Do you want to incorporate your own company in Singapore? As a startup or just as an existing company? This blog takes you through the process of incorporating in Singapore and provides insights into the associated costs and requirements.
What is the Singapore Business Incorporation Act?
The Singapore Business Incorporation Act regulates the formation and operation of companies in Singapore. To form a company, you must first apply to the Registrar of Companies. The registry will then issue a company registration certificate to you. You must also file an incorporation document with the registry, which sets out the particulars of your company. The incorporation document must include:
- Your company name
- The date of your company’s establishment
- The names of all its directors and shareholders
- Your company’s registered address
- Your company’s telephone number
Once you have filed your incorporation document with the registry, you can start operating your business.
Types of Companies
There are many different types of companies, and each has its own benefits and drawbacks. Here’s a look at the most common types of companies:
Sole Proprietorship: A sole proprietorship is a business owned by a single individual. This type of company is simple to start up, but there are no formalities to follow and no protection from creditors. Sole proprietorships are not subject to income or corporate tax in Singapore.
- Partnership: A partnership is a business formed when two or more people agree to share the profits and responsibilities of running the business. Partnerships can be registered as either sole proprietorships or limited liability partnerships (LLPs). Like sole proprietorships, partnerships are not subject to income tax in Singapore, but they must file an annual return detailing their income and expenses.
- Limited Liability Company (LLC): An LLC is similar to a partnership, but it offers additional legal protection for owners from personal liabilities. LLCs can be registered as either sole proprietorships or corporations. Like partnerships, LLCs are not subject to income tax in Singapore, but they must file an annual return detailing their income and expenses.
- Corporation: A corporation is a separate legal entity that can act independently of its owner(s). Corporations can be registered as either sole proprietorships or limited liability companies (LLCs). Like partnerships, corporations are not subject to income tax in Singapore, but they must file an annual return detailing their income and expenses.
Company Registration in Singapore
If you are planning to start your own business in Singapore, you will need to register your company with the government. There are a few different ways to do this, and each has its own set of benefits and costs.
One option is to incorporate your business through a local company formation service. These services will help you complete all the necessary paperwork, including filing for a corporate name and establishing an official company address. You can hire a professional service provider to make your work easy. Various reputed companies like Timcole provide company incorporation services at affordable charges.
Another option is to go through a foreign incorporation service. This route can be more expensive, but it can also offer some added benefits, such as greater flexibility in terms of corporate governance and international reach.
Whatever route you choose, make sure to speak with an experienced lawyer beforehand to get tips on how to go about it correctly.
If you’re thinking of starting your own business, one of the first things you’ll need to do is incorporate. Here in Singapore, incorporation services are available from a number of providers, and choosing the right one can be tricky. You can reliably choose us as your secretary. To help you make an informed decision, we’ve put together this guide outlining the key factors to consider when choosing an incorporation service.