The corporate income tax rate in Singapore is one of the lowest in Asia, fixed at 17%. It could be further reduced by other rebates and incentives offered by the Inland Revenue Authority of Singapore. Well known as a tax haven, Singapore can be the easiest and best place in Asia to setting up a local Company. Therefore, the process of company incorporation Singapore is a popular subject that many seek to learn more about.

In order to ensure that you met all the regulatory requirements before starting the incorporation process of setting up a local companyin Singapore, it is recommended that you engage a professional firm that deals with incorporation and tax matters. Read on for the 5 main things to take note of before starting the process of company incorporation Singapore.

Find the suitable entity for your business structure

Company incorporation Singapore offers entrepreneurs a variety of business entities types that they can register in Singapore to carry out their business. It is highly recommended that you read through this article – Deciding Your New Company’s Entity Structure before incorporating a Company to ensure its suitability and if you have met its requirements.

If you are unsure of the type of entity you should register, you should always engage a professional Singapore company registration services provider to assist you in selecting the most suitable entity based on your business requirements.

Checking Company Name Availability

Upon deciding to incorporate a company, the next step will be coming up with a suitable name for your new company. You can conduct a search on Bizfile or engage a professional firm,that has consultants experienced in Singapore company registration services, who will be able to check if the (to-be) newly incorporated company name is available for use and reserve the name if it is available.

The name selected should not be:

– Identical to an existing and already incorporated-business’s name

– Containing undesirable words; vulgarity, obscene or offensive

– Prohibited by order of the Ministry

Director Requirements

It is required to at least one Director who is at least 18 years of age and a Singapore ordinary resident. Undischarged bankrupts are not qualified to manage or set up the business unless they have the approval from the Court or the Official Assignee. Only Singapore Citizen, Singapore Permanent Resident and EntrePass holder are eligible to apply.

Paid Up Capital & Shareholders

Incorporating and setting up a local Company in Singapore will only require as little as $1 for the initial paid up capital in any currency. The paid up capital can be increased at any point of time after the incorporation of the Company in Singapore through a resolution. You will have to engage a professional firm to advise and update the paid up capital when required.

The Company must have at least one Shareholder who is at least 18 years of age while going through the process of company incorporation Singapore.

Engage a Company Secretary

The Company also has to appoint a Corporate Secretary who will act as the nature person within 6 months of incorporation.The Secretary has to be also at last 18 years of age and a Singapore ordinary resident.  The Secretary should be able to at least perform the below duties:

• Maintenance of statutory registers and minute books
• Preparation of annual general meeting documents
• Filing of annual return and accounts to ACRA
• Advising and updating clients on compliance with the Companies Act

For more information regarding Singapore company registration services, contact WLP Group at +65 64932970.