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Singapore Incorporation FAQs
Singapore Incorporation FAQs
Do i need to visit Singapore to incorporate a company?
No you do not need to visit Singapore to incorporate a company . TaxationServices.com.sg could do incorporation without your presence in Singapore as long as we receive all original signed required documents from you.
Do i need to visit Singpore to open bank account?
Yes, you have to visit Singapore to open any corporate bank account in Singapore. Please be informed that all directors and shareholders who holds majority of shares must visit Singapore to open corporate bank account in Singapore.
How long it will take to incorporate a company in Singapore?
TaxationServices.com.sg could do incorporation within one day as long as we receive all the documents in order and we will file to ACRA to incorporate a company as instant.
Are you going to inform us all compliance matters or annual filling matters in future?
Once you incorporate a company in Singapore via using TaxationServices.com.sg Services, we will keep record of your financial year end and will inform you all compliance matters with due dates and annual filling matters every year via sending a separate e-mail to all directors/shareholders of the company. Please be informed that we have our customized software to keep the record of financial year end and send to all our clients reminder e-mails for annual filling due dates.
Are you able to assist us for taxation and accounting & book-keeping services?
Yes, TaxationServices.com.sg could assist you for taxation, accounting services in singapore, book-keeping and other services such as IT, Software development and website designing etc.
Who will be contact person in future from TaxationServices.com.sg to assist us?
Once you hire TaxationServices.com.sg, TaxationServices.com.sg will provide you a person -in -charge for your particular company to contact in future for any assistance or guidance.
How much minimum share capital to incorporate a company in Singapore?
You can incorporate a company in Singapore with just one dollar. There is no concept of authorised share capital in Singapore .Hence, you can increase as much as share capital in future as you want. Please be informed that you need to deposit the amount of share capital to the corporate bank account. Only upon deposit of share capital money, we will issue share certificates.
What will be power and responsibilities of local nominee director provided by TaxationServices.com.sg?
As per Singapore Companies Act, every Singapore registered company must have at least one local resident director. If you do not have any trustworthy person to be local director of your proposed company, TaxationServices.com.sg could provide you nominee director on annually basis. The person who will be appointed as nominee director of your company, will not be involved in any managerial, operational or financial matters of the company and he is appointed for just statutory compliance only.
What will be power and responsibilities of company secretary?
As per Singapore Companies Act, every Singapore registered company has to appoint a qualified and knowledgeable person as company secretary. Normally, the company secretary is responsible to assist all members of the company in the statutory compliance matters such as maintaining statutory registers , providing notice for meeting of members/directors, reminding members/directors for all statutory due dates for compliance matters and keep custody of company seal.
If we would like to change local nominee director, what would be the procedure and how long it will take?
Yes, you can change any time change of director. As we will be your company secretary, we will prepare the necessary documents for signature upon receipt of your request.
Can we increase share capital of our company in future?
Yes, you can increase the amount of share capital of your company anytime with any amount in future. However, you need to deposit the amount of share capital in the corporate bank account and need to provide us the evidence so that we will prepare the required documents to sign
Is there any minimum age requirement to appoint as director/shareholder of Singapore registered company?
Yes, the person must be at least 18 years old to become a director or /and shareholder of any Singapore registered company.
Can a foreign individual be 100% shareholder of Singapore registered company?
As per Singapore companies Act, a foreigner could be a 100% shareholder of Singapore registered company. The statutory requirement is just for director , there must be one local resident director.
Can a Singapore company hire foreign employees?
Yes, a Singapore registered company could hire foreign employees. There are many work visa available such as employment pass, S-pass etc depends upon the qualification and experience of employee, salary scale and age of employees such other factors. However, Singapore Ministry of Manpower has some guidelines and rules for foreign workers as quota.
Upon incorporation of Singapore registered company, what are issues which we should take note before we start our business?
Upon incorporation, you could start your business activities immediately. However, you need to take note for following matters:
(1) Open a corporate bank account
(2) Consider any license required for particular type of business
(3) If you hire foreign employee, you need to apply relevant employment pass for them
(4) If you hire any local employee, you need to apply CSN no for payment of CPF for local employees
(5) If your annual turnover exceeds SGD1 million, you have to apply for GST registration
Is it mandatory to appoint a local resident director in a Singapore company?
Yes. As per the Singapore Companies Act, it is mandatory for every Singapore incorporated private company to appoint a local resident director at the time of incorporation. Any individual above 18 years of age can act as a local nominee director. He/she must not be convicted for any criminal offence or bankruptcy in the past life. Most importantly, a local resident director must be a local Singapore citizen, a permanent resident or a holder of any of the three passes (Employment Pass, Entrepreneur Pass or Dependant Pass).
