You’re in Singapore under Employment Pass and thinking about setting up a company in Singapore. Congratulations! Here’s what you need to do.

Can I incorporate if I have an Employment Pass?

Sure. There are two options: you can be only a shareholder in your company if you don’t want to change your status. You can’t have another official role in your company in this case.

Or you can be a director. For that, you need to get a new Employment Pass (EP) issued per your new company. It’s best if you are not a shareholder in this scenario to ensure receiving an EP. You’ll have to leave your current employer, too.

Business issues and matters are more everywhere. Entrepreneurs are struggling in their business without getting the true value to their corporations. They desire to get the best business service provider at higher costs also. If you also think the same way, then we would like to tell you to change your mind a bit. You can take the help of outsourced services but it is not necessary to pay them extensively as cheap but authentic business service providers are available in Singapore like us. SBS Consulting provides all the required business services and solutions to the help seeker like entrepreneurs or businessmen to make their business needs fulfilled and satisfied. We have a great range of services which comprise online accounting software Singapore, virtual office address, company incorporation, company registration, corporate secretarial services, XBRL filing, etc.

The all above-mentioned services are important to shape your business in an effective way as they help to acquire certain business needs and take the business to the top level. We offer our services at relatively low prices with quality and stable work which your business operations actually required. Among the above-given services, company incorporation is the basic level while entering into a new business. As it holds a long step to complete, we make it short and quick for you so that you can turn to your next level. The next level is company registration as it also takes a bit longer to register a company. It is not necessary that you should trust in our spoken words but when you will check our website, you will get the whole overview of our services, projects we yet completed, fees, and company in detail.

Maintaining financial statements is another concerned task to be considered in the business organization. As many accountants face difficulties in the overall maintenance of financial reports, at that time our accounting software can help you out in all the possible ways. Our accounting software performs well and makes you bring the most effective results in the end. Similarly, a corporate secretary is essential to take the whole responsibility of a company from business operations to its security and we can provide trustful corporate secretaries which will never let your business down as they are highly trained and skilled for the great performance in their field. When you try our services, then only you can experience the real value and quality of our services. We are not forcing you to join us rather we are showing the right way to your success.

To give a new dimension to the business, you should have to plan for its development in overseas too. By doing so, you may find more resources to get success and find prospective clients for the business too. To materialize the purpose, you may plan for Singapore company registration or incorporation, which is most progressive idea for business growth in abroad. But, the question arises that why you should choose Singapore for incorporation of new business or what are major benefits of registering new venture in Singapore? To get answers of such queries, you need to look for the following points such as:

Suitable Corporate Environment: Although the Singapore is small nation, but has wide spectrum of corporate world, which offers huge opportunities for global businesses of all fields to come and get engaged with trusted brands and corporate firms for business needs. However, it enables small businesses around the world to get chances to increase clientele and get options to get more business leads too.

Tax Benefits: It is one of the most sought after advantages for Singapore company registration, which enables global traders to pay low taxes for business in Singapore that is valid up to 17% only. Moreover, you will find most affordable GST tax rate in the country up to 7%, which is pretty manageable by all level enterprises. Thus, it is a good opportunity for small businesses to boost business growth in overseas and save money too by paying lower business taxes in Singapore.

Good Accounting Services:  In Singapore, you will also get major support for accounting works for corporate businesses, which will be handled by leading accounting service companies in Singapore. At the right sources, you will get prompt and accurate services for accounting and taxation requirements of businesses in a professional manner. To handle your accounting needs, you will find the best accounting experts, who hold years of expertise in calculating all sorts of accounting works as per legal norms in Singapore.

Easy Process of Business Registration: You will also experience easy and professional business registration procedures in Singapore. For this, you have to approach to the authorized business registration service agencies in the country, which will have genuine corporate experts, consultants and legal professionals too. They can manipulate all requirements of registration of new business in Singapore in an adequate manner.

Thus, above are some major benefits, which you can experience by incorporating a new company in Singapore in a legal way.

Are you worried about whom to contact and how to register a Pte Ltd company in Singapore? Well, there is no cause to worry. Accounting & Corporate Regulatory Authority (ACRA) acts as the Company Registrar. And, the majority of business owners outsource the task to one of the Singapore incorporation services providing firms.

The business owners choose to set up a private limited company (Pte Ltd company) over other types of businesses. A Pte Ltd is a dynamic and scalable business structure. It is a legal, taxable entity in Singapore independent of its shareholders and inspires confidence in its investors and creditors.

Singaporean and foreign business owners are advised to seek professional assistance from incorporation services in Singapore. The process is straightforward. With all the necessary documents in hand, these firms can register your company with ACRA within a short time.

Key Pre-Incorporation Requirements

How to register a private limited company in Singapore is not a puzzle at all. The experts from your incorporation agent will advise you about the documents, process, and the necessary steps.

There is a set of private limited company Singapore requirements that you should be aware of. They are as follows:

• At least one shareholder (an individual or a corporate)

• At least one resident director

• At least one company secretary

• Minimum of $1 as initial paid-up share capital

• A registered physical office address in Singapore

Documents Required for Singapore Company Registration

The following are the short descriptions of the documents that your services provider needs so as to form a Singapore company for you.

Registered Company Name

Create a list of names for your proposed company and see to it that they reflect your business activities. Your provider will check the availability of these names and register one for your use. It should also be suitable as the web address of your business website.

Description of Business Activities

This document gives a brief description of your business activities. You will need correct Singapore Standard Industrial Classification Code 2010 (SSIC code) to put on the application to register your company. Your services provider will advise you about the proper SSIC code to describe them.

Shareholding

You need a minimum of $1 in initial paid-up capital at the time of . Once formed, the company secretary issues one or more shares to its initial shareholder.

Later, the new company may issue more shares and raise capital for its business activities. The total number of shares multiplied by the nominal value of a share represents company's issued share capital.

Shareholders' Agreement

The shareholders' agreement is a document that defines the relationship between the shareholders and their rights and obligation. It is a must-have document. You can rely on it to avoid future disputes among shareholders.

It is only proper that the brain behind the company gets the lion's share. However, it means having the controlling rights in the company. It is the only way to protect your interests.

Particulars of Shareholders

An individual or a corporate entity can be the owner or a shareholder by starting a Pte Ltd company in Singapore. The shareholders can be as many as 50.

A shareholder can also act as the director of the company. One of the USP of registering a business in Singapore is that the country allows the foreigners to own 100% shareholding in their company.

Particulars of Directors

A company incorporated in Singapore must appoint at least a local director to direct and manage its affairs. Only a natural person, approved by the government, can be a director of such a company.

The director has to be an ordinary resident in Singapore which includes a Singapore citizen, a permanent resident, an EntrePass, or an Employment Pass holder. The foreign business owners can hire an ordinary resident as the director, or they can get the nominee director services from one of the incorporation services.

Particulars of Company Secretary

The companies incorporated in Singapore must appoint at least one company secretary within the six months of their dates of registration. They are is charged with the corporate governance and statutory compliance of the company.

Only a natural person can be the company secretary. They are expected to have mastered the knowledge and skills required for the job. In most cases, it is sufficient for the private limited companies. However, public limited companies must hire qualified and certified company secretaries.

Registered Local Address

You need to register a local physical address or registered address for your company's office. It cannot be a P.O. Adress. You can use the residential address for this purpose under the Home Office Scheme; though, you must obtain permission from the appropriate authorities like HDB.

The officials from the Singaporean regulating agencies use this address for the official communication with the company. They might also visit the same to check the company incorporation documents, company register folder, etc.

Auditor

It is must for the Singaporean companies to employ an auditor within the three months from its date of incorporation. However, it is not necessary to do so if the company is exempted from the audit requirements.

M&AA or Model Constitution

The Memorandum specifies the business activities the company may indulge in. The Articles of Association mentions the rules for governing it's internal management. You could use a model constitution prescribed by ACRA. Alternatively, you could use the customized model constitution to suit your business needs.

How to Register a Private Limited Company in Singapore

The authorities have simplified the process for setting up a private limited company in Singapore. There are only two procedures in it; a)Company Name Approval and b)Applying to ACRA to register a company.

Your incorporation agent initiates the process upon receiving the Singapore company registration cost. You also need to pass on all your incorporation-related documents to them.

You have to be careful in what you choose as the name of the proposed company. If it includes terms like 'Bank,''Education,' 'Financial,' 'Casino,' etc., the application gets referred to the higher authorities and may need two months for the approval.

Incorporation Documents that You Receive

After the successful incorporation of your Singapore company, the Company Registrar (ACRA), sends you or the incorporation agent an email.

Incorporation Certificate

The ACRA's email contains the soft copy of Incorporation Certificate. It is legitimate in Singapore. It contains the Unique Entity Number (UEN) of the company. Your agent can get its hard copy by paying a small fee to ACRA.

Business Profile

Your agent can also extract the business profile of the company by paying a small fee. This is an important document. It contains the company name, the registration number of the company, date of incorporation, its business activities, paid-up capital, registered address, etc. It also documents information of the company's shareholders, directors, and the company secretary.

Share Certificate

After the formation of a company, its company secretary issues share certificates to its shareholders. It is the proof of ownership of company's shares. It shows the number of shares issued to the shareholder.

First Board Resolution

During the first meeting of the board of directors, a pro-term chairman is selected unanimously to conduct the meeting. Once the quorum is determined, the proceedings of the meeting start. Then, the resolution is passed to appoint the shareholders, auditors, and directors of the company official.

Resolution for Opening Corporate Bank Account

A private limited company has an identity independent of its directors and shareholders. It is also a taxable entity in Singapore and needs its own bank account to facilitate its financial transactions. The resolution to open a corporate bank account is passed by the board of directors. It also mentions the signatories to the account in it.

Company Seal and Permits

Your provider of Singapore company incorporation services may assist you in obtaining company seal and stamp. You may feel that you are ready to start your business activities. But, first, check, if you need any business licenses and permits. Ask your services provider to apply and acquire them.

Singapore company incorporation process is a streamlined affair. How to register a Pte Ltd company in Singapore is not at all a challenging issue. The challenge lies ahead in facing the competition in the eye and applying your ingenuity to overcome it.

Setting up a new business is a fairly complicated procedure and especially on the front where registration is involved. It is not only complex but also time consuming if one has now prior idea, and has just stepped in this world. This takes a toll on the precious time that should have been used for planning, and is almost a waste, which one cannot afford. To avoid this, you can fasten the pace of your registration process by getting the right guidance of doing it correctly in the first time with the help Singapore company registration services from BT Consultants.

If you are trying to set up your business in Singapore, but have no idea about how to get its registration done and what are the formalities that need to be completed, then an omniscient guide is what you should look for. Such a person can be found at BT Consultants who are known to provide the best Singapore company registration services. With this you will be able to figure out the ideal plan you need to follow, and will be successful in getting your company registration done. Along with guidance, they also assist in formulating the correct proposal and finding the right investors for your business plan.

The one aspect that troubles the most after the registration process is the tax filing. Confusing and intimidating, the process is very tiring and beyond the comprehension of any person who has not gained a level of proficiency in the field of taxes. Give your company a reliable adviser who can solve all your tax worries and never let you down while fixing it. This is possible only with the best from BT Consultants who give you the best corporate tax services Singapore and help you at every step of business.