Registration of a Singapore company in 2020
Registration of the organization in Singapore is an actual event among businessmen. The company can bring benefits and increase the respectability of a legal entity. In addition, you can expand your business and enter the Asian market.
Singapore is characterized by stability on the part of finance and loyal laws, thanks to which non-residents have the opportunity to open a company in a short period of time. You can get advice on opening a company from our specialists in IT - OFFSHORE.
Features of business registration in Singapore
It is impossible to establish an offshore organization in this country. A company that works with local partners or consumers in a jurisdiction is required to pay a profit tax. In some situations, you may need to pay a value-added tax.
A corporate tax is not payable in some situations when you make a profit abroad, unless it has been spent on buying or renting real estate in the jurisdiction. Organizations that make profits abroad are exempt from tax payments.
Nuances of doing business:
- It is necessary to keep accounting records;
- Documents must be submitted to the appropriate authorities;
- Necessity of audit;
There are only a few forms of doing business in a jurisdiction. The company may have limited or unlimited liability. The most common form of registration is that of a company with liability that is limited to shares. There are no limits on the amount of share capital, but it must be no less than $1000. In order to be able to work in certain areas, you must obtain additional permission.
It is possible to apply registered shares. The company must have one shareholder of any nationality and one resident of the country. A legal address is required.
If the company has the status of a resident, it contributes corporate tax. Income tax is not charged if the business is based on work with other countries. Thus, foreign investments, funds not used for buying or renting real estate within Singapore are exempted from income tax.
How to start a company
To open an organization in Singapore, you need to create a unique name that is different from the names of other active organizations. To open a company, no personal presence is required, operations can be performed by proxy. If the founder is an individual, a copy of the passport is required, as well as registration information.
In order to use some terms when establishing a company, you will need to coordinate with the relevant authorities and obtain a license in advance. It is advisable to prepare several variants of names in advance.
A list of directors, shareholders and beneficiaries should be prepared in advance. One of the directors should be a resident of Singapore. It is mandatory to register an office in the country.