Singapore New Company Incorporation: An Overview

Singapore New Company Incorporation: An Overview

Incorporation is a way a business is formally organized and officially brought into existence. The incorporation process involves writing up a document known as the articles of incorporation and enumerating the firm’s shareholders. Singapore has a pro-business environment, low tax rates, and robust intellectual property protection, which is why many local entrepreneurs start businesses in the town or overseas companies decide to expand their foothold in Singapore. singapore new company incorporation, is the best.

What do incorporate packages offer?

singapore new company incorporation

Incorporation with a secretary covers a few of the areas, such as-

  • It includes the ACRA registration fee and name application fee worth S$315.
  • It checks and reserves the company’s name.
  • It prepares the company’s constitution, which includes a memorandum and articles.
  • It prepares all registration forms and files with ACRA.
  • It provides free consultation on the annual statutory compliance requirements of the company.
  • It maintains the company’s registers.
  • It prepares the Annual General Meeting (AGM) documents.
  • It does the filing of annual returns to ACRA.
  • It provides a qualified person as an individual’s corporate secretary.
  • It excludes the mandatory S$60 annual return filing fee to be paid to ACRA and its late filing penalties.

Apart from this, the incorporation for non-local residents includes a nominee director with all the facilities provided in incorporation for the secretary.

The nominee director fulfills the company’s requirement of having at least one director that ordinarily resides in Singapore. The director is a nominee of the shareholder of the company and acts per the director’s instructions or wishes of the shareholder.

Where could one rely upon for the Incorporation?

Chatsworth, a chartered accountancy practice provider in Singapore, offers advisory, tax, accounting, incorporation, and corporate secretarial solutions for every business need. They take care of the numbers and are chartered accountants (CA). They use technology to add value to their business.

What does Incorporating a Company in Singapore include?

Incorporating a company in Singapore is not an easy task. After incorporation, there is some immediate task to follow through. This includes appointing a corporate secretary, opening a local bank account, and applying for the business’s goods and services tax (GST) if required. Besides, one needs to assist themselves with their company incorporation in Singapore.

It is a legal requirement to appoint a qualified corporate secretary based in Singapore within the first six months of the new company’s incorporation. It doesn’t matter if a single person operates a company; the sole director or shareholder could not act as the company’s secretary. Even if a person opens a one-person company, they need to get assistance with corporate secretarial services.