You’re just 4 easy steps away from incorporating your business

You will find more information here: https://mybusiness-asia.com/the-key-role-of-the-company-secretary-in-singapore/

You will find more information here : https://mybusiness-asia.com/registered-office-address-for-companies-in-singapore/

You will find more information here : https://mybusiness-asia.com/2021-filing-obligations-for-hong-kong-and-singapore-reporting-timelines-and-requirements/

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

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.

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…).

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.

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.

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…)

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.

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.

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.

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.