Company registration in Singapore. Steer your business in the right direction.
Singapore has been attracting investors and businessmen from all over the world for many years. Many technological fintech startups launch their projects in Singapore. They like the simplicity of registering a company, the ease and openness of doing business, the ideal tax regime and all kinds of financial benefits.
Singapore's leadership in the international competitiveness rankings of countries is explained by its incomparable advantages over other countries and jurisdictions for business registration. Among such advantages are:
— this is not an offshore structure
— stability of the financial system
— low taxes
— simplicity of financial reporting
— access to international markets in Asia
benefits for startups and young companies.
Advantages of doing business in Singapore
Let's try to focus on the main advantages of Singapore in more detail.
Singapore as a white zone for business
Singapore has the most favorable conditions for small and medium-sized businesses — it is easy to start and run your business here. Singapore attracts commercial, industrial and large IT companies from all over the world with its rapid economic growth.
One of the important advantages of Singapore is that Singapore is not considered an offshore zone. Singapore has a fairly attractive tax regime, while it is considered an absolutely white jurisdiction by international standards.
Favorable taxation. Tax optimization to 0%
The corporate tax rate in Singapore is 17%, while the territorial principle of taxation applies. This means that only income earned or received in Singapore is taxable. Therefore, income that is transferred to a bank account in another country will not be subject to Singapore taxation. With the full volume of introductory Antwort specialists will be happy to help you optimize your taxes to zero (0%).
A Singapore company is required to pay tax in Singapore on the following income:
- a. accrued or received in Singapore; or
- b. received in Singapore from outside Singapore
A company that is a tax resident of Singapore may be exempt from paying tax on the following established types of foreign income transferred to Singapore:
- (a) Dividends from a foreign source
- (b) Income from a foreign branch
- (c) Income from the provision of services received from a foreign source
Convenient workflow and simplified electronic reporting
Singapore is attractive in terms of ease of reporting. Every company registered in Singapore is required to submit an annual report to ACRA (Corporate and Accounting Regulatory Agency) and submit tax returns to IRAS (Singapore Internal Revenue Service). Singapore government agencies and departments are keeping up with the times and have long introduced electronic document management. Now filing reports for accountants and financiers in Singapore is a matter of minutes. Forget about the endless paperwork. Just entrust your business to professionals. The Antwort team is at your disposal!
Benefits for startups
Another important advantage of this jurisdiction is the availability of benefits for startups and IT companies.
Thanks to the benefits for newly registered companies (Start Up Tax Exemptions) you will be able to claim the following benefits:
- 4.25% of the first 100 thousand Singapore dollars of taxable income.
- 8.5% from the next 100 thousand Singapore dollars.
Every year, the Singapore Government develops new programs for technological and innovative startups, attracting businessmen from all over the world. For details, please contact Antwort! We will create a solid and sustainable platform for your business.
Features of company registration in Singapore
Singapore is the undisputed leader here too. The procedure for registering a company here is very simple, although it has its own subtleties. Singapore has the most minimal requirements for the authorized capital (only from 1 Singapore dollar). Although, you need to understand that the authorized capital is your status and reputation, so you should not save on this.
No special permits and licenses are required here, only if you do not conduct financial activities or your project is not related to electronic money and cryptocurrency. The registration process itself consists of the following main stages:
1) Decide on the form of a legal entity.
We recommend paying attention to a Private Limited Company (Pte Ltd) or an exempt private limited company. For foreigners, this is an ideal option. A foreigner can be a 100% shareholder and owner of such a company. You will be able to fully control your business.
2) Select the company name.
We ask you to choose three names so that we can check the names and choose the appropriate one as soon as possible.
3) Define the types of activities for your business.
As we said above, Singapore is attractive from the point of view of carrying out any kind of activity without special permits and licenses. One main and two additional types of activity are usually added to the register.
4) Decide on the corporate membership.
Singapore has one important feature of corporate governance - the mandatory presence of a resident director. Most often, from the point of view of corporate governance, such directors are nominal. They do not control the company, but act as representatives of the company under the laws of Singapore. You should understand that the local director is not only a nominal unit when it comes to profits and millions of turnover of the company. It is necessary to carefully approach the selection of such a Singaporean director and correctly draw up a Nominee service Agreement (Nominee Director Agreement). The team of Antwort professionals will help you choose a director for your company and conclude a legally competent agreement with him for the subsequent effective work of the company without problems.
5) Company registration.
The company registration procedure is fully automated. The registration process in Singapore takes no more than 5 days. The company can be registered remotely, at no extra cost, without arriving in Singapore. Registration is carried out exclusively by registered and certified companies and secretaries, and therefore we recommend using the services of a reliable corporate provider. Remember that free cheese is only in a mousetrap. Pay attention to the reputation of the chosen legal consultant.
After going through all these steps hand in hand with a professional, you will be able to immediately start working and build your financial empire.
6) Opening a company bank account
In the current world conditions, it has become not so easy to open a bank account. It is important to have in your arsenal experienced and professional assistants who have a wide partner network of banks. It will take from one to three weeks to open a bank account, it all depends on the bank you choose. To open a bank account, you will need to fly to Singapore. However, there are some nuances here, during the pandemic, banks were allowed to open accounts remotely.
Use the services of the company Antwort and open a world-class bank account from the rating of the top 100 banks in the world.
Singapore is one of the most promising and comfortable countries for doing business. There are not only attractive conditions for registering a company, but also a flexible taxation system and a reliable legislative framework for protecting business assets. When I register a company in Singapore, you get an absolutely transparent business structure, effective distribution of the tax burden and a developed logistics system.
Antwort's team of specialists will help you to launch a business in Singapore easily and without problems and will become a reliable legal consultant for you for many years to come. We value our customers and are ready to become your reliable right hand! Antwort always has the right answer and a great success strategy!