Setting up a Company in Singapore

Setting up a Company in Singapore
by acefinancial

Setting up a Company in Singapore

Are you thinking about starting a business in Asia? Read our guide on setting up a business in Singapore. Offering one of the sub-region’s best business and tax environment, Singapore is ready for business.

You may be wondering if Singapore is the right place for you to start a business. Foreign investors can consider the fact that Singapore has over 50 comprehensive Double Taxation Avoidance Agreements. Additionally, the government has free trade agreements, investment guarantee agreements, and solid intellectual property laws.

 ACE  Financial Accounting (“ACE”)can assist you with your business planning, from due diligence to company formation and registration. Our consultants are experienced professionals that will advise you on everything you need to know about setting up a business in Singapore. From drafting legal documents to helping you appoint the right experts for your business, we are ready to take you to the next level.

 The first step of how to start a business in Singapore is to register your business with the Accounting and Corporate Regulatory Authority. By choosing Ace as your agent during the registration of your Singapore company, you will get through the paperwork in no time. Ace services include drafting and executing:

  • Brief description of business activities
  • Memorandum and Articles of Association
  • Business profile
  • Shareholder agreements
  • Appointment of company secretary

The next steps include getting through a few crucial checklist items to help you to start a business in Singapore. These include:

  • Choosing premises
  • Opening bank account
  • Opening your tax file, including the Goods and Services tax
  • Obtaining a business license or permit
  • Ensuring ongoing compliance including year-end accounting and tax filing matters (see here for the Ace accounting, bookkeeping, tax, and audit service offerings)
  • Immigration and work pass applications

Setting up a Private Limited Company in Singapore

The most common form of a company in Singapore is a private limited company. Setting up a private limited liability company in Singapore is relatively simple and straight-forward. A private limited company is a legal entity that provides shareholders protection from debts beyond the amount of capital they contribute. You can also visit the Accounting and Corporate Regulatory Authority (ACRA) for the required forms and fees for incorporating a Singapore company.

Some of the supplementary documents required during the registration of a private limited company in Singapore include:

  • A brief description of business activities
  • Memorandum and Articles of Association
  • Copy of passport
  • Proof of residential address
  • KYC references
  • Business profile
  • Singapore identity card

Setting up a business in Singapore

The startup phase is an intense time for any business. To help you in setting up a business in Singapore, select highly trained professionals, including financial, tax, legal, and audit advisors.

ACE can assist with all the steps of setting up a business in Singapore, including the required accounting, bookkeeping, tax, and audit services. Below are some of the services Ace offers in-house:

  • Accounting services – Our comprehensive range of accounting services include bookkeeping, compilation of financial statements, account consolidation, financial statement reports and analysis, and more.
  • Bookkeeping services – Our bookkeeping services will ensure your financial records are ACRA and IRAS compliant.
  • Tax services – Our tax services will help you to understand the tax regime in Singapore and help you take advantage of an optimal corporate tax paradigm.
  • Audit services – Our audit services offer independent and comprehensive audit services to help you meet all regulatory and business requirements.
  • Company secretarial services – Our company secretarial package will help you to navigate all the legal steps of company formation, registration, and shareholder services requirements.
  • Human resource services – Our HR package include payroll, CFO appointment, work permits, and employment, student and dependent passes.

As a special offer for our new company registrations, ACE offers one full year of corporate secretarial services for FREE. Ask our sales agents how!