Over the years, the Singapore has been considered as the ideal business destination in Asia for many small to mid size companies in the world. The country appeals global entrepreneurs, investors and business tycoons to explore corporate world in Singapore and take advantage of its corporate benefits for foreigners. However many SMEs in the world are intending to launch their new offices and headquarters in Singapore to get international visibility and multiple their earnings too. So, if you are also going to setting up a company in Singapore, you should be aware of all legal requirements and commerce rules that are necessary to launch your new office in the country as well as manage its accounting and operational works legally.
Let’s take a look on some potential requirements and facts about company setup and accounting norms to be followed by foreign businesses in Singapore.
1. Singapore Company Act
Before you go for setting up a company in Singapore, you need to be aware of Singapore Company Act (SCA). Every foreigner or resident company in Singapore needs to follow standard norms of Singapore Company Act. Apart from that, every foreign company should know about rules of their business type too.
2. Requirements of Singapore company setup
Below are some legal requirements for foreigner companies willing to setup new branches in Singapore:
- Choose the decent name of the company that should be unique. Also, do not forget to get company name approved with ACRA in Singapore.
- It is necessary to appoint at least one resident director and one shareholder of the company. The number of shareholders of company can be applicable up to 50 only.
- The foreign company should have paid capital up to S$1 Million minimum.
- Do submit details of company’s registered address proof to the government.
- It is required to appoint a company secretary in the company to handle all its legal, administrative, and operational matters.
Thus, above are some legal requirements for setting up a business in Singapore in an authorized way.
3. Accounting and ACRA Rules
To manage your company’s all accounting and taxation works legally, you need to know about legal norms of Accounting and Corporate Regularity Authority (ACRA) as well. If you are not able to calculate tax of your new company, you can approach to any accounting service in Singapore too. At such agency, you will get complete solution for all accounting and tax related issues of your business according to ACRA norms. Moreover, you will get right calculating and audit of company’s income tax to be paid to the government too.
4. Business Passes
To do business and job in Singapore, you have to apply for genuine business passes such as EntrePass, Employment Pass (EP), S Pass, Permanent Residency (PR) Pass, etc. To apply any pass, you need to qualify the eligibility criteria and submit all legal proofs required for the same.
Thus, above are some typical facts that you need to consider wisely whenever go for setting up a company in Singapore and work there for personal needs.
