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News & Updates
company registration singapore
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:
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Ease of Doing Business
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Provides a Strategic Location
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Excellent Tax Structure
- Income Tax
- Goods and Services Tax
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Reliable Legal System
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Access to Exceptional Talent Pool
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World-Class Infrastructure
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Availability of the Latest Communication Technology
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.
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.
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:
– 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.
– 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.
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.
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.
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.
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
5 Things to Look for in a Company Registration Service Provider
A company registration service provider plays a crucial role in achieving success for new businesses. You can achieve short- and long-term goals through a reliable provider that can help form your business. However, because many companies offer business supports in Singapore and all of them are vying for new clients, choosing the right one for your enterprise can leave you scratching your head. That is why finding the company registration service provider that matches your business needs is essential.
There are several key points to look out for before outsourcing a service provider. Aside from weighing which service provider to turn to and who their previous clients are, it would also be best to know how they will help set up and handle your business. Always keep in mind that not every corporate service provider will suit your business’s structure. Hence, before you hire a service provider to help with company registration, here is a list of things to remember:
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Identify the Specialty of the Service Provider
A company specialising in the services that a business offers or the products they sell increases productivity and provides an advantage compared to a company that handles everything haphazardly. With this level of familiarity, business owners can focus on certain areas of the field they operate in and guarantee high-quality services. Based on your business, hire a company registration service provider who specialises in whatever you want to achieve.
Moreover, service providers also offer additional business support on top of company registration, such as corporate secretarial, accounting, and tax services, among others. In case you are considering many services at once, ensure that the service provider you work with offer these services under specialised departments.
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Don’t Miss Out on Good Organisation
Although Singapore is one of the best places to start a business, challenges are still inevitable. Most of the time, the challenges come from the ever-changing laws and regulations over the business industry in the country. And it can be difficult to keep up, especially for a startup owner who is a newbie and has limited knowledge about the statutory requirements of Singapore.
A company registration service provider with a good organisation can easily find its way around the legal requirements and other paperwork. You can tell if a service provider has a well-organised company by assessing its inventory and interviewing the customer service department.
Do not hesitate to turn down an offer if you think a service provider is internally challenged based on your assessment. It will save you time and resources. Move on to finding another company registration service provider instead. For sure, you will find the best one for your enterprise if you know where to look.
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Always Consider Reliable Communication
Forming a company in Singapore involves a lot of liaising works. A good deal of information is exchanged with the client during various transactions. And, sometimes, a corporate service provider has to confirm some details on behalf of the client. With good communication, it is easier to negotiate and ensure that goals are achieved.
As a client looking for reliable business support services, good communication should be something you should take a closer look at. Work with a service provider that has a customer care desk and an open communication channel to cater to customer concerns all the time.
In addition, effective communication helps foster a good relationship between a business owner and a service provider. Without proper communication skills, it leaves all parties involved unsatisfied and unaccomplished in doing their respective tasks. It is the last thing you want to happen as a startup trying to emerge in a business hub like Singapore.
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Dig a Little Deeper into the Firm’s Reputation
Some of the best recommendations come from referrals, or what most of us know as word-of-mouth. What other businesses say about a service provider they worked with is the most honest marketing tool.
Before signing a contract, ask a service provider for a list of past clients. If you reach out to that reference list, past clients will tell you about their experiences. When it comes to finding the right corporate service provider for your business, leave no stone unturned and always conduct a thorough assessment.
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Let Transparency and Assurance Seal the Deal
As a new business in Singapore, you should turn to a service provider with the intention to set up your business successfully. That is why is it vital that you outsource a company that is willing to be open about all the transactions and other processes they will take on to form your business. If a service provider does not do so, it is your wake-up call to discontinue working with them.
What makes an excellent service provider is their willingness to be transparent of their plans to help your business become its best version. Lack of transparency means lack of trust moving forward. And it would be best if you avoid this.
Working with a qualified service provider that matches the effort you need to register your company can give you an edge in achieving your business goals. More than that, your business ensures compliance with statutory regulations, which every business in Singapore needs to work towards corporate success and sustainability.
Get the Best Company Registration Services in Singapore from ContactOne!
Why choose ContactOne? As a country experiencing constant growth in businesses and startups, Singapore welcomes new investors who want to start their businesses. Although it has been said that Singapore is business-friendly, some things should be taken considered, too. ContactOne is well-aware of these things and ready to take on the job to help form your business.
We are approved by the Accounting and Corporate Regulatory Authority (ACRA). And that is how you know we guarantee the best results if we act on behalf of your business in company registration and secretarial lodgment needs. To know more about ContactOne and our services, call us on +65 6333 0633 or +65 8666 3633. We will get things done for your business on time!
March 29, 2022
How Company Registration Services Can Make the Registration Process Easier for Business Owners
Singapore is consistently acknowledged as a good place to start a business. The city-state has a significant role as an epicentre of trade in Asia. How did Singapore come this far?
Many factors are contributing to Singapore’s success in being a global business hub. These are impressive infrastructures, stable politics, open business policies, a skilled workforce, and a high English fluency rating, among others. All this puts Singapore on top of the list of excellent places to start a business.
The Common Problem of Starting a Business in Singapore
However, setting up an enterprise is not as easy as it seems, even in Singapore. Although the country always welcomes new business ventures from investors, many things should be taken care of before a business owner can successfully establish a local company. One of the most common difficulties a startup may face is company registration. Because registration kicks off the entrepreneurship process, it can be challenging, especially for inexperienced people with limited knowledge of running a company in Singapore.
The good thing is that there is a solution to problems connected with company registration. A company registration services provider can help register your company in Singapore and provide additional supports, such as company secretarial, accounting, and tax services. Company registration is now less hassle and cost-efficient if you turn to company registration services.
Continue reading the list below and find out how company registration services can make the registration process easier for business owners. Let us take a closer look.
Company Registration Services Make Company Formation in Singapore Easier
There are many Singapore-based service providers that can help with company registration. With many service providers trying to win over clients, it can be difficult to choose one. Finding the right company registration services provider is very crucial because it can make or break your company. It is important to understand what you are getting into by determining what services you can get from these service providers.
Here is how the company registration services help make business formation easy in a business landscape like Singapore:
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Uses Professional Methods
The laws and regulations governing businesses in Singapore are ever-changing. Sometimes, it can be hard to keep up with these changes on top of the daily business operations. A firm working with a company registration services provider is no longer required to process legal requirements because the service provider will do this.
With an extensive knowledge of what documents are required by the Accounting and Corporate Regulatory Authority (ACRA), a company registration services provider can single-handedly comply with the laws on your company’s behalf. Only professionals understand the ins and outs of running a business. Thus, it is only right to hire a service provider today.
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Assists in Setting Up an Enterprise
Try to picture this—after successfully setting up your business, it is easy to think you know how to run it. But the truth is, it is only the start of the real challenge. After days, weeks, and months of doing everything from taking phone calls to hiring trusted employees to look after various business operations, you can quickly justify your business knowledge. But in case there is an operation you and your employees cannot handle, a service provider can.
When it comes to setting up an enterprise in Singapore, a provider of company registration services can help establish a robust business foundation. This takes away some of your responsibilities; thus, you can focus on other key elements essential for business growth. Always put your best foot forward, especially in company registration, because it is one of the avenues that help your business succeed.
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Offers Affordable Solutions
Believe it or not, hiring a service provider to handle company registration saves time and money. Running a business requires hefty financial resources. And if you employ more people than your business can pay, the possibility of overspending is high. A corporate services provider can easily get things done with their expertise and knowledge about the business industry. Their experiences are equivalent to a team composed of several members. Thus, a business can cut costs by outsourcing than hiring full-time employees.
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Promotes Time-Bound Solutions
According to the World Bank’s Doing Business 2019, Singapore is one of the world’s best places to start a business. This result is from a survey conducted in 189 economies around the world. With that said, it is easier and quicker to form a company in Singapore. Given all the proper requirements, the process of business registration only takes one day. But things could be an uphill battle if the government changes some laws. This circumstance is when a company registration services provider becomes more beneficial than ever.
Forming a company on your own is a time-consuming task. You have to understand the business laws and Singapore’s legal issues. In doing just that, you would not have time to go through the process of company registration and other business activities. It is best to entrust the entire registration process to a service provider. You can rely on them to go above and beyond, accomplish your goals by taking care of legal matters relevant to your business. There is no other perfect time like the present to turn to a company registration services provider.
Are You Looking for a Service Provider That Will Help in Forming Your Business?
Turn to ContactOne to provide you with corporate services. We understand that running a business in a competitive business landscape like Singapore is not easy to take on personally. Because of that and the ever-changing business industry, we tailored our services to guarantee the best results.
Being registered under ACRA, we are accredited to act on behalf of other businesses or represent them in legal transactions. Let us work together and incorporate your business with our professional methods. Call us now on +65 6333 0633 or +65 8666 3633. If you want to leave a message, send it through [email protected].
January 27, 2022
A Step-by-Step Guide to Company Registration in Singapore
A legitimate company is a successful company. As an aspiring business owner, how can you secure your reputation as a legitimate business and establish trust among your customers and employees? Simple, register your company.
In this guide, let us walk through the process of company registration in Singapore if you are planning to build one in this developed country.
Everything You Need to Know Before Registering Your Company in Singapore
- You need to have your company name approved before the registration of your company with ACRA or the Accounting and Corporate Regulatory Authority.
- Appoint at least one resident director for your company. You have the choice to appoint an unlimited number of both resident and non-resident directors, provided that they are at least 18 years old, not bankrupt, and don’t have any charges for malpractice.
- Within six months of your company’s registration in Singapore, you must appoint a qualified resident company secretary. Take note that sole directors and/or shareholders are not authorized to act as the company secretary.
- The company can have a minimum of one shareholder and a maximum of fifty. Shareholders can either be directors or non-directors, which may consist of both local and non-local entities.
- You must at least have S$1 (or its equivalent in any currencies) worth of share capital.
- Your company must have a local and physical address within Singapore, regardless of whether it is residential or commercial.
How to Register Your Company in Singapore
Step #1: Start with Your Company Name
You begin your business registration process by having ACRA approve your company name.
Bear in mind that your company name plays a crucial role in your brand’s growth and the customer’s recognition. Good company names remain on the minds of the consumers, while bad ones just go with the wind. That is why it is important to choose your company name strategically.
How to Get ACRA’s Approval
You have to consider several factors and follow the guidelines when choosing a company name. Refer to the list below to increase your chances of getting ACRA’s immediate approval.
- Your chosen company name should not be identical to any business name in Singapore.
- Make sure that another company has not reserved the same name.
- It must be free from copyright issues and trademark infringement.
- Remember to choose a decent name, vulgar or obscene ones don’t get approval.
For the name approval process, here are other fundamental things you need to take note of:
- If you follow ACRA’s guidelines, you will get your company name approval in less than an hour.
- The approval process of company names with regulated business words may take longer than a week. Such terms include finance, bank, media, broker, or legal.The ACRA needs to refer such names to another government entity to seek further approval.
- After a successful approval process, you can reserve your company name for 120 days. Failure to incorporate that name within the specified period would mean that ACRA will release the name, and another person can reserve it.
Step #2: Prepare the Necessary Documents for Company Registration
Now that ACRA has approved your company name, the next step is to prepare the documents required by ACRA.
Other than compliance, having the necessary documents protects your business from possible lawsuits and gives assurance to potential investors or business partners. That is why you need to compile every required paperwork before opening your business.
What Are the Documents You Should Submit to ACRA?
- Copy of passport
- Proof of overseas residential address
- Know-Your-Client (KYC) information (e.g., bank reference letters, personal profiles, and business profiles)
- Copy of the Certificate of Incorporation
- Copy of the Constitution
- A resolution approved by directors of corporate shareholders to set up the said company
- The law in Singapore states that non-residents are prohibited from self-registering their company. Hence, non-residents must engage with a professional agency to complete their company registration in Singapore. It would also help to have company registration consultants.
- Should you wish to operate your company physically from within Singapore, you must obtain an Employment Pass or Entrepreneur Pass. These documents allow you to act as your company’s local resident director.
- You can register the company in Singapore and process the work permits without coming to Singapore physically. The only time your physical presence is needed is when you intend to open a bank account at a bank based in Singapore.
1. A company constitution that details how your company operates.
You have the option to adopt Singapore’s standard company constitution, which suits most companies. The terms incorporated in this legal document are also considered to be fair for the parties involved.
2. Signed Consent to Act for both the Directors and Company Secretary.
3. Important information about the shareholders and officers of the company, specifically their identification and residential address
For residents engaging the services of a professional service firm:
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Copy of Singapore identity card
For non-residents engaging the services of a professional service firm:
For shareholders of corporate entities:
Documents that are not written in English should include an officially endorsed translated version.
Step #3: Register Your Company with ACRA
Once you already have the documents necessary for company incorporation in Singapore, you can officially register your company with ACRA. The process for the company registration in Singapore can be online, which will take you less than an hour.
However, there are some cases wherein the company registration has to be forwarded to other relevant statutory boards for them to vet or screen the business further. If this happens, the process may take a few weeks. That is why some aspiring business owners seek assistance from company registration consultants to understand the entire company registration procedure.
Can Non-Residents Incorporate a Singapore Company?
Yes, you can still incorporate a company in Singapore even if you are not a resident of the country. However, you need to follow several additional guidelines and remember some points, such as the following:
Register Your Company Today!
If you are about to start a business or own a Singapore company, but you haven’t registered the enterprise yet, now is the right time for company registration in Singapore. ContactOne makes the registration process hassle-free for you so that you can focus on other important matters for your business. Our corporate services are immediate and cost-efficient! Contact us on 8666 3633 for company registration and secretarial matters.