After the establishment of the Singapore company, what issues need to be considered before starting the company’s business activities?
Once you have established a Singapore company, you can start your business immediately. However, if applicable, you may need to do the following.
Open a bank account. You may want to choose a bank that meets the company’s banking needs. That is, letters of credit, multiple currencies, bank location, banking hours, and other services that they can provide for you.
If your business requires one or more licenses, you may need to obtain the relevant license before you can start your business activities.
Register Goods and Services Tax (GST) if necessary. Unless your annual turnover exceeds S$1 million, you do not need to enforce GST registration. We can help register GST if you need it.
If your company’s activities involve the import and export of goods, you will need to register and receive a Central Registration (CR) number. The CR number is used for all import and export permits, transshipment certificates and other documents issued by Singapore Customs. We can help you get the company’s CR number if needed.
If you intend to hire any foreign employee, including yourself, your company will need to apply for an Employment Pass (EP) for that person. We can assist you with EP applications.
If you plan to hire local employees (Singapore citizens and permanent residents), you will need to open a CPF account on the Central Provident Fund (CPF) board and pay a certain percentage of local employee salaries to the committee each month as part of their retirement fund. For more details, please visit www.cpf.gov.sg. We can help you register your company’s CPF account and manage employee salaries if needed.
You need to determine the company’s fiscal year end date, which can be any date within 18 months of the company’s inception.
You will need to track income and expenses (bookkeeping) in accordance with Singapore Accounting Standards. Depending on the volume of the transaction, we can provide accounting services on a weekly, monthly, quarterly or yearly basis.
For foreign employees, no provident fund payment is required. You only need to pay the agreed salary to the foreign employee, and that’s it.
There is no need to deduct tax on the personal salary of local or foreign employees. Employees are directly responsible for personal taxes.
In order to successfully register a company in Singapore, you will need the following information and documents:
* Company Name
* Registered address
*Business activity description
*Company secretary information
* Memorandum and Articles of Association (MAA).
* A copy of the Singapore Identity Card (IC) for use by Singapore residents, or a passport for foreigners, proof of overseas residence address and other information.
* If the shareholder is a corporate legal person, you will need to submit a copy of the registration documents, such as the company registration certificate and the memorandum and articles of association.
For non-English documents, an officially recognized translation is required.
To establish a Singapore company, you need to meet the following conditions:
Company Name – For companies registered in Singapore, you must avoid the following company names:
* Same name as existing local company;
* offensive, obscene or insulting name; either
Paid-in capital – The minimum paid-in capital for the establishment of a Singapore company is S$1.
Registered Address – The local Singapore address is a requirement for registering your Singapore company. The registered address can be a residential address or a business address, but it cannot be a PO Box.
Directors – To establish your Singapore company, you must have at least one (1) local director. Local directors must be Singapore Citizens, Singapore Permanent Residents or EntrePass, Employment Pass or Dependent Certificate Holder.
The establishment of the shareholder-Singapore Pte Ltd requires at least one (1) shareholder and a maximum of 50 shareholders. Allow foreign companies and individual shareholders to own 100% of the shares.
Company Secretary – The Singapore Companies Act requires all companies established in Singapore to have a company secretary within six months of their establishment.
The A1corp Company registration in Singapore specializes in providing company registration services for local and foreign entrepreneurs.