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Singapore is one of the most prosperous economic hubs in Southeast Asia. In recent years, it has elevated its position as a business epicenter. The destination is an attractive proposition for entrepreneurs and corporates from across the globe.
The corporate business landscape in The Lion City is governed by the Companies Act, Chapter 50, and supervised by the Accounting & Corporate Regulatory Authority (ACRA). Consequently, the process of company formation in Singapore is transparent and compliant with regulations. Additionally, due to a fully digitized and computerized system, the process is completed quickly and in almost three working days.
The process can be completed on BizFile+, an online platform created specifically for this purpose. The user-friendly portal is ACRA-managed and helps companies conduct name searches and apply for company incorporation.
Keep reading to learn all the details about the company formation in Singapore and how InteliumLaw can optimally facilitate and speed up the process.
What makes Singapore the ultimate destination for company setup? For the following reasons -
Do you need help with company registration in Singapore? InteliumLaw is one of the reputed firms that work as your trusted partner in getting your business registered in this country. We have the expertise to tailor solutions that meet the unique needs and goals of your business.
Our services include -
Setting up a business in the country is a major step that needs dedicated help. Still, company registration in Singapore has certain perks.
If you are looking for company formation Singapore, you can set up the following types of companies:
Foreign companies in Singapore have the following options -
Engage a professional service provider like IntelliumLaw if you are a foreigner in Singapore who is not familiar with the online process of company setup in Singapore. A SingPass account is required.
The documents required are as follows -
The current Corporate Income Tax Rate for private limited companies is 17%. Basically, all limited liability companies are required to submit financial statements in accordance with the Singapore Financial Reporting Standards on every year even if the company has not commenced business. The company is required to file the income tax return with the audited/ unaudited accounts by 30 November of each year.
Companies are given the following tax exemption for the first 3 consecutive years of assessment (YAs) following the date of incorporation:
Companies will qualify for the New Start-up Tax Exemption (“SUTE”) Scheme if the following conditions are met:
The company’s total share capital is beneficially held directly by no more than 20 shareholders throughout the basis period for that YA where:
A partial tax exemption is eligible for first SGD 300,000 (approx. USD 221000) of chargeable income. Under this condition, 75% of the first SGD 10,000 of chargeable income is tax exempt and 50% of the next SGD 290,000 of chargeable income is tax exempt.
If you need more information on taxation in case of Singapore company formation – contact our experts at InteliumLaw.
Company formation Singapore is not an easy process. The key steps are -
Once the registration process in Singapore is completed, ACRA sends an official email notification. This is the official certificate of incorporation, which includes the company registration number.
Yes, company formation Singapore is allowed for foreigners. Contact the IntelliumLaw team for more information.
Singapore has a favorable tax system for businesses, with a Corporate Income Tax rate of 17%. New companies don't have to pay taxes for the first three years on some of their income. They get a break on 75% of the first S$100,000 and 50% of the next S$100,000 they make. InteliumLaw helps companies get the most out of these tax perks and guides them through setting up their business. Get in touch with us.
The accumulated experience and tracking of future changes in this area allow us to be proactive
for our clients and develop the most adapted business structures to modern conditions.
By submitting this form, you hereby authorize Inteliumlaw to process your information for the purpose of addressing your inquiry. You retain the right to revoke this consent at any point. For further details, please review our Privacy Policy.
The accumulated experience and tracking of future changes in this area allow us to be proactive
for our clients and develop the most adapted business structures to modern conditions.
By submitting this form, you hereby authorize Inteliumlaw to process your information for the purpose of addressing your inquiry. You retain the right to revoke this consent at any point. For further details, please review our Privacy Policy.
