Understand the singapore company incorporation procedure in five simple steps

1. Understand the Understand the Singapore Company Incorporation Singapore Company Incorporation Procedure in Five Simple Steps Procedure in Five Simple Steps Singapore is an acclaimed destination for doing business. There are plenty of reasons that keep Singapore is an acclaimed destination for doing business. There are plenty of reasons that keep on motivating young entrepreneurs and investors to incorporate a business in Singapore. on motivating young entrepreneurs and investors to incorporate a business in Singapore. Irrespective of the reasons or of business type, Singapore for sure is the chosen and widely Irrespective of the reasons or of business type, Singapore for sure is the chosen and widely preferred country to do business. preferred country to do business.

2. Private Limited Company in Singapore Private Limited Company in Singapore Most of the foreign investors like to incorporate their business as a private limited company Most of the foreign investors like to incorporate their business as a private limited company also referred to as the Pte. Ltd., company in Singapore. Being a separate legal entity, a private also referred to as the Pte. Ltd., company in Singapore. Being a separate legal entity, a private limited company is the most flexible, and robust business structure in Singapore. limited company is the most flexible, and robust business structure in Singapore. According to the Singapore Companies Act, a company incorporated as “Limited Liability” does not hold company shareholders liable, for any kind of debts the company has incurred not hold company shareholders liable, for any kind of debts the company has incurred exceeding the total share capital contribution to the company. This makes shareholders liable exceeding the total share capital contribution to the company. This makes shareholders liable only for the total share capital they have contributed to the company. A private limited liability only for the total share capital they have contributed to the company. A private limited liability company can be incorporated by any local or foreign individual above the age of 18 years. company can be incorporated by any local or foreign individual above the age of 18 years. Remember, companies incorporated under this business structure are not allowed to have Remember, companies incorporated under this business structure are not allowed to have more than fifty shareholders. more than fifty shareholders. According to the Singapore Companies Act, a company incorporated as “Limited Liability” does

3. Benefits of Incorporating a Pte Ltd Company Benefits of Incorporating a Pte Ltd Company Unlike a sole proprietorship and partnership firm, a private limited company in Singapore Unlike a sole proprietorship and partnership firm, a private limited company in Singapore offers many advantages to the entrepreneurs. Protecting personal assets of the individual offers many advantages to the entrepreneurs. Protecting personal assets of the individual investors and offering them specific tax benefits are two major benefits of incorporating a investors and offering them specific tax benefits are two major benefits of incorporating a private limited company in Singapore. Besides, dividend allocated to shareholders is exempt private limited company in Singapore. Besides, dividend allocated to shareholders is exempt from taxes and allows foreign directors, as well as shareholders to apply for the Employment from taxes and allows foreign directors, as well as shareholders to apply for the Employment Pass. Pass. Incorporating a business in Singapore is easy to foreign investors, only if they seek assistance from external firms offering incorporation services in Singapore. Usually, the incorporation from external firms offering incorporation services in Singapore. Usually, the incorporation process is divided into two major steps. process is divided into two major steps. Incorporating a business in Singapore is easy to foreign investors, only if they seek assistance

4. Benefits of Incorporating a Pte Ltd Company Benefits of Incorporating a Pte Ltd Company A) A) The first step is to register the company name The first step is to register the company name B) The second step is to incorporate a company under the registered name with The second step is to incorporate a company under the registered name with Accounting and Corporate Regulatory Authority (ACRA). Accounting and Corporate Regulatory Authority (ACRA). Usually, foreign entrepreneurs find navigating the process of company incorporation in Singapore a bit challenging. This article is entitled to illustrate five options for them or to Singapore a bit challenging. This article is entitled to illustrate five options for them or to anyone interested to register a business in Singapore. anyone interested to register a business in Singapore. B) Usually, foreign entrepreneurs find navigating the process of company incorporation in

5. 1) Choosing A Business Name: 1) Choosing A Business Name: Before starting the actual incorporation procedure, it is important to Before starting the actual incorporation procedure, it is important to choose the business name. It would be better if you select the name that will identify or highlight the choose the business name. It would be better if you select the name that will identify or highlight the products or services you will be offering. Having more than one name ready for approval always pays products or services you will be offering. Having more than one name ready for approval always pays up, as ACRA has strict norms regarding company names and its approval. If everything is alright and up, as ACRA has strict norms regarding company names and its approval. If everything is alright and your chosen company name does not violate any terms and conditions put forth by ACRA, it takes your chosen company name does not violate any terms and conditions put forth by ACRA, it takes few hours to approve your business name. few hours to approve your business name. 2) Nature of Business Activity: 2) Nature of Business Activity: There are certain businesses where you need appropriate licenses There are certain businesses where you need appropriate licenses and permits to start and operate your business. Banks, insurance companies, financial institutions, and permits to start and operate your business. Banks, insurance companies, financial institutions, bars, casinos, private educational institutions, recruitment and traveling agencies are some bars, casinos, private educational institutions, recruitment and traveling agencies are some businesses requiring business specific licenses and permits. Apart from that, businesses intending to businesses requiring business specific licenses and permits. Apart from that, businesses intending to import goods as well as businesses intending to manufacture and sell goods, liquors or foodstuffs import goods as well as businesses intending to manufacture and sell goods, liquors or foodstuffs within Singapore will require special licenses and permits from specially appointed authorities. within Singapore will require special licenses and permits from specially appointed authorities.

6. 3) The Initial Paid Up Capital: 3) The Initial Paid Up Capital: Actually, this is important, but not much-anticipated step in the Actually, this is important, but not much-anticipated step in the process of Singapore business incorporation. Singapore Companies Act does not impose any process of Singapore business incorporation. Singapore Companies Act does not impose any restrictions on minimum paid up capital. An entrepreneur can register his/her business in Singapore restrictions on minimum paid up capital. An entrepreneur can register his/her business in Singapore with an initial paid-up capital of one Singaporean dollar. There are no estrictions on the type of with an initial paid-up capital of one Singaporean dollar. There are no estrictions on the type of currency used for it. As an entrepreneur, you are allowed to use any currency as share capital for your currency used for it. As an entrepreneur, you are allowed to use any currency as share capital for your business. Nevertheless, it would be better if you start your business with a substantial amount as business. Nevertheless, it would be better if you start your business with a substantial amount as incorporating a traveling business will require an initial paid up capital of about S$10, 000. incorporating a traveling business will require an initial paid up capital of about S$10, 000. 4) Appointing Company Director: 4) Appointing Company Director: Anyone above the age of 18 years and under 70 years of age can Anyone above the age of 18 years and under 70 years of age can be appointed as a company director. Provided that the appointed person should have clean records be appointed as a company director. Provided that the appointed person should have clean records and should not possess a history of declared bankruptcy. There should be at least one director who and should not possess a history of declared bankruptcy. There should be at least one director who should be a permanent resident of Singapore. In case if you want to appoint a foreign director then should be a permanent resident of Singapore. In case if you want to appoint a foreign director then he/she should possess a valid Employment Pass. As per the Singapore Companies Act, an interim he/she should possess a valid Employment Pass. As per the Singapore Companies Act, an interim nominee director acts as a director of the company, until the foreign director receives his/her nominee director acts as a director of the company, until the foreign director receives his/her employment pass. The acting director will resign after the foreign director obtains employment employment pass. The acting director will resign after the foreign director obtains employment pass. pass.

7. 4) Determining Shareholders: 4) Determining Shareholders: Determining and approving shareholders along with their paid-up Determining and approving shareholders along with their paid-up capital contribution is one of the major steps in registering a business in Singapore. At least one capital contribution is one of the major steps in registering a business in Singapore. At least one director and maximum fifty shareholders are allowed in a private limited company. Besides, foreign director and maximum fifty shareholders are allowed in a private limited company. Besides, foreign or even local shareholders are allowed to own 100% shares in a company. or even local shareholders are allowed to own 100% shares in a company. About SBS Consulting: About SBS Consulting: About SBS Consulting: About SBS Consulting: SBS Consulting with their exceptional company incorporation services has managed to stand SBS Consulting with their exceptional company incorporation services has managed to stand tall in the crowd of companies offering similar services. By customizing its services and helping tall in the crowd of companies offering similar services. By customizing its services and helping prospect entrepreneurs in every possible way, SBS Consulting makes the entire Singapore prospect entrepreneurs in every possible way, SBS Consulting makes the entire Singapore company incorporation process lot easier for them. company incorporation process lot easier for them.

8. Contact Us Contact Us Office Address: Office Address: High Street Centre, High Street Centre, #17-02, 1 North Bridge Road, #17-02, 1 North Bridge Road, Singapore - 179094 Singapore - 179094 Phone : Phone : +65-6536 0036 +65-6536 0036 Email : info@sbsgroup.com.sg info@sbsgroup.com.sg Website : www.sbsgroup.com.sg www.sbsgroup.com.sg Email : Website :