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Incorporate a Company in Singapore

22nd November 2010
By asiabiz in Business Law
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While there are a lot of options for foreigners to incorporate a company on various countries, Singapore remains to this day a popular investment destination due to its competitive tax incentives.

The great thing about Singapore is that new companies are required to pay zero dollars in taxes on the first S$100,000 of chargeable income for the first three consecutive years. On top of that, a further exemption of 50% is also provided on the next S$200,000 of chargeable income.

There are various ways of setting up a company in Singapore namely Sole Proprietorship, a Limited Liability Partnership or a Private Limited Company.Most of the companies are Private Limited Companies of all the companies incorporated in Singapore.

Accounting & Corporate Regulatory Authority (ACRA) is where companies or businesses that are incorporated as Private Limited Companies are registered.

It is necessary for all companies in Singapore to adhere its laws and regulations stipulated in the Singapore Companies Act.As per Singapore Companies Act, local and foreign businessmen are subjected to relative terms and regulations.Businessmen or investors can be foreign or local individuals, foreign or local companies, Singapore Residents and companies offshore.

There are some requirements needed to be able to incorporate a Company in Singapore.
Before being appointed by a Private Limited Company, directors must possess some requirements.With this, Singapore company directors must also possess certain qualifications before they can be appointed by a Singapore Private Limited Company. These added qualifications are as follows:

1. For a registered business, there should be at a minimum of one shareholder, one resident director and one company secretary.

2. Only at a minimum of $1 paid-up capital is required as a share

3. Office address in Singapore

A foreigner can acquire full ownership of a company in Singapore. However, it is expedient that companies should have a minimum of one director that is either a Singapore citizen, a person who holds a permanent resident, an EntrePass, an Employment Pass or a Dependants' Pass.

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