• Background Image

    News & Updates

    company registration consultants

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.

March 29, 2022

Company Registration Checklist: Make Sure to Complete These Documents

Every business transaction a company undergoes comes with a document that legitimizes and records the negotiation. Without documents, you will be prone to disputes you can’t counter and risks you may find hard to mitigate. That is why you need to have the essential paperwork, and you have to start from the company registration documents. 

Company Registration Documents: The Complete Checklist

1. Company Name – your company name is as important as the services or products you offer. It must represent your brand values because this is what your target market remembers. So, before anything else, finalize your company name and get approval from the Accounting and Corporate Regulatory Authority (ACRA).

2. Summary of the Business Activities – prepare a brief description of the primary purpose of your company and what it offers to the market.

3. Company Constitution – formerly referred to as Articles of Association, a company constitution details how a company can operate. It is a legal document that sets forth the rights and responsibilities of the people involved in the company. You may get the standard version of this document from ACRA, or you can create one yourself.

4. Signed Consent to Act as a Director – this written consent specifies the agreement made by the director to be a part of the company. Failure to provide this document will make the appointment void. Note that you have to appoint at least one resident director for your company, while you can appoint an unlimited number of directors, whether they are residents or non-residents.

5. Signed Consent to Act as a Company Secretary – a company secretary plays a vital role in the operation of a business. That is why it is essential to provide such a document when you register a company. One couldn’t act as a company secretary without this document.

6. Directors’, Company Secretary’s, and Shareholders’ Particulars – this document should include essential details of the aforementioned people, such as their names, nationality, residential address, and date of birth. Moreover, don’t forget to specify the rights and responsibilities of the signatories.

7. Documents for Know Your Customer (KYC) Due Diligence – if you are working with a corporate service provider, you have to provide proof of identity and address as well as information regarding the stakeholders’ professional background. Your corporate service provider will need this document to conduct a KYC due diligence as required by the ACRA.

Want to Start Your Business with ContactOne? Bring These Documents

Some business owners in Singapore find the company registration process complicated. If you don’t want to undergo such a procedure or you simply don’t have the time due to your hectic schedule, we can help you set up your business. 

Just reach out to us and provide us with the documents needed, and we’ll take care of the rest. Refer to the list below: 

For Singapore Residents 

If you are a resident of Singapore, we only need your identification card. It can either be your NRIC or FIN. This also applies to holders of eligible Employment Pass, Dependant’s Pass, Long-Term Visit Pass, and Student Pass. 

 

For Singapore, Residents Partnering with Foreign Residents 

We only require identity cards for Singapore residents. On the other hand, we need foreign residents to verify their personal information and proof of participation in the company. There are two ways to do this, depending on whether or not you are physically present in Singapore. 

1. If you are a foreigner residing in Singapore, we need your passport and proof of residence. You can submit your utility bills or bank statements as proof of residency.

2. If you are a foreigner who is not physically present in Singapore, we will give you a Letter of Intent to incorporate a company in Singapore for your authorization.

A notary public in your location must notarize the letter of intent and a copy of your passport. 

Note: Documents not written in English must be translated. 

 

For Companies with Corporate Shareholders 

If the company you will set up will have one or more corporate shareholders, we will require the following additional documents from you. These papers are necessary for the incorporation. 

1. A Board Resolution from the Singapore Company – this document must lay out that during the incorporation process, there is an authorized person to act on behalf of the corporate shareholder. Their role includes signing the papers for incorporation.

2. A Board Resolution Approving the Setting Up of a Singapore Private Limited Company – this document must have the essential information, such as the first appointed directors, other shareholders, shares the corporate shareholder will hold, and the total share capital on the new company’s incorporation.

3. Company Profile – Singapore companies can get a copy of their recent Company Profile from ACRA. Meanwhile, foreign companies must provide a Certificate of Incorporation and a Company Profile from their country of residence.

5 Reasons Why Documents Are Important in Businesses

Compiling documents can sometimes be an inconvenience, not just for businesses but also for individuals. Imagine having to secure documents every time you need to enroll in a school, apply for a job, opening a bank account, and so on. Regardless, compliance with the requirements helps you in more ways than you can imagine, especially for companies. 

Documents aren’t just for formality’s sake. Here are five reasons they are essential for your company: 

1. It helps you build your reputation—making you a trusted company for the suppliers, customers, and employees.

2. It governs the flow of your business operations for a smooth-sailing business procedure.

3. It sets out the rules and regulations everyone in your company must follow and giving you the right to hold them accountable in instances of violation.

4. It increases opportunities and decreases risks.

5. Legally binding documents like contracts prove that a mutually beneficial agreement is present between two or more parties.

If you are about to set up a company, start processing your documents now. For more information about company registration in Singapore, feel free to visit our website. We’ll be happy to be of assistance! 

Still have questions? Feel free to contact us!