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Company incorporation in Singapore

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Company incorporation in Singapore opens doors to a world of opportunities. This thriving economic hub has earned its reputation as a global business epicenter, attracting entrepreneurs from around the globe. Understanding the process and nuances of Singapore company registration is essential for a seamless and efficient experience.

The Accounting & Corporate Regulatory Authority (ACRA) serves as the gatekeeper of Singapore's corporate landscape, overseeing the Singapore company registration process. Governed by the Companies Act, Chapter 50, ACRA ensures that businesses adhere to the regulatory framework, promoting transparency and accountability.

Singapore's commitment to providing a business-friendly environment for Singapore company formation is reflected in the streamlined company registration process. ACRA has embraced digitalization, and the entire procedure of incorporation of company in singapore is fully computerized. Under regular circumstances, new businesses can expect to complete the registration within 1-3 days.

New businesses seeking register a company in Singapore initiate the process through the user-friendly online platform, BizFile+. This comprehensive portal managed by ACRA allows entrepreneurs to perform essential tasks such as conducting a name search and filing for incorporating a company in Singapore. Navigating the online platform empowers entrepreneurs to initiate the Singapore company registration online, ensuring compliance with regulatory requirements. From conducting a name search to completing the filing, the digitalization of the process enhances efficiency and expedites the company registration in Singapore.

Aspiring business owners can embrace the dynamic and accessible landscape of Singapore's company incorporation, leveraging the digital tools provided by ACRA for a seamless and prompt registration experience. The next sections will explore how to register a company in Singapore and specific aspects of Singapore company registration, offering insights and guidance for entrepreneurs venturing into the vibrant business ecosystem of Singapore.

Why Choose Singapore for Company Incorporation?

Singapore is a quite popular destination for businesses. Below we provide the compelling reasons why Singapore is a preferred choice for company formation in Singapore.

Global Recognition and Low Complexity:

The Economist Intelligence Unit (EIU) recognizes Singapore as the world's best place to do business, attesting to its global standing. In the TMF Group's Global Business Complexity Index 2023, Singapore shines as one of the least complex jurisdictions in Asia, streamlining benefits of registering a company in Singapore for entrepreneurs. Despite the challenges posed by global demand and competition, Singapore's competitive tax rates and strategic location make it an attractive destination for businesses looking to incorporate a company in Singapore and expand in the Asia Pacific region.

Robust Economy and Strategic Financial Hub:

Singapore's economic prowess is evident in its status as one of the wealthiest countries globally . Amid global uncertainties, Singapore's economy continues to thrive, projecting GDP growth of 0.5 to 2.5 percent in 2023 and promising prospects for 2024. The services sector, contributing nearly 70 percent of the country's GDP in 2022, underlines the robustness of Singapore's economic foundation and makes the country attractive to incorporate a Singapore company.

Tax Advantages and Global Financial Center:

With over 80 double taxation avoidance agreements, generous tax deductions, and an extensive network of free trade agreements, Singapore positions itself as a global financial center for Singapore company registration. Businesses operating in Singapore can leverage these advantages to maximize profitability and extend their reach. The country's commitment to innovation-led economic policies and a favorable investment climate makes it a magnet for multinationals seeking a Southeast Asian springboard.

Strategic Position for ASEAN Markets:

Singapore's strategic location positions it as an ideal hub for navigating ASEAN markets. Comparatively low Singapore company formation cost, efficient procedures, a competitive tax environment, and integrated supply chains distinguish Singapore from traditional holding locations. The country competes with global investment destinations, offering investors a unique blend of international norms, English as the primary working language, and cultural connections with ASEAN countries for Singapore formation company.

Regional Headquarters with Global Reach:

Choosing Singapore as a regional headquarters brings multifaceted benefits. Rapid entry into the region, streamlined business processes, comprehensive trade agreements, a competitive corporate tax landscape, and tax incentives create an ideal business environment for Singapore company incorporation. Singapore's pool of regional talent and robust Intellectual Property protection strategies further enhance its appeal.

In essence, opting for Singapore as the destination for company incorporation is a strategic business move, aligning with global best practices while providing access to the thriving markets of ASEAN and Asia.

Benefits of registering a company in Singapore

Singapore stands as a beacon in the investment landscape for Singapore company formation. Below we provide additional key benefits of incorporation of company in Singapore:

  • Strategic Nexus: Positioned as a gateway to the vibrant Asia-Pacific region, Singapore's strategic location serves as a linchpin, offering easy access to major markets and facilitating seamless international trade.
  • Political Stability: Enjoying a legacy of political stability, Singapore is characterized by a reliable and transparent government. It champions business-friendly policies, upholds the rule of law, and offers a secure environment for investments and Singapore registration company.
  • World-Class Infrastructure: Singapore's infrastructural marvel encompasses modern transportation networks, advanced telecommunications systems, state-of-the-art industrial parks, and a well-connected airport. This ensures seamless connectivity and efficient business operations for Singapore company registration.
  • Talented Workforce: Boasting a highly skilled and educated workforce, Singapore nurtures a talent pool equipped with expertise across diverse industries. The nation's emphasis on education and training ensures a versatile and adaptive workforce for businesses.
  • Hub of Innovation and Technology: Acknowledged as a leading innovation and technology hub in Asia, Singapore propels research and development, fosters startups, and provides access to cutting-edge technologies and vibrant innovation ecosystems for Singapore company formation.
  • Financial Epicenter: Renowned as a global financial hub, Singapore boasts a robust financial ecosystem comprising a formidable banking sector, capital markets, and an attractive tax framework. It opens doors to capital and diverse investment opportunities in case of Singapore company registration.
  • Pro-Business Haven: Singapore's allure lies in its pro-business environment, featuring low tax rates, streamlined bureaucracy, intellectual property protection, and a steadfast commitment to free trade. These factors collectively nurture an environment conducive to business growth and encourage company incorporation in Singapore.
  • Quality of Life Redefined: Elevating the living experience, Singapore offers an unparalleled quality of life. A harmonious blend of safety, cleanliness, exceptional healthcare, world-class education, diverse cultural experiences, and a vibrant cosmopolitan lifestyle makes it an enticing destination for professionals and their families. This provides another advantage for company formation in Singapore.

Company Incorporation Services in Singapore we provide

If you are looking how to incorporate a company in Singapore, Inteliumlaw can for sure help here. InteliumLaw is your trusted partner for comprehensive company incorporation services in Singapore. Our expert team is committed to providing tailored solutions that align with your business objectives. Inteliumlaw offers among other below company formation services in Singapore:

  • Preliminary Consulting: Our experts help to gain strategic insights into the Singapore business landscape. We analyze your business model, industry dynamics, and regulatory requirements, ensuring informed decisions at every step of Singapore company formation.
  • Document Drafting: We craft precise and legally sound materials tailored to your business needs in Singapore company incorporation: from Articles of Association to compliance documents.
  • Nominee Director Services: Having local director is mandatory for incorporation of company in Singapore. We have a network of specialists that helps us to arrange nominee directors for your business, safeguarding your privacy and facilitating a smooth operational transition.
  • Singapore Company Formation Agent: Another mandatory condition among the Singapore company incorporation requirements is having Singapore company formation agent. Thus, we arrange singapore company formation agents for our clients. The agent serves as a reliable intermediary between your business and the authorities, handling essential communications and ensuring regulatory adherence.
  • Corporate Secretarial Services: Also, our company assists with provision of corporate secretarial services within Singapore company incorporation services. We ensure management of regulatory compliance, document filing, and maintenance of corporate records, allowing you to focus on core business operations.
  • Accounting and Taxation Support: Our company can refer you to a qualified accountants in Singapore that will ensure your financial processes align with regulatory standards.
  • Ongoing Support: Facilitate effective business operations with our ongoing legal support for businesses registered in Singapore.
  • Bank Account Setup Assistance: Expedite your operational setup with our bank account setup assistance. We guide you through the process, ensuring a seamless integration with reputable financial institutions.

Advantages of company formation in Singapore with InteliumLaw

Singapore company incorporation is a strategic move, and InteliumLaw is your dedicated partner for a hassle-free Singapore company registration. With a focus on your unique needs, we offer a comprehensive suite of services to facilitate Singapore company formation. Explore the key elements of our company incorporation services in Singapore tailored to meet your business objectives:

Expert Guidance on Singapore Company Registration:

Benefit from our expert guidance on Singapore company registration, ensuring adherence to regulatory requirements. Our consultants provide insights into the incorporation process, documentation, and key considerations for a smooth registration experience.

Efficient Company Incorporation Services:

Our services extend to efficient company incorporation in SIngapore, covering all aspects of the process. From document preparation to submission, we streamline the steps, allowing you to focus on your business priorities.

Cost-Effective Solutions for Company Formation:

Explore cost-effective solutions for company formation in Singapore tailored to your budget. We understand the financial considerations of starting a business, and our transparent pricing ensures you receive value for your investment.

Online Singapore Company Registration:

Experience the convenience of online Singapore company registration with InteliumLaw. Our digital services facilitates a seamless process, eliminating unnecessary paperwork and reducing the time required for registration.

Comprehensive Company Incorporation Services:

Our company incorporation services in Singapore encompass the entire spectrum of company incorporation in Singapore, including compliance with regulatory requirements, document drafting, and liaison with authorities. We aim for completeness, leaving no detail overlooked.

Transparent Fee Structure:

Navigate the cost of incorporating a company in singapore with our transparent fee structure. We provide clarity on Singapore company incorporation fees, ensuring you have a clear understanding of the financial commitment involved.

Timely Registration Process:

Time is of the essence, and our commitment to a timely Singapore company incorporation services sets us apart. We understand the importance of getting your business up and running swiftly, and our efficient processes reflect this dedication.

Professional Support from Singapore Company Formation Agents:

Rely on our team of experienced Singapore company formation agents for professional support. We bring in-depth knowledge of local regulations, ensuring your company formation in Singapore aligns with legal requirements.

Choose InteliumLaw for Your Singapore Company Registration Journey. With a focus on excellence, integrity, and client satisfaction, InteliumLaw stands as your trusted partner for Singapore company registration. Unlock the benefits of a strategic business presence in Singapore with our comprehensive and client-centric services.

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Types of Companies in Singapore

The company registration in Singapore involves selecting the right business structure. InteliumLaw guides you through the intricacies of various options, allowing you to make informed decisions for your business goals.

  • Sole Proprietorship: A straightforward business structure where a single individual owns and manages the business. However, the owner assumes unlimited personal liability.
  • Limited Liability Partnership (LLP): Ideal for professionals and small businesses, an LLP combines the flexibility of a partnership with limited liability protection. Each partner is not personally liable for the actions of other partners.
  • Private Limited Company: The most common and widely chosen business structure. A private limited company offers limited liability, a separate legal entity, and is capable of raising funds through the issuance of shares.

Choosing the Right Structure for Your Business: Selecting the appropriate business structure for Singapore company registration is a crucial decision with implications for liability, taxation, and regulatory compliance. InteliumLaw provides insights into each type, assisting you in aligning your business goals with the most suitable structure.

Whether you opt for the simplicity of a sole proprietorship, the flexibility of an LLP, or the robust structure of a private limited company, InteliumLaw ensures a smooth and compliant process for company formation in Singapore.

Foreign company formation

Foreign company can perform Singapore company formation in the following forms.

  • Subsidiary: A popular choice for foreign companies, a subsidiary in Singapore is a private limited company with its own legal identity. This structure provides limited liability, making it distinct from its parent company.
  • Branch: Establishing a branch office allows a foreign company to operate in Singapore as an extension of its parent entity. While the branch is not a separate legal entity, it carries out business operations locally.
  • Representative Office: Ideal for market research and liaison activities, a representative office is a non-trading entity. It cannot engage in profit-generating activities but serves as a platform for companies to explore the Singapore market.

InteliumLaw guides foreign companies in choosing the most suitable form of a Singapore company formation based on their business objectives. Whether opting for the autonomy of a subsidiary, the direct presence of a branch, or the exploratory nature of a representative office, we ensure compliance with Singapore regulations.

Singapore company incorporation requirements

If you are planning to register a company in Singapore, you need to meet certain requirements that are set by the Accounting and Corporate Regulatory Authority (ACRA), which is the national regulator of business entities and public accountants in Singapore. These requirements are designed to ensure that your company is legally compliant and operates in a transparent and accountable manner. In this article, we will explain the main requirements that you need to fulfill when register a company in Singapore, as well as the benefits and challenges of doing so. Main Requirements for a Singapore Company Formation:

  • A unique and meaningful company name that is not identical or similar to any existing business name in Singapore. You can check the availability of your desired company name on the ACRA website.
  • A local registered address for your Singapore company registration, which can be a commercial or residential address, but not a P.O. Box. The address must be approved by the relevant authorities, such as the Urban Redevelopment Authority (URA) or the Housing and Development Board (HDB).
  • A minimum of one and a maximum of 50 shareholders, who can be individuals or corporate entities, local or foreign for Singapore company incorporation. The shareholders can hold 100% of the shares in the company, or any percentage as agreed among them.
  • A minimum paid-up capital of S$1, which can be increased anytime after the company incorporation in Singapore. The paid-up capital can be in any currency, and can be in the form of cash or non-cash assets, such as property, equipment, or intellectual property.
  • A minimum of one and a maximum of 15 directors, who must be natural persons, at least 18 years old, and not disqualified by law. At least one director must be ordinarily resident in Singapore, meaning a Singapore citizen, a Singapore permanent resident, or a person who holds an Employment Pass, EntrePass, or Dependant’s Pass.
  • A company secretary, who must be a natural person, at least 18 years old, and resident in Singapore. The company secretary must be appointed within six months of the company incorporation in Singapore, and must have the necessary qualifications and experience to perform the duties of a company secretary. The company secretary cannot be the sole director or shareholder of the company.
  • A constitution, which is the legal document that defines the rules and regulations of the company, as well as the rights and responsibilities of the shareholders, directors, and company secretary. You can use the model constitution provided by ACRA, or draft your own constitution according to your specific needs and preferences.

These are the main requirements that you need to meet when incorporating a company in Singapore. However, depending on the nature and scope of your business activities, you may also need to obtain additional licenses, permits, or approvals from other government agencies, such as the Ministry of Manpower, the Inland Revenue Authority of Singapore, or the Central Provident Fund Board. You can find out more about the specific requirements for different types of businesses on the ACRA website or the GoBusiness Licensing Portal.

Documents Required for Engaging a Professional Service Firm

If you are not familiar with the online registration process for company formation in Singapore, or if you are a foreigner who does not have a SingPass account, which is a secure online identity for accessing government e-services, you can engage the services of a professional service firm. The documents that you need to provide are:

For non-residents:

A copy of your passport, a proof of your overseas residential address, such as a utility bill or a bank statement, as well as other Know-Your-Client (KYC) information, such as bank reference letters, personal and business profiles, etc. These documents are required to verify your identity and background, and to prevent money laundering and terrorism financing activities.

For corporate entity shareholder(s):

A copy of your registration documents, such as a Certificate of Incorporation and Constitution. These documents are required to verify the existence and legitimacy of your corporate entity, and to confirm the authorized signatories and shareholding structure.

Please note that non-English documents will need an official translation.

Company Incorporation Process

InteliumLaw simplifies each step of Singapore company incorporation to ensure a smooth process.

  • Review and Understand Requirements: Before initiating the process of Singapore company registration, it's crucial to familiarize yourself with Singapore company incorporation requirements and Singapore company registration cost. Our experts will help you with this during the initial call. This step sets the foundation for a compliant and efficient incorporation journey.
  • Determine Corporate Structure: Our specialists will assist you with choosing the most suitable corporate structure for Singapore company registration based on your business goals. Whether a Private Limited Company, Sole Proprietorship, or Limited Liability Partnership, our company will guide you in making informed decisions.
  • Apply & Get Name Approval: We handle the application process with ACRA to secure your chosen business name, ensuring it aligns with regulatory guidelines for company incorporation in Singapore.
  • Drafting Documents for Incorporation: The incorporation process involves meticulous paperwork. InteliumLaw drafts the necessary documents, including the Memorandum and Articles of Association, documents for appointment of the director and the rest package needed to register a company in Singapore.
  • Submit Application to ACRA: We take charge of the application submission to ACRA, managing the intricacies of the process and ensuring that all required documentation is accurate and complete.
  • Get Licenses and Permits: Depending on your business activities, securing the required licenses and permits is vital. InteliumLaw assists in navigating the regulatory landscape. In case your business will need license or special permit we will assist you with their obtaining.

Open a bank account for a company in Singapore

Establishing a corporate bank account in Singapore is a important step in solidifying your business presence. InteliumLaw understands the nuances of this process, offering strategic guidance to facilitate a bank account opening for your company incorporated in Singapore. Challenges in Bank Account Opening: Singapore's stringent banking procedures make opening a corporate account a nuanced process. Recognizing the complexities, certain companies opt to open an EMI (Electronic Money Institution) account concurrently, ensuring continued operations while pursuing Singaporean banking options. Bank Requirements:

Physical Presence:

Many banks mandate that account signatories and majority directors be physically present in Singapore for in-person paperwork signing. Some institutions may accept document signing at overseas branches or in the presence of a Notary Public.

Documentary Essentials:

To initiate the process, specific documents are typically required:

  • Completed Corporate Account Opening Forms, signed by authorized signatories.
  • Board of Directors Resolution sanctioning the account opening and appointing signatories.
  • Certified True Copy of Resolution for account opening (bank-specific format).
  • Certified True Copy of Certificate of Incorporation.
  • Certified True Copy of Company’s Business Profile from Company Registrar.
  • Certified True Copy of Company’s Memorandum and Articles of Association (MAA).
  • Certified True Copies of Passport or Singapore IC, and Residential Address Proof for Directors, Signatories, and Ultimate Beneficiary Owners.

InteliumLaw streamlines the documentation process, ensuring compliance with each bank's unique requirements. Our expertise expedites the account opening procedure.

Cost of incorporating a company in Singapore

Determining the cost of incorporating a company in Singapore involves considering various factors, each contributing to the overall expenses associated with establishing your business. At InteliumLaw, we provide transparent insights into these costs to help you make informed decisions.

Key Cost Components:

  • Singapore Company Incorporation Fees: The Accounting and Corporate Regulatory Authority (ACRA) charges a fee for the incorporation process. This includes the reservation of the company name and the filing of the necessary documents.
  • Company Secretary Fee: Appointing a company secretary is a statutory requirement. The associated fees cover the professional services provided, ensuring compliance with regulatory obligations.
  • Registered Office Address: Maintaining a registered office address in Singapore is mandatory for company incorporation in Singapore. The costs may vary based on the location and service provider chosen.
  • Nominee Director Fee: If required, engaging a nominee director incurs additional expenses. This service is often utilized by foreign companies that need a local resident director for company formation in Singapore.
  • Share Capital: Determining the share capital for your company influences the cost. While there is no minimum requirement, a higher share capital may impact the initial investment.
  • Additional Services: Depending on your specific needs, there may be additional services such as tax advisory, accounting, or legal assistance. These services contribute to the overall cost.

InteliumLaw's Approach: At InteliumLaw, we prioritize transparency in outlining the costs associated with incorporating a company in Singapore. Our detailed breakdown of expenses ensures that you have a comprehensive understanding of the financial commitments involved. With our guidance, you can navigate the incorporation process with confidence, knowing the costs and making informed decisions aligned with your business goals.

Ready to incorporate your company in Singapore?

Congratulations on taking the important step towards establishing your business presence in Singapore! At InteliumLaw, we understand that the process of company incorporation in Singapore can seem intricate, but with our expert guidance, it becomes a seamless journey. Contact us today to take the next step towards realizing your business ambitions in Singapore.

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FAQ

How to register a company in Singapore?

Registering a company in Singapore is not a straightforward process, and at InteliumLaw, we simplify it for you. Here are the key steps:

  • Consultation: Schedule a consultation with InteliumLaw to discuss your business goals and receive expert guidance on the most suitable company structure.
  • Name Approval: Choose a unique and meaningful name for your company and submit it to the Accounting and Corporate Regulatory Authority (ACRA) for approval.
  • Document Preparation: Gather necessary documents, including a resolution to open the corporate bank account and the Memorandum and Articles of Association.
  • Application Submission: Submit the necessary documents through ACRA's online portal, BizFile+. Ensure signatories and directors are present for document signing.
  • Bank Account Opening: Open a corporate bank account in Singapore. Some banks may require signatories and directors to be physically present during the account opening.
  • Licenses and Permits: Obtain any industry-specific licenses or permits required for your business activities.
  • Post-Incorporation Compliance: Ensure ongoing compliance with Singapore's regulatory requirements, including filing annual returns and financial statements.

How to check if a company is registered in Singapore?

Once your company is registered in Singapore, you will receive an official email notification from the Accounting and Corporate Regulatory Authority (ACRA) confirming the registration. This email notification serves as the official certificate of incorporation and includes the company registration number.

Visit ACRA's online Business Register on the BizFile+ portal. You can search for your company's name or registration number to confirm its registration status.

Can a foreigner incorporate a company in Singapore?

Yes, foreigners can incorporate a company in Singapore, and the process is streamlined for international entrepreneurs.

Here are key considerations:

  • Operating from Overseas: If you plan to operate your company from overseas, you don't need a Singapore work visa to incorporate a private limited company. You can visit Singapore on a visitor visa for short-term visits related to company matters. However, a local director is required, and we can assist by appointing a nominee local resident director on your behalf.
  • Relocating to Singapore: If you intend to relocate to Singapore to run your company, you must obtain an Employment Pass or Entrepreneur Pass. This allows you to serve as the local resident director of your company.
  • Professional Assistance: Singaporean law mandates that non-resident individuals or entities cannot self-register a company. Therefore, engaging a professional firm like InteliumLaw is essential. We can guide you through the Singapore company incorporation process, ensuring compliance with local regulations.

What are the tax implications for companies incorporated in Singapore?

Singapore offers a favorable tax regime for companies, and understanding the tax implications is crucial. Here are key points:

 

The current Corporate Income Tax Rate for private limited companies is 17%. Companies are required to submit financial statements following Singapore Financial Reporting Standards annually.

The Singapore Companies Act introduces an "audit exemption" criterion for small companies.

 

Companies enjoy tax exemption for the first 3 consecutive years of assessment following incorporation.

75% exemption on the first S$100,000 of normal chargeable income.

Additional 50% exemption on the next S$100,000 of chargeable income.

 

New Start-up Tax Exemption (SUTE) Scheme:

To qualify for SUTE, the company must be incorporated in Singapore and be a tax resident.

Total share capital is beneficially held directly by no more than 20 shareholders, all of whom are individuals or at least one individual holding at least 10% of the issued ordinary shares.

 

Partial Tax Exemption:

For the first SGD 300,000 of chargeable income, a partial tax exemption applies.

75% of the first SGD 10,000 of chargeable income is tax exempt.

50% of the next SGD 290,000 of chargeable income is tax exempt.

 

Navigating Singapore's tax landscape requires expertise. InteliumLaw can guide you through the intricacies, ensuring optimal tax benefits for your company. Contact us for comprehensive tax and incorporation assistance.

How can I initiate the company incorporation process with InteliumLaw?

  • Contact Us: Reach out to InteliumLaw and share details about your project, including the type of activity, target markets, and key counterparties.
  • Specialized Advice: Our specialists will provide you with expert advice, guiding you through the intricacies of company incorporation in Singapore. We tailor our approach to align with your business objectives.
  • Know Your Customer (KYC) Process: To ensure compliance and understand your business better, we conduct a thorough Know Your Customer (KYC) process. This step contributes to a smoother incorporation process.
  • Formalizing Engagement Documents: Once the initial discussions are complete, we formalize the engagement by preparing the necessary documents. This includes agreements, contracts, and any other relevant paperwork.
  • Company Incorporation Process: With all formalities in place, we proceed with the company incorporation in Singapore on your behalf. Our team handles the intricacies, allowing you to focus on your business.

Does InteliumLaw provide ongoing support after the company is incorporated?

Yes, of course, we would be glad to help you with further legal assistance of your business operations in Singapore.

How long does it take to register a company in Singapore?

The process of Singapore company registration might take from 1-3 days to 5 days from submission of the application.

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The accumulated experience and tracking of future changes in this area allow us to be proactive
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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.