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    Company Registration Singapore

November 17, 2022

All You Need to Know About Registered Address Service in Singapore

When starting a corporation in Singapore, the Accounting and Corporate Regularity Authority (ACRA) has many requirements. That includes a qualified official business address that will serve as the place where all communications and notices for the company are addressed. Moreover, company registers and records are kept at the same address for safekeeping.

That and all other things between starting and growing a business make registered address service in Singapore crucial to every corporation in one of the world’s most business-friendly yet competent economies.

Learn more about registered business addresses, including the services available when incorporating a company in Singapore. If you read through the content below, you will discover everything related to registered business address services, from qualifications to application. Stick around and take note of the critical points to help with the business formation.

What Is a Registered Office Address, and Why Is It Important?

Forming a company does not happen overnight. The truth is that it takes many preparations, including long processes and compliance with several mandatory requirements set out by the Singaporean authorities. One of these is to have a local registered office address in Singapore as mandated under Section 124(1) of the Companies Act, Cap. 50.

There is no reservation when it comes to having an official office address. Every business in Singapore should have one to abide by ACRA’s rules and regulations. The primary purpose of having an official address is to provide a location where all communications and notices may be addressed. A registered office address should also be open to the public for at least three hours during ordinary business hours per business day.

Expect to receive mail from government entities at the registered address, like notifications on annual requirements, new incentives, and bank correspondence. It is necessary to check the mail daily to not miss out on essential information your business might need in line with its presence in Singapore’s business industry.

Home Address as a Registered Office Address: Is It Allowed?

You can register your home address as an official office address if you live in Singapore. But note that it should undergo specific qualifications and processes before its approval. To ensure that you do this right, get help from the Urban Redevelopment Authority (URA) or Housing and Development Board (HDB). With the Home Office Scheme criteria that must be met, complying with all the conditions is vital to avoid breach or non-issuance of the permit.

Moreover, considering the types of business activities under the Home Office Scheme is a must. Find out more about the activities permitted by looking them up online on reliable sources like URA and HDB. For an introduction, food catering, manufacturing, courier services, and beauty services, to name a few, are not allowed to have a home address as a registered address.

Another factor to consider is that having your home address as an office address will compromise privacy. A registered office address should be known to the general public for business purposes. Keeping this address inaccessible will not designate it as an official business location. Now that you have a good grasp of a registered office address, it is the best time to learn the requirements.

Requirements of Registered Office Address

Although a registered office address must be open to the public, it does not include Saturday, Sunday, and public holidays. This allows the public to access or reach out to the business if needed and assist in sending legal documents from appropriate offices. Failure to do so will incur a S$5,000 fine.

Based on the regulations established by ACRA covering registered office addresses, an office address should be in Singapore. However, it does not need to be the place of operation. It means that the registered office address can be a separate location and not necessarily the same as where your business operates. Everything will fall on the right track if you follow the requirements and qualifications of registering an office address.

Sign Up for Registered Office Address Services in Singapore

Incorporating an enterprise in Singapore should not be complicated. Don’t think twice about reaching out to the experts. The least that you should be worried about is how to register a business address. Let a professional help you! ContactOne has been helping start-ups through our wide range of corporate solutions designed to make starting a company accessible and less time-consuming.

With us at the forefront of your business, particularly business incorporation, we ensure that every requirement will be covered and our process will comply with Singapore’s laws and regulations. Explore our website if you want to learn more about us and what we can do to help your business. Many great things related to corporate support await there. You may also call us on +65 6333 0633 or +65 8666 3633.

May 25, 2022

7 Helpful Company Registration Tips for Small Businesses

Statistics show that there are over 500 million businesses worldwide. As development in various industries continues, more and more aspiring entrepreneurs start their businesses. But before one can be on top of the game, they have to undergo the company registration process.

If you are planning to establish a business, here are some steps you can take to make the procedure more efficient.

  1. Choose a Suitable Business Structure

    2. Before you proceed with the company registration services, you must first choose the business’s structure. In doing so, make sure that it matches the nature of your enterprise. And remember, the requirements you have to submit to offices, the standards you have to meet, the taxes you pay, your liability, and your earning potential will largely depend on the business structure you have chosen.

    Types of Business Structures

    • Sole Proprietorship:

      • Also known as sole tradership or individual entrepreneurship, a sole proprietorship is a type of business owned and managed by one person. It means that the owner of the company is the one who will pay the income tax and enjoy the revenue earned.

      In most countries, you don’t need to register a company established as a sole proprietorship. Still, you have to obtain the necessary permit and licenses for business legitimacy and legality. Taking that into consideration, most sole proprietors find this type of business structure the easiest to establish.

    • Partnership:

      • In a partnership, two or more parties agree to oversee and run a business. With that, they also share the company’s liabilities and profits. Partnerships can either be general or limited.

      A general partnership means that all the parties who agree to run the business will work hand-in-hand to manage the business’s daily operations. They also share equal responsibilities, profits, and losses.

      On the other hand, a general partnership includes general and limited partners. While the general partners are involved in business management, limited partners only serve as the company’s investors. Therefore, they typically don’t have the rights when it comes to decision making.

    • Private Limited Liability Company:

      • Private Limited Liability Company (Pte Ltd) is a business structure that safeguards the owners from debts, liabilities, and other personal responsibilities. The owners are therefore separated from companies and are not obligated to pay the debts of their company. With this arrangement, the assets that the creditors can pursue are only those that belong to the company, not to the members.

    • Public Company:

      • In law, a public company is an independent legal organization whose operations are separate from its owners. Like Pte Ltds, a corporation protects you from personal liability, but there are more regulations and requirements that you are obligated to comply with when you choose this business structure.

      In deciding which business structure you will implement for your organization, make sure that you take into consideration your liability, taxes, control over the business, and the volume of paperwork involved. Choose wisely!

  2. Establish Your Brand

    3. Your company name is the foundation of your brand. Considering its importance in the entirety of your company’s reputation, you have to think of a company name that will best represent your brand’s values. See to it that the name is easy to remember, unique, and will suit the nature of your business at the same time.

    Additionally, you may add in your company name the abbreviation that corresponds with your business structure (e.g., Ltd or Limited. For corporations, Pte Ltd or Private Limited for private limited liability company, etc.). It is also important to note that names with regulated words like bank, broker, or legal may take longer to approve during the company registration process.

  3. Find a Strategic Location

    4. If you are about to build a brick-and-mortar store, choose a location that gives your business a great advantage to scale. Make sure that the area has high foot traffic so you can generate more profit. Aside from that, you also have to check if the area is safe and if the price fits your budget.

    Whether you are establishing a physical or online store, bear in mind that your business’s location affects the taxes you pay, the requirements you will comply with, and the revenue you will receive.

  4. Compile the Requirements Beforehand

    5. For a more efficient company registration process, it would help to complete your requirements before proceeding with the registration. Typically, you need to submit a company constitution, signed consent to act, and documentation that reflects essential information about your company, including its name, purpose, and address.

    If you start your company with ContactOne, we’ll take care of the company registration procedure for you. Just check our website to know the requirements you need to send us, so we can proceed with the registration. With our affordable company registration services, you have one less thing to worry about.

  5. Get an Employer Identification Number

    6. A Unique Entity Number (UEN) is a number assigned to your entity for immediate recognition by the all statutory boards in Singapore including the Inland Revenue Authority of Singapore (IRAS), Ministry of Manpower (MOM) and the Central Provident Fund Board (CPF). The UEN is thus the the identification number for the company. Obtaining a UEN is a requirement for all regulatory matters including tax reporting. Without this number, you also can’t open a bank account for your business.

  6. Obtain Licenses and Permits

    7. A business can only have a smooth-sailing operation if it has the necessary licenses and permits asked by the state and/or country. However, note that the licenses and permits you need to have for your business vary, depending on your business activities, location, and the state and government rules. With that, the fees you have to pay and the documents you need to submit will also be different.

    For this process, you must do your research to ensure that you have everything you need and to keep track of whether or not the licenses and permits need renewal after a specific period.

  7. Open a Business Bank Account

    8. When you have a company, it is vital to have a bank account dedicated to the business alone. Doing so allows you to manage your cash flow. Plus, you need a business account for employee compensation.

    In most cases, banks require you to submit proof of identity of you and your partners who own more than a certain % of the business depending on the bank you are opening the account with. Also, you need to present the Company Constitution other the details of your Company.

Save Time, Skip the Line, Start Your Company with ContactOne!

We hear you! Setting up a company consumes your time and energy. That is why ContactOne is here to help you with your company registration at a price that you can surely afford. Give us a call now, dial 8666 3633 for company registration and secretarial matters or send an email at [email protected].

May 25, 2022

Top Reasons to Set Up a Business in Singapore

The location of your business plays a significant role in its success. Remember, no matter how much you take care of the internal factors of your company, it will still face threats of failure if you don’t look into the internal environment. For this reason, you need to choose a place that will only give you little to no hassle from company registration to operations.

Well-developed countries like Singapore give company owners and aspiring entrepreneurs a conducive environment for business success. Here’s why:

  1. Ease of Doing Business

    2. Singapore constantly clinches one of the top spots when it comes to the best countries in the world to do business. As featured in Forbes, Singapore ranked eighth in 2018, while it is first in trade freedom and sixth in property rights in the same year.

    Not only that, data from The World Bank revealed that Singapore ranks second in the ease of doing business index in 2019, right next to New Zealand. The reason being is that the country has business-friendly regulations.

    Singapore has continuously proved these findings by being efficient in the company registration process and requiring only 1 Singaporean Dollar for paid-up capital. It will only take you about two days to incorporate your business in the country as long as you prepare the requirements beforehand.

  2. Provides a Strategic Location

    3. Being in the central part of Southeast Asia, Singapore opens doors to countless opportunities for entrepreneurs. In addition, the country’s world-class ports pave the way for convenient flights to over 330 major cities in the world, which ultimately established connections with prominent countries.

    For these reasons, Singapore’s logistics performance is among the best in the world—making it easier for businesses to complete economic transactions.

    The country is also home to approximately 120 commercial banks, 30 merchant banks, and 600 capital markets services license holders. Therefore, business owners have a stable location and less risky investment possibilities.

  3. Excellent Tax Structure

    4. One thing that adds a burden to business owners is the tax they have to pay to the government. In most cases, these are the types of taxes a business must pay:

    • Income Tax

      • – It is the money levied by the government based on the income a business earns. To determine how much tax t are obliged to pay, they need to file an income tax return on a yearly basis.

    • Goods and Services Tax

      • – It is the money collected by the government for the sale of goods and services. This is the additional percentage that the consumers have to pay when purchasing goods or acquiring services. However, businesses don’t directly pay sales tax to the authorities since the retailers collect it during the point of sale, then transfer it to the government. *You only need to account for GST if you are a GST registered entity.

    So, what makes Singapore different in terms of taxes?

    The simplicity and rationality of the country’s tax system is something that merits an acknowledgement. The governing body in Singapore doesn’t levy tax on a business’ capital gains and dividends. Moreover, Singapore’s headline corporate tax rate is only 17% as of this writing.

  4. Reliable Legal System

    5. Based on data from Forbes, Singapore ranks sixth as the least corrupt country in the world as of 2018. The country’s officials and its citizens value transparency, giving business owners an assurance that there will be no fiscal distortions and financial damage is less of a possibility.

    Furthermore, the strong legal system of Singapore protects both investors and business owners from fraud.

  5. Access to Exceptional Talent Pool

    6. For a corporate entity, skilled workers are the lifeblood of their operations. Without these people, it will be impossible to deliver quality products or services to the customers.

    In Singapore, the lack of skilled employees is not something you have to worry about. The country has exceptional talents, who are mostly bilingual—establishing effective communication between parties. The workers in Singapore are also productive and efficient, who follows good conduct and ethics.

  6. World-Class Infrastructure

    7. Singapore’s world-class infrastructure is a great advantage for business owners. First, it enables the workers to report to work safely and on time. Also, it helps customers to go to your stores more easily.

    The country’s world-class airport also provides a smoother path for trading, which can power business. Apart from ports, it also has an advanced highway system, towering commercial buildings, and modern subways.

  7. Availability of the Latest Communication Technology

    8. Now that we are in the modern era, having fast internet speed is essential, especially in the field of communication. It fosters good relationships and enables collaboration between teams. In Singapore, this is something you can enjoy. In fact, about 99% of the citizens have access to the country’s broadband network.

    Start a Business Today!

    Data from the Accounting and Corporate Regulatory Authority (ACRA) showed that Singapore has over 547,000 registered business entities as of July 2021. It is an increase of approximately 8,000 registrants from the 539,000 registered businesses last January 2021. As the country’s economy continues to rise, more and more entrepreneurs establish their businesses in Singapore.

    Now that you know the advantages of setting up a business in Singapore, are you planning to follow the paths of the business people who succeeded in the country? If so, leave the company registration process to our skilled company registration consultants. Take care of your business plans while we set up your company in Singapore. Call us on 8666 3633 for company registration and secretarial matters, and let’s do business.

April 22, 2022

How Much Does It Cost to Engage in Company Incorporation Services in Singapore

Setting up your business requires monetary resources, and it is a known fact anywhere, not only in Singapore. Although it is easier to start a business in Singapore compared to other countries, expenses remain one of the deciding factors whether to invest in a new business venture or not.

That being said, knowing how much it would cost to set up your own company in a booming business landscape plays a vital role in achieving success. Suppose you are just starting to get around Singapore’s business hub and think about forming a company. In that case, there is a high possibility that you bump into various information on what is required and an array of price rates.

It is easy to get different information about the cost of starting a business in Singapore because anyone has access to a few sources online. However, not all of them are reliable. Thus, doing your research and digging a bit deeper into multiple search engines will be worth it.

This blog will explain how some factors dictate the cost of company incorporation and the importance of company incorporation services Singapore. Learn more by reading through this article.

What Are the Factors That Affect the Cost of Company Incorporation Services Singapore?

Many factors affect the cost of company incorporation services in Singapore. All of them are regulated by the government, and that is why you have to cherry-pick the service provider you entrust your business’s incorporation process. Ensuring that each step in the process is not missed is essential for setting up a business in Singapore flawlessly.

When it comes to government transactions, you will not have a problem with complete transparency because they will provide the related costs of the services in Singapore. You can check their website for added assurance. There might be changes as the rules and regulations over Singapore’s businesses are consistently changing.

Every business in the country had to take the first two major steps that lead them to entrepreneurship. Check on the Accounting and Corporate Regulatory Authority’s (ACRA) website as they provide the details of the following for company incorporation:

  • Company Name Application
  • Company Registration

These requirements have associated fees and have to be maintained after your business is successfully established. After the preceding requirements are sorted out, start complying with the other essentials of business formation in Singapore. Get familiar with the following:

  • Approved Company Name
  • Registered Office Address
  • Shareholder
  • Director
  • Share Capital

Although you can be as creative as you want in naming your business, it has to be approved by ACRA first. Your office address can be a commercial or residential place in Singapore. However, PO boxes are not permitted by the law. If your business is one of the private limited companies, it is required to appoint at least one, up to a maximum of 50 shareholders. Singapore’s laws allow 100% foreign ownership, and you might want to consider this.

Moreover, as a startup owner, you need to appoint a local director (resident director) who has Singaporean citizenship or a permanent residence in Singapore. A person with a working Employment Pass is also qualified to be a local director. You can now appoint a limitless number of resident and non-resident directors when a local director is appointed.

Lastly, to register your company in Singapore successfully, you only need a minimum of S$1 worth of issued share capital. Even though you are no longer required to have a minimum paid-up capital, startups in a regulated industry are subject to different requirements for the minimum share capital.

Corporate Secretary as a Part of Company Incorporation Services in Singapore

The last thing contributing to the cost of company incorporation services in Singapore is a corporate secretary. A startup is required to appoint a corporate secretary within six months of its formation. Your corporate service provider will also provide this for your business.

As a business trying to have a breakthrough in a saturated and competent corporate landscape like Singapore, it can be overwhelming to handle everything at once. Thus, to pave the way to a profitable business, you must hire the right people. One of the employees onboard your company should be a corporate secretary.

A starting business may face challenges in its first year of operation. Because of this, you have to explore all available resources to help you achieve your goals and be a better business. The best thing you can do is engage in a corporate secretary. They are professionals who will work with you in managing your company’s administrative and technical tasks in line with incorporation, taxation, and bookkeeping, among others. With them on board, you will have peace of mind knowing that everything is taken care of.

Importance of Company Incorporation Services in Starting a Business

Now that you already know the factors affecting the costs of company incorporation services in Singapore, you probably ask why a startup should engage in such services? But before that, take note that the best way to determine the costs of company incorporation services in Singapore is by consulting a service provider itself. Get in touch with them and talk to them about what you want to get done.

Professional company incorporation services take the weight off your shoulders through expert solutions that will help you establish, run, and grow your business in Singapore. They do not only assist you in setting up your business, providers of company incorporation services in Singapore also offer extra services that may come in handy for your business.

Are You Looking for Company Incorporation Services in Singapore?

If you are looking for a provider of company incorporation services, turn to ContactOne now. We can help with setting up your business in Singapore. We are well aware of the statutory requirements needed to put a business successfully. You know that we are reliable because our firm is approved by ACRA.

With our several years of experience in the industry, we guarantee fast and smooth transactions with the appropriate offices. Call us on +65 6333 0633 or +65 8666 3633. ContactOne will be your long-term partner in delivering high-quality corporate services.

April 22, 2022

Things Locals and Foreign Entrepreneurs Should Know About Company Incorporation in Singapore

Like in most countries, it takes a lot of work to start a business in Singapore. Setting up a company and finding your way around the saturated and competent business hub in the country may become even more challenging if you don’t know where to start. Even though Singapore remains on the list of business-friendly countries, as a would-be startup owner, there is more than one thing that you should consider. Company incorporation services can indeed take the weight off your shoulders when it comes to company incorporation Singapore because they will take care of everything related to business formation. However, it is essential to understand what these service providers are getting into. At the end of the day, transparency plays a significant role in establishing customer trust. If your service provider does not involve you with their plans, it is your wake-up call to turn to a more reliable business partner.

We have gathered some of the most asked questions when company incorporation in Singapore is being brought up in a conversation. We have also listed these questions below and some answers to tell you more about company incorporation. Continue reading.

What Should I Know as I Plan to Start My Company in Singapore?

It takes more than a compelling business plan to successfully set up a company in a business hub like Singapore. Do not take a business plan for granted because it will also ensure that your startup achieves its goals on time.

Before you register your business, here are a few things you need to take note of:

  • Before registration, any startup name should be approved by the Accounting and Corporate Regulatory Authority (ACRA).
  • An emerging business should appoint at least one resident director. After that, you can add an unlimited number of resident and non-resident directors. They should pass the requirements, be at least 18 years old, have monetary resources, and be free of illegal charges.
  • Shareholders should be part of your company. You can have at least one, or up to a maximum of fifty shareholders. Take note that they may or may not be one of the directors. Local and non-local individuals or companies can become shareholders in a Singapore startup. Even a business that is composed of 100% non-local shareholding is acceptable.
  • Singapore’s regulatory bodies require hiring a qualified corporate secretary within six months of a business’s establishment. It is best to reach out to a corporate service provider because they know when it is crucial to appoint a secretary for your startup. Ensure that your corporate secretary is not a sole director or shareholder because the laws do not allow it.
  • To successfully make a breakthrough in the Singaporean market, you need at least S$1 as a paid-up capital (also known as share capital). This amount is not fixed as Singapore’s businesses’ rules, and regulations are ever-changing. Catch up with these changes by looking them up online or consulting your service provider.
  • You also need to provide an office address as a part of the company incorporation process. It can be any commercial or residential place in territories under Singapore’s jurisdiction. But be careful not to provide a PO box because the laws do not permit it.
  • If you register a company in Singapore, there are perks like tax exemptions and incentives. All this depends on your returns, though. For more details about business taxes in Singapore, it would be best to refer to the country’s corporate tax guide.

What Do I Need If I’d Like to Incorporate a Company, But I’m not a Singapore Resident?

Company incorporation in Singapore is not yet done after completing the requirements mentioned above. Many things should be considered for a business person who is not a Singapore resident but would like to consider setting up a business. But there is a solution to this concern.

A foreigner vying for a place in the Singaporean business landscape should engage in an expert. A professional corporate service provider can help non-Singapore residents with company registration seamlessly under the country’s laws through appropriate entities and organisations.

The good thing is that non-Singapore residents are not required to comply with a Singapore work visa to form a private limited company. Foreigners only need a visitor visa if they need to attend activities related to their company. However, you will not be allowed to work for the company in Singapore without a work visa. While is it is an easy start; foreign startup owners should work with a local director whose residency is under Singapore’s laws. Doing this also completes the minimum requirement of one resident director. Additionally, you can appoint a local director who will represent you on your behalf.

As a non-Singapore resident, you only need to be physically present if you intend to open a bank account at any bank based in Singapore. Otherwise, you do not have to fly to the country for company registration and work permit processes.

How Long Does It Take to Register a Company in Singapore?

As a country ahead of its time, almost everything can be done online in Singapore. Even registering a company in the country is computerised, and the well-optimised technologies make the process as fast as possible. Given that convenience, it still depends on some circumstances.

To make things easier from the get-go, do not miss these steps:

  1. Name Reservation

    2. New company names registered under Singapore are either approved or rejected within an hour of application. But there is an exception for company names with specific words, like bank, finance, law, and media, among others. In this case, the corresponding external government authority has to review and approve this. Company name approval may take days or even weeks under this condition.

  2. Company Registration

    3. Company registration can be completed within hours when your company name is approved and all paperwork is signed. Prepare the information of your company’s shareholders and directors in case of authorities request them.

    Can I Expedite Company Incorporation Singapore?

    Yes, you can! Not only that you can make the process faster, but you can also make it easier. Turn to ContactOne now, and we will help form your company in Singapore. Whether you are a local or not, it is a smart move to work with us. Knowing that we can help set up, run, and grow your business, you can focus on more key elements to achieve a profitable business venture. Call us on +65 6333 0633 or +65 8666 3633.

Still have questions? Feel free to contact us!