Why Should I Register My New Company in Singapore?
For anyone who is looking to try and improve their business, working in the lucrative Asian market makes a lot of sense. Asia has become the go-to place for many businesses looking to build, grow, and improve. And it’s easy to see why. Free from the radical regulation of the West, Asia is a brilliant market to work within.
It’s also home to some of the fastest-growing economies in the world. That’s why you should always when possible look to form strong bonds within the continent. Where though should you set up your company name?
We personally recommend that you go ahead and register a new company in Singapore. It’s arguably the best place in the world to set up a new company at the moment. However, it’s not an easy thing to do on your own.
If you want to know why you should go ahead and set up a company in Singapore, the following issues come to mind that you should think about:
- Building a company in Singapore means getting access to this very, very lucrative market. It means having a business that is front and centre of one of Asia’s leading economies.
- Register a company in Singapore might seem confusing. But with so many company incorporation services in Singapore, such as Bestar, finding a solution is simple.
- Singapore is one of the most open-minded markets in the world, and actively encourages people to set up shop in their country. That is why the corporation tax is among the best around.
- You will find that having a company set up in Singapore means getting far more for far less. It’s a nation with very competitive costs on everything, meaning running your business is cheaper.
What does register a new company in Singapore entail?
You have several choices to think about when it comes to going ahead to registering a new company in Singapore. To get started, you need the following:
- The name of your company – what do you intend to call it? Please make sure that the name is unique, and that the name is not being used by any kind of copyright or trademark.
- What kind of company do you wish to build? Is it a public company with shares to buy? Or a Private company with a maximum of 50 members and no shares to buy?
- A Company Director, who is going to be the main figurehead of the company, The Company Director does NOT have to reside in Singapore to have directorship.
- However, you must have AT LEAST one Director who lives in Singapore as part of the Companies Act. They must be aged 18+, and reside in the nation.
- They must also have a clean criminal record and also a free history of going into bankruptcy. They must also hold citizenship, Permanent Residence, or an Employment Pass/EntrePass.
- A Company Secretary, who is responsible for various parts of running the business and putting out company statements. Normally, your Company Secretary MUST live in Singapore. You Secretary must be appointed within 6 months of incorporation.
- You will need a legitimate and registered office address in the country. It must be an operational, publicly accessible building. It must also NOT be a P.O. box address – it must be a real address.
- You must also have paid-up capital of a minimum of $1. This is essential for you to start your business and run it legitimately.
Finding answers to all of these queries can be hard work, especially if this is your first time setting up a company. If you worry that you might not be sure of what you are doing, fear not. Many experts within the Singaporean incorporation services, such as Bestar, can help you to make this often confusing process so much easier to understand.
What is Singaporean Corporation Tax?
Should you wish to run a business in Singapore, you must agree to and pay in full your 17% Corporation Tax. However, any new company that is set up in Singapore will enjoy some very impressive exemptions for the first three years of assessment by the government. This includes a 75% exemption on the first S$100,000 earned of chargeable income. You also get 50% off the next S$100,000.
You also do not pay any tax on capital gains, nor do you pay tax on any dividends for the most part. You will need to be able to provide all of the details asked for above. If you find it hard to get access to all of this information, then you might wish to hire assistance to solve this particular issue for your new business.
Getting the help that you need
The main thing that you can do if you wish to register and incorporate a new business is to hire some professional help. Since you are unlikely to know any resident Directors and/or Secretaries, we can help you out. Bestar has helped many people through our company incorporation services in Singapore.
We can make what is often a confusing and complex issue much easier to understand. Through our understanding and expertise, we can make sure that you can do less with more. Benefiting from the business-friendly landscape in Singapore is something you should look to do as soon as is possible. With our help, that can soon become much easier to arrange.