Singapore Company Formation FAQS

in Singapore

Singapore has a very well developed and prosperous free-market economy. Singapore is free from corruption and has stable prices as compared to other Asian cities. The major contributors to the economy of Singapore are the exports of consumer electronics and information technology products.

Asiabiz listed below some of the most frequently asked questions about Singapore Company Formation:

Can a foreign individual or a foreign company be 100% shareholder of a Singapore company?

Yes, Singapore Companies Act allows for 100% ownership of Singapore companies by foreign persons or entities. There are also no restrictions on the type of business activities that a company can engage in. No special approvals are required by foreigners. In other words, there is no difference between a local or a foreign person who wishes to form a Singapore company.

How long does it take to incorporate a Singapore company?

The actual incorporation of a company can be accomplished in a matter of few hours as the whole process is computerized. However, the overall process can  take anywhere from one day to few days depending on the following factors:

● Name reservation. Before a company can be incorporated, its name has to be reserved first. Assuming there are no objections to the name being proposed, the name reservation process can be accomplished in less than an hour. However, if the name conflicts with an existing name or if the proposed name contains some sensitive words that may require a review by relevant authorities, the name approval process can get delayed to few days or weeks.

● Signing of incorporation documents. If you are in Singapore, this is a quick and easy process. However if you are located overseas, the logistics involved in signing and sending the signed documents can take few days.

Do I need to visit Singapore to incorporate a company?

No, you are not required to visit Singapore to incorporate a company. We can work with you via emails and document couriering in order to get the necessary work done. However for the bank account opening, a visit to Singapore might be a good idea. Almost all banks require an interview with the stakeholders and the process can go a lot smoother if there is a face-to-face meeting between you and the bank officer. For most banks, we are able to arrange the meeting at our own office. If however you are not able to visit Singapore, the bank will conduct a phone interview and the due-diligence process can take longer.

Does a Singapore company need to obtain any business licenses before commencing business?

The Accounting and Corporate Regulatory Authority of Singapore (ACRA) controls the registration of business firms and incorporation of companies. However, the nature of the actual business activity could be subjected to control and regulation by other Government authorities. If your business requires a licence, it is mandatory to first acquire the necessary licence or permit before you can actually start business activities. Generally, it may take between 2 weeks to 2 months to get a licence or permit. Note that the business license application can be filed only after the formation of your Singapore entity. Fortunately, few business types require a license in Singapore. For more details, see Singapore business licenses guide.

Are we responsible for the personal tax of foreign employees?

No tax deductions are required either for local or foreign employees’ personal salary. The employees are directly responsible for their personal taxes.

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Lourd Blunt has 1 articles online

Author Box:
Asiabizservices is the leading Singapore Company Formation Services Specialists. It has successfully helped thousands of foreign entrepreneurs incorporate a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, Singapore company registration and more. Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours.

Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. If you are interested in learning more about Asiabizservices kindly email us at sales@asiabizservices.com or give us a call at +6563034614.

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Singapore Company Formation FAQS

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Singapore Company Formation FAQS

This article was published on 2011/03/14