, who can be individuals, companies, or limited liability partnerships. In a general partnership, the maximum number of partners is usually 20. You can also transfer ownership https://www.online-accounting.net/ of the company, be it partial or whole, without having to disrupt your operations or going through intense legal proceedings. The company’s ownership can be transferred by selling all of, or part of, the owner’s total shares.
If you wish to use residential address as business address, you are advised to check with respective authority. Eligible flat owners/occupiers must seek prior approval from HDB, and owners of private residential property what is double entry bookkeeping and how’s it fit in general ledger must seek prior approval from URA. The minimum paid-up capital for registration of Singapore company is S$1. Paid-up capital (or share capital) can be increased anytime after the incorporation of the company.
