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SETTING-UP A COMPANY IN SINGAPORE

Singapore is attractive to many business owners due to the following reasons:-

1.  Ease of doing business; and 
2.  Attractive tax incentives. 

Set out below are information to further elaborate the points above.

TAX INCENTIVES

New start-up companies in Singapore are given the following tax exemption for its first 3 consecutive year of assessments:-

First S$100,000 @ 100% = S$100,000
Next S$200,000 @ 50% =  S$100,000
Total S$300,000                S$200,000

Meaning to say, every year, for the first 3 years of assessments, the company will be able to enjoy up to S$200,000 tax exemption for its first S$300,000 chargeable income.

Singapore's current Corporate Tax Rate is 17%

There are a few other tax exemption schemes offered. However, for simplicity sake and to keep it relevant, we will only mention the above. You may find out more about the other tax exemption schemes from the website of Inland Revenue Authority of Singapore (IRAS)

EASE OF DOING BUSINESS

In Singapore, maintaining a company is much simpler and cheaper. Certain companies are exempted from having to audit its accounts annually and most companies fall under this category.

Companies are exempted from having to audit its accounts if the company,
  1. does not have any corporate shareholder;
  2. has less than 20 shareholders;
  3. the company is solvent; and
  4. revenue is less than S$5 million.

Incorporation process is also fairly simple and can usually be done within a day so long as the information required is complete.

INFORMATION REQUIRED TO SET-UP A COMPANY IN SINGAPORE

Directors -  One (1) resident director is required (Resident is defined as someone who is a Singapore citizen, a Permanent Resident or any person issued with an Employment Pass who is at least 18 years of age and is not a bankrupt)

Shareholders -  Only one (1) shareholder is required 

Company Secretary -  Every company must appoint a company secretary

Paid-up Share Capital - Minimum paid-up capital is S$1.00

Registered Address - Every company must provide a local Singapore address as the registered address of the company. The registered address must be a physical address and cannot be a PO Box

If you have problem finding someone to act as the Resident Director? Do not worry as Nominee Director services are readily available in Singapore at a fee. Same goes to Registered Address. If you don't have an address, you can use RISS' address as your Registered Address at a fee.


Other articles in relation to setting-up a company in Singapore:-
Difference between Malaysia and Singapore
Why RISS?


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Inland Revenue Board of Singapore (IRAS)
Accounting and Corporate Regulatory Authority (ACRA)

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