Your business journey starts with your company incorporation.
We can help to start without delays and hustle from the get go.
All you need to know to start a business in Singapore.
We will guide you through all the necessary steps you need to take to register a company in Singapore, from company name reservation to online incorporation in Company Register, will advise you on necessary business licenses, GST registration requirements and important compliance matters.
Our standard Corporate Secretary service package includes:
Our team can assist with striking-off, company liquidation & advise best practices and procedures for companies working in Singapore.
There are different types of business entities that we may set up to carry out our business projects. The optimal company structure will depend on the business ideas or plans and goals you would like to achieve. Singapore companies commonly fall under following types:
Singapore Companies Act requires every Private Limited company has a minimum of one local resident director. It can be a Singapore citizen, Permanent Resident, EntrePass holder, Employment Pass or Dependent Pass; and has a Singapore resident address. For incorporation of 100% foreign owned company it is required to appoint a nominee director to fulfill this mandatory requirement of the Companies Act.
Company’s directors and company secretary have legal responsibilities and accountable to conduct Annual General Meetings and to file Annual Return to Accounting Compliance Regulatory Authority of Singapore, (ACRA) and to submit its corporate taxation returns to Inland Revenue Authority of Singapore (IRAS). The nominee director who is a resident director be held accountable to all statutory requirements. Failure to comply with the statutory compliance is an offense that results in fines, penalty and prosecution.
Since the Nominee Director is held responsible to pay for company fines, penalty and prosecution charges as levied by the Authority for non-compliance, refundable security deposit is required for our service engagement. Our fees for nominee director service and security deposit vary depend on the risk levels of your business.
Upon your request we can assist newly incorporated companies by provision of Nominee Director Service at competitive rates. Once you are in position to appoint the local director who satisfies local requirements, our nominee director resigns and security deposit returns to the company bank account.
Requirements to engage our Nominee Director Service
Company registration in Singapore is fully online; it is fast and hustle free. Normally the company can be incorporated in 1-2 days, bank account opening will take another 2 days. There are
Step 1. Company Name Selection and Approval.
Once the name is chosen, its availability confirmed and approved by Company Registrar, it is reserved for 60 days from the date of application.
Step 2. Company registration
The name has been approved, the filing of the incorporation can be done in a few hours provided incorporation documents are prepared and have been signed by the directors and shareholders of the new company. A registration fee of S$300 is payable at the time of incorporating a private limited liability company.
The Company Registrar will send an official email notification confirming the incorporation of the company. The email notification includes the company registration number and it is as the official certificate of incorporation in Singapore.
A business profile (Bizfile) with the particulars of the company can be obtained online. Bizfile contains following important information:
Company business profile is sufficient in Singapore for all legal and contractual purposes including opening of corporate bank accounts, rentals, subscribing to utilities, telephone etc.
In addition to that, normal incorporation package includes the delivery of:
After successful registration of your Singapore company, you can open a corporate bank account in any banks in Singapore such as UOB, DBS, OCBC, HSBC, Standard Chartered, Citibank etc. Most of the banks in Singapore require physical presence of the company Directors as part of the account opening procedure.
Some of the businesses require specific business licenses that you should obtain prior to commencing your business operations.
If the estimated annual revenue of your business exceeds SGD 1 million, your company must register for GST. If your company is GST registered, you will need to charge 7% to your customers on the goods and services provided and in turn remit this amount to tax authorities. GST registration is not mandatory if your company’s annual turnover does not exceed S$1 million. Once you register for GST, you are required to provide quarterly GST reports to Inland Revenue Authority of Singapore (IRAS).
Once your Singapore company is up and running, the time starts to fulfill mandatory annual filing requirements and formalities.
Preparation of Financial Statements
All Singapore companies except dormant companies are required to prepare annual financial statements and file with ACRA / IRAS. The financial statements have to be prepared in accordance with IFRS (International Financial Reporting Standards) or SFRS (Singapore Financial Reporting Standards). The financial accounts should consist of Statement of Comprehensive Income (i.e. Profit and Loss Account), Statement of Financial Position (i.e. Balance Sheet), Cash Flow Statement, and Statement of Changes in Equity. With effect from 3 March 2014, companies will file their financial statements in XBRL in accordance with the revised XBRL filing requirements. We highly recommend engage professional service for annual XBRL filing.
Filing of Estimated Chargeable Income (ECI)
Singapore companies are required to declare the revenue amount and Estimated Chargeable Income (ECI) to Inland Revenue Authority of Singapore (IRAS) within 3 months of the Financial Year End for the company. A company will be exempted from ECI filing, if its revenue is less than 1mil during the year, and its all individual shareholders are less than 20.
Audit of Financial Statements
A company incorporated in Singapore will be subjected to audit, if:
Annual General Meeting (AGM)
Each Singapore company must hold an Annual General Meeting (AGM) once every calendar year. The following general rules apply to AGMs:
Filing of Annual Return with ACRA
Each Singapore company must lodge an Annual Return (AR) with ACRA within 1 month of its AGM. Particulars of the company officers, registered address, and auditors (if applicable) and AGM details must be included in the AR.
Filing of Annual Tax Return with IRAS
Each Singapore company must file its annual tax return with IRAS by November 30. Singapore adopts the preceding year basis for taxation. The profits for the financial year ending in the preceding year will form the basis for filing the tax return in the current year. A tax computation should be prepared in accordance with prevailing tax ruling, detailing profit (loss) from prior year, less or add any expenses / income disallowed / allowed during the same period for tax purposes. Detailed supporting schedules of line items from the profit and loss statement should be prepared at the same time. All documents should be retained for checking purposes. To make a hustle-free and worry-free submission, we recommend having a professional tax agent take care of your tax filing needs.
Please note that compliance matters are very important for your normal business operation in Singapore. Failure to comply with the statutory compliance requirements is an offense and may result in fines or prosecution of the directors the company.
We highly recommend engaging professional firms to look after your filing and submission dates and let business owners and managers concentrate on business development.
InBusiness Solutions is able to take care of all your corporate needs from Accounting, Tax, HR & Payroll, and Compliance to Business Advisory. You will not have to run from one consultant to another for different needs, you just need to speak to us and we will look at the overall picture and map the best services to you, so that you will be able to focus on core business.