Registration of business in Singapore

Singapore offers various tax advantages, but not everyone can be a tax resident. Singapore is the paradise where it is not easy to go.

There are 4 forms of organization of foreign companies in Singapore.

Sole-proprietorship and Partnership: the owner of the company – one person or partners (up to 20 persons). This form of organization is not a separate legal entity and the owner (owners) is burdened with full material liability.
Limited Partnership is a form of organization with similar structure. The difference is that in limited partnership only one of the partners is liable (so called general partner). This form of organization is also not a separate legal entity.
Limited Li¬ability Partnership: liability of the owners is limited by the value of assets as in the case of a legal entity, however the partners can be personally liable for losses of the company, resulted from their fault. One of the disadvantages of this organization is that the foreign owner is not entitled to receive EntrePass (investment immigration visa). This form of organization is a separate legal entity.
Company: the most common form of organization, completely regulating rights and liabilities of it`s owners. Two types of company are registered in Singapore: private limited company (PLC) and private exempt company (PEC). Exempt (from taxes) private company is a relatively new form of legal entity with simple and clear structure that gives an opportunity to enjoy many advantages. These two forms are very similar with the exception of some requirements by opening.

General requirements for setting up PLC in Singapore

• Appointment of minimum 1 director (citizen of Singapore, permanent resident or owner of resident-pass). All directors who are the residents of Singapore or citizens of other countries must be natural persons rather than legal persons).
• Minimum one shareholder.
• Appointment of secretarial company in Singapore.
• Legal address of the office in Singapore (virtual address is prohibited).
• Minimum authorized capital is 1 Singapore dollar (0,8 USD).
To the registration of private exempt company two additional requirements are proposed:
1. Shareholders are only natural persons (shares cannot be even indirectly owned by a legal person).
2. The number of shareholders is strictly limited (no more than 20 persons).
At the moment private exempt company is one of the most frequently registered forms in Singapore, the reason for this is tax privileges and less stringent requirements for the audit.

Main services for the business registration

• Appointment of the company`s secretary (the service is compulsory and annual).
• Appointment of the nominal director (the service is compulsory and annual).
• Binding deposit.
• The registered office with the service of mail transfer to the local address (the service is annual).
Annual package:
The secretary-agent for one annual general meeting of shareholders, submission of annual report.
Indexes of financial accounting, if it is required by ACRA (analogue of Russian tax service).
Unaudited financial accounting.
File of C-S form.
Three-year package:
The secretary-agent for one annual general meeting of shareholders, submission of annual report.
Indexes of financial accounting, if it is required by ACRA (analogue of Russian tax service).
Unaudited financial accounting.
File of C-S form.
• Bookkeeping
• Online subscription to QuickBooks.
• Preparation of resolutions and documents for ACRA, analogue of Russian tax service (price for 1 resolution)
• Appointment/resignation of director.
• Appointment/resignation of auditor.
• Appointment/resignation of secretary.
• Change of the address of the chief officer.
• Change of address of the office`s location.
• Change of the main activity of the company.
• Change of the name of the company.
• Placement of shares (price for one deal).
• Transfer of shares (price for one deal).
• Closing up of business, the company must be solvent.

Extra services

• Products of ACRA, duties and fines.
• Postponement of the annual general meeting of shareholders, maximum 2 moths (for each month) + US$50 for filing.
• Pressing of information about the organization from ACRA.
• Stamp duties (on the basis of IRAS).
• Expenses for the courier.
• Transport to the client`s office.
• Goods and services tax (GST).

Information for the members of the Council

Our members are provided with preferential terms of rendering such service. In order to get it is necessary to send a request to e-mail address: info@rsbc.today and our specialists will contact you.