What is a company?
A company or business is an association or collection of individuals, whether natural persons, legal persons, or a mixture of both. Company members share a common purpose and unite in order to focus their various talents and organise their collectively available skills or resources to achieve specific, declared goals. Some of the more popular choices of incorporation are LLP (Limited Liability Partnership) and Pte Ltd (Private Limited) firms. They do take various forms such as:
- Voluntary associations which may non-profit organisation
- A group of soldiers
- Business entities with an aim of gaining a profit
- Financial entities and banks
Facts about Singapore Business Incorporation
- Minimum 1 local resident director
- Minimum 1 shareholder – individual or corporation
- Minimum engagement of 1 local professional resident company secretary
- Minimum Paid Up Capital of S$1
- Requires a local registered address (Able to use virtual office address)
- Requires Directors Particulars e.g. Passport Copy, NRIC, etc.
- Enjoy extremely attractive tax rate of 5.66% on first $300,000 chargeable income
Requirements of incorporating a company in Singapore
All businesses must be registered with the Accounting & Corporate Regulatory Authority (ACRA). This includes any individual, firm or corporation that carries out business for a foreign company.
- Company Name and Checking of availability of Company Name
- Brief description of your company activities and/or SSIC Code
- Constitution of the Company (Previously known as Memorandum & Articles of Association)
- Local Address required for a registered address
- Directors’ and Shareholders’ Particulars
- Company Secretary particulars
Incorporate a Company in Singapore now!
In order to incorporate a company in Singapore, you will have to pay a small cost of SGD 800 (SGD 1,000 for companies with foreign individual shareholders) and SGD 1,000 for a Company with individual shareholder(s) and a Company with corporate shareholder(s) respectively. This includes:
- Incorporation fees
- Company secretary in name and advisory for 1 year
- Company stamp x 1
- Company seal x 1
- Sets of Constitution of the Company (Previously known as Memorandum & Articles of Association)
- Business Profile
- Company registers and minutes book
- Directors’ First Resolution
Please click here for the Singapore Standard Industrial Classification (SSIC) code corresponding to your business activities.