Almost every foreign investors believes that one of the best business locations worldwide is Singapore. Singapore is a topnotch when it comes to the best quality of life in Asia and worldwide. It uses high-technology, continuous technological advancement and complete facilities which brings about comfort to residents, tourists and most especially foreign investors. The 17.9% growth in Singapore's GDP in the first half of 2010 makes Singapore considered as one of the fastest growing economy in the world. For this reason, we have here the preliminary information which you will need if you prefer to start a Singapore company. Please continue reading and start exploring the world class business standing of Singapore.
First thing to go over is Singapore's corporate taxation where new start-up companies pay Zero tax around the first S$100,000 of chargeable income for your first three consecutive years. In addition, a further 50% exemption is given about the next S$200,000 with the chargeable income. Second may be the setup requirements for Singapore company registration. Applicants should comply these:
Minimum 1 Shareholder, 1 Resident Director and 1 Company Secretary
Minimum initial paid-up share capital is S$1
Singapore Company must have a Singapore registered office address.
Next, to be able to efficiently take up a Singapore company, awareness on the following concerns ought to be present:
The company name should be registered in ACRA before incorporation happens. The business name ought to be unique and desirable.
There must be at the least a minumum of one corporate or individual shareholding is needed. A director and shareholder could possibly be the same or different person. 100% local or foreign shareholding is allowed. Singapore Companies Act allows no less than one and a maximum of 50 shareholders for a Singapore Private Limited Company. Details of shareholders will appear on public record information.
There must be one or more resident direct who must be a Singapore resident.
The organization should appoint an organization secretary who is another resident in Singapore. Singapore Companies Act requires companies to each appoint a company secretary within couple of months of incorporation.
The minimum paid-up capital for registration of a Singapore company is S$1 or its equivalent in a currencies.
There ought to be a registered address which should be a physical address and not a PO Box. In certain types of business, utilization of residence address is possible.
The Memorandum and Articles of Association, a memorandum which details all the activities that the company are authorized to cope with should be filed in ACRA.