Starting a company in Singapore: Introduction. Event at Woolf Works.
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Prepared for Woolf Works As of August 2014 STARTING A COMPANY IN SINGAPORE: INTRODUCTION
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Today, we've conducted a brief incorporation tour. Everything a foreigner or local director should know about how to incorporate and run a company in Singapore during the first month of operation. Hosted at Woolf Works. The session highlighted problems foreign directors face and the types of solutions that work. Read more: http://futurebooks.com/blog/starting-company-singapore-introduction/12736 .
Transcript of Starting a company in Singapore: Introduction. Event at Woolf Works.
Prepared for Woolf Works
As of August 2014
STARTING A COMPANY IN SINGAPORE: INTRODUCTION
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LAUNCH YOUR BIG IDEA
STRUCTURES AND COMPLIANCE
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IMPORTANT GOVT BODIES
Body Purpose
Accounting and Corporate Regulatory Authority Singapore (ACRA)
Company Registrar
Inland Revenue Authority of Singapore (IRAS)
Tax
Ministry of Manpower (MOM) Work passes
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LEGAL STRUCTURES
Sole proprietorship
Unlimited liability
Low cost of compliance
Sole proprietorship and its owner are the same in the eyes of law
No audit required
Private limited
Limited liability
High cost of compliance
Company and its directors are separate in eyes of law
Audit required under certain circumstances
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COMPLIANCE REQUIREMENTS
Sole proprietorship
At least one local manager
Registered office
No company secretary is required
Personal tax filing only. No separate tax filing required
Annual renewal with ACRA. No annual return
filing is required
Private limited
At least one local director
Registered office
A company secretary is required
Corporate tax filing to be done separately
Mandatory annual return filing
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#1 APPOINTING A LOCAL MANAGER / DIRECTOR
Resident of Singapore (can be a foreigner)
Must have a valid pass
18 years or above
Nominee managers / directors are a substitute
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#2 REGISTERED OFFICE ADDRESS
Usually refers to a commercial address where the business is performed
Must be a Singapore commercial address
Virtual office is an option
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#3 APPOINTING A COMPANY SECRETARY (IN A PRIVATE LIMITED COMPANY)
Can I maintain statutory records
Can I handle share transfers?
Can I file returns on time?
INCORPORATING A PRIVATE LIMITED COMPANY
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COMPLETING AN INCORPORATION
Company name
Registered office address
Business activity (SSIC code)
Directors
• Local
• Foreigner
Shareholders
• Individual
• Corporate holding
Paid up capital
Shares
Company secretary
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#1 BIZFILE
Download
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#2 M&AA
Download
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#3 SHARE CERTIFICATE
Download
Common seal
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#4 BOARD OF DIRECTORS RESOLUTION
Download
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COMPANY STAMP + SEAL
Company stamp can include:
Full company name
Registration (UEN) number
Registered address
Common seal will include:
Full company name
Text ‘Common seal’
WORK PASSES
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OVERVIEW ON WORK PASSES
Employment pass
Personalized employment pass
Letter of consent
Entrepass
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EMPLOYMENT PASS [EP]
Eligibility criteria for the applicant:
Minimum salary of SGD 3,300.
Acceptable qualification (a Bachelors Degree or higher).
Older applicants would have to command higher salaries to match their work experience.
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EMPLOYMENT PASS [EP]
Based on the company’s ability to
Generate revenue,
Pay the employee and
Meet its existing expenses.
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LETTER OF CONSENT[LOC]
Eligibility criteria for the applicant:
A dependent of an EP holder.
With a secured job offer.
With a Dependent Pass valid for at least 3 months.
The LOC will be automatically cancelled when the Dependent Pass is cancelled.
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LET’S TALK
om
@futureb00ks
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TERMS OF USE
Restrictions on Use of Contents1. Except as otherwise provided, the Contents of this Document shall not be reproduced, republished, uploaded, posted, transmitted or otherwise distributed in any way, without the prior permission of FUTUREBOOKS SINGAPORE PTE LTD. To use any parts of the Contents of this Document, the user must seek permission in writing, stating the c Contents for use; intent of use; manner of use; time frame of use and identity of the user. FUTUREBOOKS SINGAPORE PTE LTD reserves the right to refuse permission without declaring reason(s); and/or if information submitted by user is deemed insufficient.2. You may view, download and print the Contents if:(a) the Contents are used for non-commercial or personal use only and will not be copied or posted on any network computer or broadcast in any media, and(b) no alterations, additions or modifications of the Contents are made in any way(c) due acknowledgement is given to “FUTUREBOOKS SINGAPORE PTE LTD” and citing the sources for the relevant data extracted.3. Modification of any of the Contents or use of the Contents for any other purpose will be a violation of FUTUREBOOKS SINGAPORE PTE LTD ‘s copyright and other intellectual property rights. Graphics and images on this Document are protected by
copyright and may not be reproduced or appropriated in any manner without written permission of FUTUREBOOKS SINGAPORE PTE LTD.4. Any request to otherwise reproduce the Contents from this Web Site for publication or commercial use should be addressed to: [email protected] of Warranties and Liability5. The Contents of this Document are provided on an “as is” basis without warranties of any kind. To the fullest extent permitted by law, FUTUREBOOKS SINGAPORE PTE LTD does not warrant and hereby disclaims any warranty:(a) as to the accuracy, correctness, reliability, timeliness, non-infringement, title, merchantability or fitness for any particular purpose of the Contents of this Document;(b) that the Contents available through this Document or any functions associated therewith will be uninterrupted or error-free, or that defects will be corrected or that this Document and the server is and will be free of all viruses and/or other harmful elements.6. FUTUREBOOKS SINGAPORE PTE LTD shall also not be liable for any damage or loss of any kind caused as a result (direct or indirect) of the use of the Document, including but not limited to any damage or loss suffered as a result of reliance on the Contents contained in or available from the Document.
