News: Company Formation Services in Singapore

COMPANY REGISTRATION IN SINGAPORE

The registration of a company in Singapore can provide the founder with great benefits, improving the reputation and enabling the expansion throughout the Asian continent. The country is characterized by financial stability and beneficial legislation, which allows non-residents from different countries to establish businesses in Singapore without unnecessary bureaucratic delays.

Lawyers of Law & Trust International will assist you in your company set up. Our experts have a broad experience, and as a result, they guarantee a prompt completion of all stages of the company's registration in Singapore.

KEY MOMENTS OF COMPANY FORMATION IN SINGAPORE

Establishment of offshore companies in Singapore is technically impossible. If the company in Singapore conducts business with local partners or consumers and transfers received income to local bank accounts, it is obliged to pay 17% of Corporate Income Tax and, for some operations: 7% of GST (Goods and Services Tax, an analog of VAT, Value Added Tax). Corporate Income Tax, however, is not levied on funds that:

1. have been received from abroad, and 
2. have not been transferred to the local bank account in Singapore, and
3. have not been spent for purchase or rent of real estate on the territory of Singapore.

So, Singapore companies that receive income from abroad and are exempted from taxation have some characteristics of an offshore company. However, each company in Singapore, notwithstanding the source of income, is obliged to keep the accounting record and submit the records to the relevant authorities of the country. An audit is mandatory for all companies, except for small ones, provided, that the accounts are not publicly accessible and can only be obtained by third parties either following shareholders’ decision or a court ruling. Consequently, a company registered in Singapore does not have a reputation for an offshore, so potential worldwide partners will more likely establish business relationships with such a company.

REQUIREMENTS FOR REGISTRATION OF COMPANY IN SINGAPORE

Registration of Singapore Company in the form of a Company Limited by Shares is the most cost-efficient for non-residents. The requirements for company formation in Singapore are indicated below.

1. There is no minimum authorized share capital for Limited companies.
2.  A minimum of one shareholder residing in any country is required to form a Limited company,
3. At least one director in a Limited company must be appointed. The said director shall be a resident of Singapore,
4. The process of incorporation involves getting a legal address on the territory of Singapore,
5. Singapore does not impose any specific requirements for company naming, apart from its uniqueness (a Singapore Limited company must not use a name resembling any other Singapore company). Our experts recommend providing several names for approval in case of rejection of one or more names due to non-uniqueness or any other reason, 
6. Singapore, as a common law jurisdiction, allows the use of nominee directors and /or nominee shareholders. It is allowed and will not harm your business reputation,
7. The process of formation takes up from 1 to 2 weeks.

Our Company Formation Services in Singapore

Law&Trust lawyers provide complete support during the company formation process in Singapore. Our expertise earned through the years include:

1. Company name, check for uniqueness and compliance with applicable laws of Singapore,
2. Collection of documents, and, if necessary, their translation,
3. KYC procedure, 
4. Preparation of required official documents,
5. Documents submitted to the register of companies,
6. We will notify you once the company is incorporated,
7. You may pick up company documents in our office or we may deliver them to you by courier service.

SINGAPORE COMPANY FORMATION FAQS

• What are the registration requirements needed in Singapore?
• The company’s name
• Director shall be resident of Singapore
• Description of company activities
• Details of shareholders and directors
• Details of company secretary 
• A registered address
• Memorandum and Articles of Association (MAA). Singapore Company Registrar provides a standard MAA document that is suitable for most instances.

Law and Trust International Lawyers are readily available to help you with the following requirements.

• How long does it take to register a company in Singapore?

It takes a day to register a company in Singapore but depending on approval of certain government authorities, it could take from 1 to 2 weeks.

• How much does it cost to register a company in Singapore?

The cost of registering a company in Singapore for the first year is $2499, while for the second year of registration costs $2395.

WHY INCORPORATE WITH LAW&TRUST INTERNATIONAL?

• Full range of related services: Provision of a full range of legal, corporate, government, and business intelligence related services.
• Professionals and expertise of Law: Worldwide registration and legal maintenance of companies, accounting services and audit, tax planning and optimization, trademark and patent registration, and many more. Top professionals are always available to help your business.
• Thorough domestic service: Law &Trust ensure our services cover every province or region in Singapore. No matter where you decide, be rest assured we got the location covered.
• Free initial advice: Lawyers of Law and Trust provide free initial advice, as well as services for analyzing and developing a legal position on the issue you have raised.
• Fast and safe: Law&Trust keeps every clients’ details secured.
• Efficiency and productivity: Strategically providing up to date personalized services to help your business succeed.

READY FOR FORMATION?

It is very easy to become a client of Law & Trust. The acceptance of applications is carried out without any interruptions, and you can visit our offices during working hours.