SET UP A COMPANY IN SINGAPORE

Why Set Up a Company in Singapore?

For 10 consecutive years since 2008, Singapore has been ranked as one of the leading pro-business countries in the world.

From 2018 till date, Singapore reached its all-time high in rankings by World Bank’s annual survey as 2nd among 190 countries for Ease Of Doing Business, and is the 3rd wealthiest country according to Forbes and Fortune.

Here’s why:

 

  • A highly-developed and robust free market economy that thrives on manufacturing, trade, exports and finance.
  • Zero foreign debt since 1995, a growing accounts surplus with gross national savings of nearly 50% of its Gross Domestic Product (GDP), and high Government revenue.
  • A stable political environment with strict laws that ensure proper management of business. A vibrant network of trade agreements in Southeast Asia due to strategic positioning.
  • World class infrastructure and standards that support a high quality of life with respect to education system, security and healthcare.
  • The access to a highly educated workforce who converse fluently in English as Singapore ranks top in Human Capital according to a World Bank report.
  • An open immigration policy.

Benefits of Singapore Company

Foreign businesses have their startups already thriving in Singapore, with the following benefits:

  • A rational and tiered taxing system for both personal and corporate taxes with zero tax to 20% (personal) and 17% (corporate).
  • Corporate taxes are one of the lowest in the world, with favourable tax treatments to newly set up companies and regional headquarters. Newly set up companies enjoy generous tax exemptions.
  • 100% foreign ownership of stocks for a Singapore incorporated company with no currency controls.
  • Dynamic regional connectivity via air, with an extensive supply chain management through an efficient logistics infrastructure.
  • Incentives for international headquarters (IHQ) and regional headquarters (RHQ) from the Economic Development Board (EDB), like a network of attractive tax treaties:
    • the Avoidance of Double Tax Agreements (DTAs),
    • the Investment Guarantee Agreements,
    • the Not Ordinarily Resident (NOR) scheme.
  • Cheaper for Singapore-based firms to expand operations internationally and conduct trans-border trade due to the Free Trade Agreements (FTAs) and Avoidance of Double Tax Agreements signed with other countries.
  • A productive workforce with high standards for compliance and conversant in English, Mandarin and other languages in the Asia-Pacific.
  • Strong copyright laws and a Writing Down Allowance (WDA) to cover cost of acquisition of international intellectual property (IP) for registering a trademark in Singapore.
Foreigners incorporating a Company in Singapore and not planning to stay

Foreigners incorporating a Company in Singapore and not planning to stay

  1. Foreigner incorporating a Company in Singapore and not planning to stay
    • Sole Proprietorships and Partnerships,
    • Company (Public or Private),
    • Limited Liability Partnership,
    • Limited Partnership.
  2. Pick a business name and appoint a reliable Incorporation Specialist to register your business with the Singapore Government.
  3. Hire or appoint your regulatory staff comprising at least one local resident as business director, one shareholder and a local secretary. They should ideally be Singapore Citizens or Singapore Permanent Residents. If not, you have a choice of engaging our Nominee Director or Nominee Shareholder professionals.
  4. Obtain a registered company address.
  5. Ensure a minimum paid-up capital of $1.
  6. Lastly, open your corporate bank account.
  7. Hold your first Annual General Meeting, with agenda such as electing directors and declaring dividends.
Foreigners incorporating a Company in Singapore and planning to stay in Singapore

Foreigners incorporating a Company in Singapore and planning to stay in Singapore

  1. Get an EntrePass (for Foreign Entrepreneurs) by submitting your application to the Ministry of Manpower, a ministry of the Government of Singapore.
  2. Hire the services of a corporate secretarial company
  3. Follow all the steps listed in previous section above.

We uphold the highest confidentiality standards when dealing with our clients. We will maintain anonymity for our clients and will not divulge any information to any third party without prior consent.

Lexico Business Solutions also provides business registration, specialised company management/ corporate secretarial services to free your time from the mundane duties to be focused on achieving their business goals.

Talk to us for a free confidential consultation.