How to Incorporate a Company in Singapore
The first step in registering your business in Singapore is to decide which type of company you want to form. There are many reasons to incorporate a company in Singapore, such as its proximity to the emerging Asia-Pacific markets and its low taxes.
Once you have decided on the type of company you want to register, you will need to choose a name and specify your activities using the appropriate Singapore Standard Industrial Classification code. Your company’s proposed name must not be identical to any existing one, and cannot contain prohibited or undesirable words. You will also need to provide a registered address in Singapore, which must be a physical address and not a P.O. Box, and have at least one shareholder. Shareholders can be either individuals or other legal entities, and 100% foreign shareholding is permitted.
After submitting your incorporation application, you will receive a soft copy of the official certificate of incorporation from ACRA. You can use this as proof of your company’s incorporation, and it also works as your official business profile. A hard copy can be obtained upon request for a small fee.
Companies are a vital part of the economy, as they employ people and create disposable income to spur growth. As such, they must pay tax according to their profit margins. However, if you’re planning to get your company incorporated in Singapore, you should be aware that the country has a number of tax benefits for new businesses, including a corporate income tax exemption on the first three years of profits up to S$100,000. how to incorporate a company in Singapore