With Singapore company incorporation, there are many options to consider. There are also things that you must do. Here are some frequently asked questions on this matter.
- Do I have to appoint a company secretary?
Yes, you are required by law to appoint a company secretary within six months of your original incorporation date. This law is part of the "Singapore Companies Act".
- I understand that Singapore incorporation can be done and maintained by one person. Is this true and are there any stipulations?
It is true that one person may incorporate in Singapore. However, as previously stated, you must appoint a secretary, and if you are the company director, you cannot also be the secretary. Company directors must be residents of Singapore, too.
- Are there any special requirements for hiring a company secretary?
Yes, but you are no longer required to hire a secretary that is professionally qualified. These laws have changed.
The company director must hire someone that has Company Secretary skills to perform the duties of the job. This person must have necessary experience and knowledge for the job, also.
- I am considering incorporating in Singapore. It will involve additional expenses to post the company name at my business location. How long do I have to get this done?
This is no longer required by law. As long as your address is clearly visible, people can locate your business. This has been changed to eliminate the extra expenses and to make it easier to start home businesses.
- As a new business, I will want to have business papers printed. Are there any special requirements?
Yes, do not forget your Singapore Company registration numbers on your correspondence. This includes accounting statements and invoices as well as business letters. It also must be included on any company publications.
- I plan to incorporate a business in Singapore. I am from another country. However, I have extensive training and experience in my chosen field. Which type of visa should I apply for?
If you have special skills and education, it is best to apply for the employment pass. The process is much faster. The only other option is an entre pass. However, it takes longer and is designed for less experienced and less educated entrepreneurs.
- Is it true that new business can be tax free for the first year?
Yes, but there are qualifications.
- Your company must be incorporated in Singapore
- You cannot have more than 20 shareholders.
- You must also be a qualified tax resident of Singapore.
- The exemption is for the first $100,000 of income or profit.
- Taxation is 8.5% from $100,000 to $300,000. After that, the tax rate is a 17%.
Summary
It is important to know all about Singapore company incorporation. In this way, you will receive the greatest benefit from your business venture. Remember that you must appoint a company secretary and it cannot be the director. One person may file for company incorporation in Singapore.
