As stated here Singapore Incorporation is a popular choice for local and foreign entrepreneurs because of the city-state’s business-friendly policies and pro-growth mindset. However, if you are looking to start a company in Singapore, you need to be aware of the requirements and procedures that apply to incorporating here.
As a rule, the process of incorporating a company in Singapore is relatively quick and easy. It can be done online through BizFile+, a Singapore company registration platform, and requires no physical presence in the country.
The key steps that you will need to take include preparing a company constitution, hiring a company secretary, and maintaining proper accounting records. These tasks can be overwhelming for some entrepreneurs, which is why it’s best to work with a corporate service provider that will be able to guide you through the entire process.
Your Company Constitution is a crucial document that will govern your company’s operations and relationships with others. This document should clearly explain the purpose of your company, its rights and responsibilities, as well as how to handle any legal issues that may arise in the future. A standard form of company constitution is available with ACRA if you wish to use it, and can be a useful tool to assist you with your incorporation.
You will also need to register your company with the Accounting and Corporate Regulatory Authority (ACRA) so that you can maintain all of your records in a secure manner. This involves submitting your company’s name, Unique Entity Number (or registration number), date of incorporation, and other identification details.
Once your company has been incorporated in Singapore, it is required to maintain proper books of accounts and records as per the Companies Act. These include a general ledger, fixed assets ledger and accounts payable ledger. The company should also keep a register of directors and a register of shareholders.
A Singapore company should appoint a qualified company secretary within six months of incorporation and must have one at all times. The company must ensure that the secretary is a natural person and a resident of Singapore. A company secretary will need to be familiar with all the rules that apply to incorporating As stated here Singapore Incorporation , and will be able to help you with all of the compliance requirements.
You will need to appoint an auditor within three months of your company’s incorporation, unless you are exempted from it by the Companies Act. This is a critical step because it will allow you to determine your financial year-end, or FYE, which can be beneficial for tax purposes.
As a Singapore-incorporated company, you need to have your financial statements submitted annually to ACRA and comply with all of the minimum compliance requirements. These are all part of the statutory requirements for your business, and can be challenging if you are not familiar with them.
You will also need to prepare a company audit report for your company’s financial statements. This is necessary for compliance purposes and will help you to get the best tax benefits in the future. A qualified accountant will be able to assist you with these tasks.