A ready-made company with bank account in Singapore
Service: Ready-made company with an open bank account in Singapore
The Republic of Singapore represents a city-state, which is located in the south-east of Asia. The country consists of 63 islands. The advantages of this country's economy are a favorable climate for investment and the level of welfare that has a tendency to grow. The state has a low level of the tax burden.
TYPES OF LEGAL FORMS
In Singapore, you can register a business in several legal forms. The most popular are SP, limited liability partnership (LLP), and trust (BP).
A firm may be in the form of a private company. If the charter or the memorandum of association limits the rights to transfer shares, the number of participants is limited. An exempted firm assumes a company with no more than 20 shareholders, which may not be legal entities.
The name of the limited liability companies must include the name of Ltd or Bhd. If the firm is private, the word Private must be included. Before starting to operate, the name must be approved and unique, without offensive words.
ONLINE COMPANY REGISTRATION IN SINGAPORE
To register a company in Singapore, you must obtain the approval of the name, then prepare the foundation documents and register the company. To submit documents to ACRA, the following information will be required:
- Constituent agreement and charter;
- The document certifying compliance with legal requirements;
- Detailed information about shareholders, directors, secretaries, etc.;
- Data on shareholders' and directors' passports;
- Information about the office.
In total, there must be at least one shareholder - individual or legal entity. There are no requirements for the smallest amount of capital. Shareholders' meetings must be held every year. One or more directors of any residency may be appointed. At least one secretary permanently residing in Singapore is required. It is obligatory to have a registered office, some activities require a license.
SPECIFICS OF TAXATION IN THE COUNTRY
The rate of corporate income tax in the country is 17%. The fee is imposed on the income received from sources in Singapore. There is an opportunity to get a benefit and use the rate of 8.5% or 4.5%.
The fee for real estate is paid by the owners of such property. A fee for goods and services must be paid in the country. The tax is paid when buying goods, and the rate is 7%. Some objects are not subject to a tax. You may need to pay tax at the source - the rates may be 10%, 15%, or 20%.
ADVANTAGES AND DISADVANTAGES OF REGISTERING A FIRM IN SINGAPORE
Among the advantages of business development in Singapore are low tax rates. The state apparatus is considered to be the most efficient in the world, documentation requirements are practically unchanged, and all reports can be submitted remotely.
The country is stable. For entrepreneurs who are starting their first business in this country, assistance is available. The state supports startups and offers preferential lending programs. Businesses have access to international markets and can move to the country when they open a company.
The disadvantage is that it may be quite expensive to maintain a company. The cost of real estate is high, office rent is expensive in comparison with other countries. The domestic market is relatively small, and banks are very demanding to their customers.
OPEN A BANK ACCOUNT
To open an account with a bank in Singapore, you will need to provide your passport, registration details and incorporation documents, articles of association, and management register. It will be necessary to provide the financial organization with a detailed description of the type of work of the company and information about the beneficiaries.
You can open an account with a local or foreign bank. The advantage of opening an account is that most financial institutions offer comprehensive services. Banks guarantee the safety of funds and confidentiality. It is possible to manage funds remotely.