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- What I need to know about company incorporation
Investment capital 1 unit of any currency denomination Number of owners Minimum 1 shareholder Accounts Must prepare annual accounts (Companies Act (Cap 50), S201(1)) Keep business and transaction documents for…
- Can I use my home address as a Home Office?
Under Urban Redevelopment Authority’s (URA) Home Office scheme, home owners, tenants or occupiers of private residential properties can conduct small–scale businesses in their homes, as long as they satisfy the…
- How long does it take to register a business in Singapore?
The time it takes to register a business in Singapore is within a day. However it may take 14 days to 2 months if application needs to be referred to…
- I have recently incorporated a company but have not started business. Am I required to file a tax return to IRAS?
A dormant company is one that does not carry on business and had no income for the whole of the basis period. A dormant company is still required to submit…
- What are the tax benefits of setting up a company in Singapore?
A company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. In addition, a company is able…
- What do you mean by alternate address?
The owner/partner or authorised representative may report an alternate address with the Registrar. The alternate address must be located in the same jurisdiction as the individual’s residential address. Therefore if…
- What is a business?
A business is every form of trade, commerce, craftsmanship, calling, profession and any activity carried on for the purposes of gain. It excludes any office, employment or occupation, or any…
- What is the law governing companies in Singapore?
All companies in Singapore are governed by the Companies Act (Cap 50).
- Why choose Singapore to set up business?Pro business and stable government Ranked one of the best places in the world for businesses Financial assistance for small and medium sized local companies Ruling political party is PAP...
- What should I be aware of when selecting a name for a Company in Singapore?
Pursuant to Companies Act (Cap. 50), S27, company names must not be: undesirable (vulgar, offensive, obscene, prohibited) identical to that of any corporation or to a business name identical to…
- When should I register a Limited Partnership (LP)?Content Investment capital Capital contribution is subject to partnership agreement Number of owners At least 2 partners At least one general partner and one limited partner Accounts Must prepare annual...
- Who can file application to incorporate a Company in Singapore?
Pursuant to Companies Act (Cap 50), S19(2), appropriate persons to incorporate a Company are: A registered qualified individual engaged in the formation of the proposed company A person named in…
- Can a business in Singapore be registered under a nominee or trustee?
A business in Singapore can be registered under a nominee or trustee as provided under Business Registration Act, S6(7). The particulars of the nominee and additional particulars as specified under…
- How many days do I have to file when there are changes to a business?
Pursuant to Business Registration Act, S14, all changes in particulars of any person or of the business, shall within 14 days after the change, be lodged with the Registrar. Examples…
- My company’s business has not been doing well and I intend to apply for strike-off. What are the company’s tax obligations that I need to know?
The company may apply to the Accounting and Corporate Regulatory Authority (ACRA) to strike its name off the Companies Register if it is no longer carrying on business. This process…
- What do you mean by place of business and registered office address?
Place of business is the location where a business is conducted, usually at a property premise designated for commercial, industrial or office purposes. The owner of a sole-proprietorship or partnership…
- What do you mean by place of business?
Place of business is the location where a business is conducted, usually at a property premise designated for commercial, industrial or office purposes. The owner of a sole-proprietorship or partnership…
- What is Business Registration Act (Cap 32)?
The Business Registration Act (Cap 32) provides for the registration of person(s) carrying business in Singapore. The term person includes a corporation, form, foreign firm and an individual.
- What is the tax treatment of dividends in Singapore?
Dividends are not subject to withholding tax whether paid to a resident or non-resident. Generally, the following types of dividends are not taxable: Dividends paid on or after 1 Jan…
- Who can file application to register a business in Singapore?
Pursuant to Business Registration Act, S6(4), the “appropriate person” to register a business are: The individual where business is carried on by an individual The manager or the person having…
- What types of business structures are there available in Singapore?
What types of business structures are there available in Singapore? There are five business structures available for registration Sole proprietorship Partnership Company Limited liability partnership Limited partnership Comparison Table of…
- When should I register a Partnership?
Content Investment capital Capital contribution is subject to partnership agreement Number of owners 2 to 20 partners Incorporate as a company if there are more than 20 partners Accounts Must…
- Can a foreigner incorporate a Company in Singapore?
A foreign individual or foreign corporation, may incorporate a Company in Singapore, and is required to: appoint a director ordinarily resident in Singapore “resident director” (Companies Act (Cap 50), S145)…
- How do I search for principal activities of Company?
Each Company is permitted to have two principal activities which are based on the Singapore Standard Industrial Classification (SSIC). The SSIC is a classification of economic activities undertaken by economic…
- How many types of Companies are there?
A company may be: A company limited by shares A company limited by guarantee An unlimited company A company is a private if its constitution restricts the right to transfer…
- What do you mean by a place (Address) of business?
Place of business is the location where a business is conducted, usually at a property premise designated for commercial, industrial or office purposes. The owner of a sole-proprietorship or partnership…
- Under Section 201 of the Companies Act, a company can prepare its financial statements up to 18 months after incorporation. Can I use the same set of financial statements for corporate tax reporting purposes?
For corporate tax purposes, a basis period (i.e. financial year) cannot exceed 12 months. For a newly incorporated company whose first set of accounts cover a period of more than…
- What documents do I need to submit to IRAS together with my corporate income tax return form?
There are two types of income tax return forms that companies can submit: Form C-S or Form C. Form C-S Companies who satisfy the qualifying conditions can use Form C-S…
- What is the basis of taxation in Singapore?
Singapore only taxes on business income; there is no capital gains tax in Singapore. Singapore adopts a territorial basis of taxation. Foreign-sourced income is taxed on a remittance basis. A…
- Useful information about Singapore
Area 715.8 sq km GDP S$3.5 trillion Per capita S$67,000 Total trade S$1.0 trillion Location Strategically located Cross roads of worlds global trading centres Launch pad to Southeast Asia, China…
- What is withholding tax and how does it apply to me?
When a person makes payment(s) of a specified nature (e.g. royalty, interest, technical service fees, etc.) to a non-resident company or individual, he/she is required to withhold a percentage of…
- What I need to know about company incorporation
Investment capital 1 unit of any currency denomination Number of owners Minimum 1 shareholder Accounts Must prepare annual accounts (Companies Act (Cap 50), S201(1)) Keep business and transaction documents for…
- When should I register a Sole-Proprietorship
Investment capital No capital is required Number of owners One person Accounts Must prepare annual accounts Keep business and transaction documents for 5 years Report Not applicable Tax Business profits…
- Can a foreigner register a business in Singapore?
A foreigner, who would like to register a Sole-Proprietorship in Singapore, is required to appoint a locally resident authorised representative whilst he continues to reside outside Singapore. If a foreigner…
- How long does it take to incorporate a Company in Singapore?
The time it takes to register a Company in Singapore may be within a day. However it may take 14 days to 2 months if application needs to be referred…
- How should the company pay its corporate income tax to IRAS?
GIRO is the preferred method of payment as it allows you to pay your tax by instalments. Singapore-registered companies can enjoy up to 10 interest-free monthly instalments when they file…
- What do you mean by alternate address?
The owner/partner or authorised representative may report an alternate address with the Registrar. The alternate address must be located in the same jurisdiction as the individual’s residential address. Therefore if…
- What are the requirements to incorporate a Company in Singapore?
The requirements to incorporate a Company are: At least one shareholder (Companies Act (Cap 50), S20A) At least one resident director who is at least 18 years (Companies Act (Cap…
- What information is required to register a business in Singapore?
Pursuant to Business Registration Act, S6(1), the following shall be filed to the Registrar The business name; The general nature of the business The principal place of the business where…
- What is the difference between a Sole-Proprietorship, a Partnership and a Company?
A sole-proprietorship is a business owned and run by a single person and is governed by the Business Registration Act (Cap. 32). A person may be either a corporation, firm,…
- Why set up business in Singapore?
Economy Advanced, successful free market economy Open and corruption free environment Globally connected Pro business environment Strong and stable infrastructure Pillar of industries Strong in financial business services Gain importance…
- What should I be aware of when selecting a name for a business in Singapore?
Pursuant to Business Registration Act, S13, business names must not be: undesirable (vulgar, offensive, obscene, prohibited) identical to that of any corporation or to a business name identical to a…
- When should I register a Limited Liability Partnership (LLP)?
Content Investment capital Capital contribution is subject to partnership agreement Number of owners At least 2 partners No maximum limit on number of partners Accounts Must prepare annual accounts Keep…
- Who can be appointed as the local representative a business in Singapore?
Local representative that can be appointed are: Singapore Citizen or Singapore Permanent Residents Any foreigner who wishes to work in Singapore or an authorised representative must seek approval from the…
