You’re just 4 easy steps away from incorporating your business
We make the registration of your business easy and efficient with our process and documents entirely digitalised so that you can give your electronic signature right away and kick start your business!
Single Entrepreneurs, why choose MBiA?
We selected essential services for you to continue running your business efficiently while letting us handle your administrative and compliance requirements with local government agencies. Get ahead with peace of mind as we handle your back-office!
- Go paperless, all your forms and fillings appear in your virtual dashboard
- Leverage on our team of industry experts, part of the award-winning RBA Group
- In-house digital corporate services platform and integrated communication service
- Benefit from a ready-to-use business account with multi-currency global wallets located in your most convenient area of business activities: Singapore, Hong Kong, European Union, United States, etc.
- We have designed specific solutions to help you grow your business smoothly
Single Entrepreneur Package
Is this package right for your company? It is if you fit the following description:
100% individual business owner | Small volume of business transactions | Private Limited Company
This is how we get your company registered
You company incorporation is digitalised and streamlined through our in-house corporate secretarial services platform.
Follow the 4 easy steps and we will manage the rest for you!
Select your plan
Select the plan that suits you most, based on your budget and needs
Provide company details
Send us all your company details and provide as much information as possible. The more, the better !
We fill out an application and send it for you to e-sign
Your company registration is completed!
Your business gets registered within a few days!
Based on your needs, we will open for free a business account to start your operations as soon as possible!
Save time and money
Your company is now incorporated!
You have access to all your documents on the platform and can monitor any past, pending and coming items and issue new requests to your experts!
Can you tell me more about the Company Secretary?
You will find more information here: https://mybusiness-asia.com/the-key-role-of-the-company-secretary-in-singapore/
Can you tell me more about the Registered Address?
You will find more information here : https://mybusiness-asia.com/registered-office-address-for-companies-in-singapore/
Can you tell me more about the Taxes in Singapore?
You will find more information here : https://mybusiness-asia.com/2021-filing-obligations-for-hong-kong-and-singapore-reporting-timelines-and-requirements/
What are the minimum requirements to incorporate a private limited company in Singapore?
In order to open a company in Singapore you will need to have:
- 1 to a maximum of 50 shareholders, natural or corporate entities (no nationality requirement);
- A minimum paid up capital of SGD1.
- 1 Singapore Resident director being an individual, who is a Singapore citizen, a Singapore permanent resident or an Employment Pass holder.
- 1 qualified resident company secretary.
- 1 local registered address where are kept the registry of the company.
You may find further details in our other articles here
Do I need an office in Singapore to start my business activity?
In order to comply with the Singapore Act, each company must have a local Registered office Address where registers, records are kept, and all communications are addressed. The registered office is an address in Singapore, it can be a virtual office offered by your company secretary, a physical office directly rented by yourself.
The registered office address is not necessarily the same place where the activities of the company are conducted.
Note that the registered office address must be accessible to the public and always updated with the ACRA.
Please refer to our article here for more details.
Can the company bank account be situated abroad?
You may choose to open the company bank account in another jurisdiction than Singapore. However, having a local bank account may help your business in its day-to-day operations especially if you intend to have an economic substance in Singapore (employee, office, activities…).
What are the annual requirements for my company?
In Singapore, a private company limited by shares must comply with certain statutory filing requirements. The companies shall on an annual basis:
- Prepare and file a corporate tax return for tax purposes;
- Prepare and file an Annual General Meeting and an Annual Return reporting any changes in their particulars (i.e. change of registered address, new company secretary, share capital increase, new shareholders, etc.).
- There is an audit exemption, for companies with a turnover of less than SGD 5 million and whose shareholders are only natural persons; and for dormant companies.
How do I close my company?
You may decide to strike off your company for various reasons. Strick off your company will require clearing up a few steps, during which you need to keep appointed the resident director, the local company secretary and have a local registered address.
The process presupposes the company has no outstanding debt with government agencies, and has stop its activity. The Company may be removed from the register only after confirmation that the Company has no longer any assets or liabilities.
The strike-off procedure will requier to be published in the Gazette for approximately 4 months before to be fully deregistered.
What is counted as an accounting transaction?
Our methodology to compute the total numbers of transactions of your company within a financial year, is based on the following elements:
– Number of bills, receipts,
– Number of sale invoices
– Number of manual journals we will need to perform (depreciation of fixed asset, provision…)
Can I receive a salary as director of the company?
As a director of a Singapore company, you may be received a salary, under a labour contract. Please note that your time spent in Singapore will have consequences on the tax implications of the salary received. The tax implication of this sum may vary depending on whether you are or not considered as a tax resident in Singapore.
Is my company part of a group exempted from audit in Singapore?
The audit exemption in Singapore is allowed for a company meeting 2 of the 3 criteria:
- total annual revenue ≤ $10m;
- total assets ≤ $10m;
- no. of employees ≤ 50.
As part of a group; the company and the group shall meet 2 of the 3 criteria on a consolidated basis for the past 2 financial years.
Please refer to our article here for more details.
Shall I wait for my company bank account to be open before paying the entire capital of the company?
The capital of the company is considered paid when the sum related to the shares allotted is deposed on the company bank account.
However, share capital can be issued without full payment from shareholders, the part that is not paid-up will remain owed by the shareholder to the company.
What is the RORC obligation in Singapore?
The RORC is a register containing the particulars of the company’s registrable controller(s), also commonly known as beneficial owner(s). The Registrable controller is identified as the beneficial owner (individual or corporate entities) of the company that:
- Have an interest in > 25% of shares in a company; or
- Hold > 25% of members’ voting rights in a company; or
- Can exercise significant influence or control over a company.
The Information on the RORC must be lodged with ACRA within two business days after the entity has set up its RORC, and any change shall be updated.