There is increasing preference among Hong Kong companies to select Singapore as their foremost prospective destination. This article talks about the numerous advantages of going for business in Singapore and answers crucial questions on Singapore company registration.
Content Outline
Why Choose Singapore?
Online documentation submission with electronic signatures makes the process quicker and more convenient. Moreover, Singapore company registration presents numerous advantages for foreign companies:
- Full Foreign Ownership: They are given complete ownership of their organization by foreign persons.
- Tax Benefits: Singapore has no withholding or capital gains tax and it offers reasonable corporate tax.
- Efficient Registration: The incorporation process can be done within a short period of an hour because it is a simple online registration affair.
Types of Business Structures in Singapore
When setting up a company in Singapore, you have several business structures to choose from, including:
- Sole Proprietorship or Partnership
- Private Limited Company (Pte Ltd)
- Limited Liability Partnership (LLP)
- Company Limited by Guarantee
Private limited companies are still preferred by most foreign businesses because of their flexibility, while the investors’ liability is limited. Before choosing a structure, one must look at the ease of dissolution; capital requirements; liability; ownership; and tax policy.
Duration of the Registration Process
Normally, assuming that all requisite documents are in place, Singapore company registration process should take only a day which makes it one of the fastest applications in the world.
Is Physical Presence Required in Singapore?
No, you don’t have to be in Singapore physically for company registration. You will be able to run and control your business from any part of the world.
Relocating to Singapore
If you decide to relocate to Singapore, the EntrePass is a visa scheme in Singapore specially designed for international entrepreneurial talent looking to launch and operate innovative businesses in Singapore. Dependents can obtain Dependant Passes (DP). The EP application process takes approximately six months for application.
Tax Policy in Singapore
Companies in Singapore pay taxes based on the prior year’s income at a 17% tax rate for both domestic and foreign entities. Singapore also taxes all income earned in the country and all income received from outside Singapore.
Company Setup Requirements
To set up a private limited company in Singapore, you will need the following:
- Minimum of 1 shareholder
- Minimum of SGD 1 in paid-up capital
- Minimum of 1 Resident Director
- Local corporate secretary
- A registered Singapore address
On completion of the registration process, you will receive an Incorporation Email from ACRA which is equivalent to your Incorporation Certificate. You need to have a company name, which you can check with a Singapore Company Name Check to ascertain its eligibility. However, remember that you do not register a company individually; you will need an authorized filing agent or a corporate service provider like FastLane.
How FastLane Can Help
FastLane being a corporate service provider in Singapore has helped thousands of companies worldwide expand. Using our services, Hong Kong companies should be able to easily move into or start up in Singapore. We offer a comprehensive service and process that is step by step, ensuring a smooth company incorporation.
With the help of experts from FastLane, incorporation of your Hong Kong company in Singapore is easier and faster than ever.