Know About Singapore Company Incorporation Requirements and Benefits

At the present time, Singapore has become an ideal business destination in the world, where global business freaks, SMEs, and Entrepreneurs and leading brands are planning to move to set up their branches and headquarters too. There are many reasons, which make Singapore a perfect business hub to do business and incorporate a new venture out there. Some of the potential benefits of pursuing business in Singapore are:

• ·         Lower business tax rates for local and foreigner businesses in Singapore is setup up to 17% and GST tax is up to 7%.
• ·         Good political support and suitable corporate environment are also positive signs to do business in Singapore.
• ·         The economic stability in Singapore will also make it quite a good place to do business and earn more revenue for the company.
• ·         Convenience for applying business incorporation, registration, privatization, and legal processes of foreign businesses to set up in the country is also the profit that you will experience in the country.
• ·         Ease in getting business passes and work visa in Singapore is also feasible through simple steps.

All the above benefits have influenced the global entrepreneurs and business freaks to set up their businesses in Singapore. So, if you are also willing to setting up company in Singapore, you should have to go for it wisely.

But, most of the SMEs and entrepreneurs do not know how to incorporate a company in Singapore in a legal way. Also, they might not have an awareness of all requirements of Singapore company incorporation process and norms to follow for the same.

Requirements for Company Incorporation n Singapore

Here are some necessary requirements of company incorporation in Singapore such as:

• ·         Firstly, you need to submit an application online through BizFile for setting up a name of a company as well as get it approved by ACRA in Singapore.
• ·         There should be at least one shareholder and one director of the company.
• ·         Do submit the complete details of the company’s registered address or alternate address and bank account details to the government.
• ·         The company’s paid capital status should be at least S$1 million.
• ·         The company’s owner should be 18 years of age or more.
• ·         Moreover, he or she should have a good business idea, which can be materialized easily and have future growth prospects too.

Thus, one needs to make ready or qualify all above requirements for incorporating or setting up a company in Singapore through the legal process and get it done successfully.

Requirements of Offshore Company Formation in Singapore

An offshore company is one that needs to set up to protect them assets legally and minimize the tax obligations on the business at national and international level. However, most of the foreign businessmen and investors do attract offshore companies in Singapore to invest or do business deals with them.

In case, you are going to do an offshore company formation in Singapore, then requirements for the same are as follows:

• ·         Make sure you have set up the right name of the company as well as get it approved by ACRA too.
• ·         There should be minimum one local director in the company. The director should be Singapore resident or has a valid business pass or permanent residency pass.
• ·         There should be shareholders in the company, which can be increased up to 50 in numbers only.
• ·         Do not forget to hire a professional company secretary in the company after completing six months of the company’s incorporation.
• ·         Also, the paid capital of the company should be S$1 million at least.
• ·         It is also needed to submit registered address proofs and bank account details to the higher authority.
• ·         The documents required for offshore company formation are a valid passport, residential address proofs, qualification proofs, and other business documents for verification.
• ·         If your business lies under license category, you should have valid license proof for the same and need to submit it to the government too.

Thus, above are some vital requirements, which you need to qualify for offshore company formation in Singapore in a genuine way.