Open a company in Singapore in 2023

Singapore is one of the most developed countries in Asia with a stable political, economic, banking and legislative system based on general civil and commercial English law.

West Union Group is a certified company registration secretary in Hong Kong, China, Singapore, has its own offices with a confirmed physical address in the countries of presence and specializes in opening bank accounts in the Asia-Pacific region.

• Registration of a company in Singapore
• Opening bank accounts
• Accounting services, financial audit and legal business support

• You plan to enter the Asian market and engage in trade and export activities.
• See the prospects for your company in the field of IT, Fintech, trade and logistics.
• You are looking for favorable conditions for expanding your business with the ability to work with proven financial schemes.

The main requirement for newly registered companies is the presence of a local director (founder) and a registered address. West Union Group offers its clients a nominee service. It is convenient and completely safe - all permits are issued by our lawyers directly in Singapore banks.

As in many other jurisdictions, the most popular legal form for registering a company in Singapore is a Private Limited Company (PTE).

1. Director—an individual, resident of the country.
2. Shareholder—at least 1 person or legal entity, resident of any country.
3. Secretary must be local, with a valid license. The interests of our clients are represented by licensed secretaries of the West Union Group.
4. Unique Name—Must be in English and include the legal form. Before registration, the name is checked in the register of companies.
5. Activity Code (SSIC) - Entities can select an SSIC from a list in the Singapore Standard Industrial Classification.
6. Share capital- from 1 Singapore dollar.
7. Legal address- must be registered and confirmed.
8. License - if necessary, depends on the specifics of the business. Many activities in the country are not subject to licensing. But sometimes a license is needed - for example, for private schools, travel agencies, suppliers and sellers of alcoholic beverages, importers and exporters.

Registration of a company in Singapore takes place remotely. Personal presence is not required in most cases.

• A copy of the international passport of the director and shareholder, certified by a notary.
• Confirmation of the actual address of residence. This could be a landline bill, utility bill, bank statement.
• If the shareholder is a legal entity, it is necessary to provide notarized corporate documents, as well as a copy of the civil passport of the person representing the interests of the company.

Non-residents can be shareholders of Singapore companies. Any company can open a company in Singapore for non-residents and conduct international business (subject to the involvement of a local director). However, you may encounter the problem of opening a bank account in Singapore, and there are some difficulties here. In this case, we offer opening an account in an international payment system or in a bank in another country.

If you want to open an account with a Singaporean bank, then you should consider the option of a full nominee service. Our company offers the service of a nominee director and shareholder. Your rights are fully reserved. Agreements are drawn up by our lawyers directly in Singapore.

• Checking the correctness and uniqueness of the company name.
• Submission of a package of documents to the registration authority.
• Automatic registration with the Singapore tax authority (after registration).
• NNC1, Certificate of Incorporation, Business Registration, Articles of Association.
• Production of seals and corporate documents of the company.
• Obtain a business license (if necessary).
• Confirmation of corporate documents at the Consulate of Singapore.
• Handing or mailing original documents to the owner.
• Opening a corporate account.

Registration of a company in Singapore is quite fast and takes about 5 business days. However, some clients want to have a company "with history", registered relatively long ago. Our company will help with the purchase of a ready-made company that did not conduct any activity, but filed all reports. You can check the availability of ready-made companies with our specialists.

Each company is required to keep accounting records and send financial reports and reports on turnover to the tax department. All copies must be kept at the company's office.

Reporting must be submitted once a year, while an annual audit is optional for small businesses.

This category includes businesses that:

1. total revenue for the reporting period does not exceed USD 10 million;
2. total assets at the end of the financial year are less than $10 million;
3. no more than 50 full-time employees (at the end of the year).

The country does not charge VAT, there are no taxes on dividends and capital gains. The corporate tax rate for companies operating in Singapore is only 17% (on income of SGD 300,000). Additional tax incentives have also been introduced for newly registered resident companies.

The first SGD 100,000 of annual income is not taxed at all. For the next 200 thousand, the rate is 8.5%, that is, the company is exempt from taxes by 50%.

At the same time, the company must meet the following requirements:

1. registration in Singapore;
2. tax resident of the country;
3. no more than 20 shareholders, one of which is an individual holding at least 10% of the shares.

Singapore does not have foreign exchange controls, however, starting in 2020, the income of foreign digital service providers operating in the country is subject to taxation.

Formally, in the traditional sense, the country is not an offshore zone, as it is a completely independent, independent state with a tax-free territory, its own fiscal and financial policies. It is rather the so-called midshore - the company can operate outside the country, but in order to receive tax benefits, the company must be managed from Singapore. In our experience, there are no particular difficulties during registration, but before registering an offshore company in Singapore, we advise you to get individual advice from our specialists.

In order to open a turnkey company in Singapore as soon as possible, we offer one of 3 business support packages: Basic, Standard or Premium. The cost of registration starts from $2500.

If you are interested in registering a company in Singapore with opening an account, then the cost of the package will depend on the selected bank or payment system. Send a request and we will prepare a profitable offer for you.

Opening a company in Singapore in 2023 will be the best solution for serious businessmen with high turnover. At the same time, the country is very favorable for start-ups and is loyal to novice entrepreneurs. We are ready to help anyone who plans to enter the Asian market, expand the geography of presence, increase profits and chances for cooperation with suppliers around the world - all these opportunities will be provided by the firm in Singapore. You can get additional information, find out the pros and cons of registering a company in Singapore and possible options for opening an account from our specialists.

Call the phone + 852 2891 0030 or write a message to WhatsApp +4917660018815