Singapore is well known throughout the world for being a stable country with a robust financial system and a well-organized economy. Various channels like banks, VCs, accelerators, incubators, government grants, and more can be used to secure finance at any point in the development process. This has contributed significantly to the growth of Singapore’s start-up industry, which in 2016 attracted US$3.5 billion in venture capital and private equity alone. This makes Singapore a preferential option for businessmen, entrepreneurs, and investors to start a business. If you are among those and intend to start a business in the Singapore Jurisdiction, then you are at the right place to know a to z.
Benefits of Company Registration in Singapore
Socio-political Environment: Singapore is one of the easiest countries in the world to conduct business and boasts a business-friendly atmosphere owing to its healthy social-political environment. The nation’s government promotes a healthy environment by introducing policies that are encouraging, laws that are simplified, and modest tax rates.
Strategic Location: Singapore is a hub for international trade and is well situated in the center of Southeast Asia which links it to the rest of the globe making it geographically excellent. Therefore, It’s the perfect place for companies, entrepreneurs, and investors who want to grow internationally.
Robust Economy: Singapore enjoys a strong international reputation as a stable nation with a strong financial system and an orderly economy. VCs, banks, accelerators, incubators, government grants, and more are some of the methods that funding can be obtained at each stage of development. Due in large part to this, Singapore’s start-up sector has flourished, attracting cash in the form of US$3.5 billion in venture capital and private equity alone in 2016.
Tax Benefits: One of the primary motives for registering a company in Singapore is the tax benefits. Forming a company in Singapore is a smart decision because of the country’s business-friendly tax laws and abundance of tax breaks that promote entrepreneurship and business expansion.
Government Schemes: In 2020, the Singaporean government planned to implement a $4 billion Stabilization and Support Package to aid local workers and Singaporean businesses, to mitigate the economic effects of the COVID-19 pandemic. The government of Singapore also assisted businesses by lowering the cost of hiring employees. For each local worker, the government will deduct 8% of their salary, up to a maximum of $3,600 per month, for three months.
Prerequisites of Company Registration in Singapore
Following are certain requirements to be fulfilled in order to register your company in Singapore:
Company Name: Before proceeding ahead with the company registration process, it is important to decide over the company name and to verify that it meets the criteria of the name such as not being violative of any law, similar to any other pre-existing company name, etc.
Directors’ details: Another prerequisite is to prepare the list of directors to step on board for the company establishment. The list must include the details of the directors such as address, name, financial position, identification proof, etc.
Shareholders’ details: Along with the list of the directors, the list of shareholders is also required to be prepared in the same manner, along with their individualistic detailing such as financial position, identification proof, etc.
Registered Address: The company intended to be registered under the Singaporean Law must have a registered address for its office.
Company Secretary: The company secretary appointment is another must for the company registration process. Within six months of its incorporation, every company in Singapore is required to designate a company secretary. The company secretary cannot hold the position of director or shareholder and must be a Singaporean citizen.
Paid up Capital: The company needs to have a paid up capital of $1 to start with the company registration process under the singaporean laws.
Documents: The last requirement is to have prepared documents which includes Memorandum of Association, Article of Association, Company Secretary’s Particulars, Business License and Permits, Bank Details, Financial Documents.
