Singapore Company Registration

According to the report by the World Economic Forum, Singapore has one of the 10 lowest tax rates in the world. Singapore's corporate income is taxed at a maximum rate of 17%, which is lower than that of most other countries such as India (34%), Australia (30%) and Switzerland (17.92%).

Taxes are often one of the main factors when choosing which country to start a business in. Singapore not only has a corporate tax rate as low as 17%, but also a tiered system of personal income tax rates, starting from 0% and reaching the top rate of 22% if the personal income exceeds S$320,000. Another advantage is that Singapore has no capital gains tax and follows a single-tier tax system. For income already taxed at the corporate level, dividends can be distributed to shareholders without taxation.

Consequently, Singapore companies are commonly considered by multinational companies when determining their international structure architectures. Let Hongda guides you through the process so you can enjoy the tax and legal benefits of registering your company in Singapore - without any stress!

What Are the Requirements of Registering Singapore Companies?

Name Availability: When choosing the name of your Singapore, you need to make sure the name is fully compliant with Singapore’s legislature’s guidelines.
Share Capital: The minimum requirement of registering a Singapore company is 1 SGD paid-up share capital must be paid-up incorporation.
Authorized capital: The Accounting and Corporate Regulatory Authority (ACRA) of Singapore allows for a flexible authorized capital paid-up, which can be paid in tangible or intangible assets.
At least 1 Business Activity Code: A company must choose at least 1 SSIC Code (Business Activity Code) and state in in the registration profile.
At least 1 shareholder: A company must have at-least 1 shareholder which can be either a person or a corporate entity. 100% foreign ownership is allowed in Singapore.
At least 1 Singapore director: All Singapore companies must hire at least 1 Singapore director aging over 18. The director can only be an individual. The director can be a Singapore citizen, a Singapore permanent resident, or a holder of Singapore Entrepreneur Pass (EP).
At least 1 company secretary: A certified local company secretary must be hired within 6 months after incorporation. The sole director cannot service as the secretary at the same time.

What is the Procedure of Setting Up Singapore Companies?

Step 1: Choose the right type of business

Singapore offers various types of business entities, including private limited company, sole proprietorship, partnership, and limited liability partnership (LLP). You can learn about their differences from the table below, or you can book a meeting with Hongda’s experts for the best advice on how to choose.

	Private Limited Company	Sole Proprietorship	Partnership	Public Limited Company
Individual Legal Entity	YES	NO	YES	YES
Taxation	Taxed at maximum 17% corporate income tax	Taxed at individual income tax	Taxed at each member’s individual income tax (for individual) or corporate tax rate (for company and corporation)	Taxed at maximum 17% corporate income tax
Annual Compliance Requirement	Medium	Low	Medium	High
Difficulty of Raising Capital	High	High	High	Low
Perpetual Succession	YES	NO	YES	YES

Step 2: Choose an ideal company name

Choose a unique name for your company and check its availability. The name should comply with Singapore's naming guidelines and should not infringe on any trademarks or copyrights. Name reserve can be made online through the Accounting and Corporate Regulatory Authority (ACRA) website.

Step 3: Documents Signing and Material Preparation

After getting the company name approved, the registration process can now be proceeded. You need to procure some documents required by ACRA:

Company constitution (the Articles of Association);
Consent to act as the director signed by all directors (Form 45);
Consent to act as the company secretary (form 45 B);
Identification of company members;
Proof of residential address of each shareholder;

During this process, you may need to make appointments with company directors and shareholders for document signing, obtain a registered address, hire a company secretary. But no worries, Hongda will provide assistance throughout the procedure for a smooth material gathering experience.

Step 4: Company Registration with ACRA

Your application of setting up a Singapore company now can be submitted to the ACRA when all the necessary documents are signed, and the company name is approved. The whole process is done 100% online through ACRA’s BizFile+ system. Your application is expected to be reviewed and the digital certificate of incorporation may be issued in just 1 day.

Step 5: Post-incorporation and Compliance

Open Singapore Bank Account: a bank account is essential for business operation in Singapore. There are numerous outstanding banks for your choice. Please visit our Singapore Bank Account Opening page (Link to Singapore bank account opening page) for more information about how to get your own account today!
Tax registration: after company incorporation, you should register for taxes with the Inland Revenue Authority of Singapore (IRAS). This includes Goods and Services Tax (GST) registration if your company's annual turnover exceeds the GST requirement of 1 million SGD.
Special licenses and permits application: Depending on your business activities, you may need specific licenses or permits from government agencies. Check the requirements with the relevant authorities, such as the Ministry of Manpower (MOM) for employment-related permits or the Health Sciences Authority (HSA) for certain healthcare products.

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Sound United

Jack Peng
Sound United Vice President > Asia Pacific

Sound United is the leading designer and manufacturer of consumer audio products in the US. Sound United has been using Hongda since 2013. Moving one’s operation to China is not a small task, But Hongda’s expert services helped us set up a company and deal with tax issues so we could get on with growing our business in no time at all, and that’s why we continue to use them today.

Business service Guidance

Hongda Business Services helps foreign businesses looking to establish in the PRD (Pearl River Delta, Guangdong), Shanghai and Hong Kong take advantage of everything that China has to offer.

We typically work with companies in Shenzhen, Guangzhou, Zhuhai, Zhongshan, Shanghai, and Hong Kong.

What are the requirements for company registration in Singapore?

The requirements for company registration in Singapore include having at least one local resident director, a registered local address, a company secretary, and shareholders. Additionally, certain documents such as the Memorandum and Articles of Association, identification documents of directors and shareholders, and consent to act as a director are needed.

Can foreigners register a company in Singapore?

Absolutely! Singapore welcomes foreign entrepreneurs to register their companies. Foreigners can own 100% of the shares in a Singapore company and act as directors. However, at least one local resident director is required.

How long does it take to register a company in Singapore?

The company registration process in Singapore is typically completed within one to three business days. However, the timeline can vary depending on factors such as name availability, document preparation, and government processing time.

Do I need a physical office in Singapore to register a company?

Yes, you must provide a registered local address for your company in Singapore. A physical office space is not mandatory, but the address should be a place where official documents can be delivered and where the company's statutory records are kept.

What is the minimum paid-up capital required to register a company in Singapore?

There is no fixed minimum paid-up capital requirement to register a company in Singapore. However, it is common to start with a paid-up capital of at least SGD 1.

Do I need to be present in Singapore to register a company?

No, your physical presence in Singapore is not required for company registration. You can engage HONGDA SERVICE to handle the registration process on your behalf.

Are there any ongoing compliance requirements after company registration?

Yes, after company registration, you must comply with various statutory obligations. This includes holding annual general meetings, filing annual returns, maintaining proper accounting records, and auditing financial statements (unless exempted).

Can I change the company name after registration?

Yes, it is possible to change the company name after registration. However, the process involves certain legal requirements and filing procedures with the authorities.

Can I register for taxes at the same time as company registration?

Yes, you can register for taxes with the Inland Revenue Authority of Singapore (IRAS) at the same time as company registration. This includes Goods and Services Tax (GST) registration if your company's annual turnover exceeds the GST threshold.

Do I need a local bank account for my Singapore company?

Yes, it is advisable to open a local bank account for your Singapore company. This allows you to manage your business transactions efficiently and comply with banking regulations.

Singapore Company Registration

Registering Company and Investing Singapore
A Great Opportunity You Should Not Miss

What Are the Requirements of Registering Singapore Companies?

What is the Procedure of Setting Up Singapore Companies?

Step 1: Choose the right type of business