1. Type of entities in Singapore
There are five different types of entities to choose from: Sole-Proprietorship, Ordinary Business Partnership, Limited Partnership, and Limited Liability Partnership (LLP), and the most common and most advisable, a Private Limited company (akin to a company limited in Vietnam).
2. Why set up a Private Limited Company (Pte. Ltd.)?
Your choice should enable you to manage the risk, liability, scaling of business, & brand image optimally. It is important to choose the right business structure as it affects your income tax returns. Most entrepreneurs wanting to register a new company in Singapore prefer private limited company for its credibility, scalability and robustness.
- It has a distinct legal identity.
- The liability of the shareholders is limited to the amount they invested in purchasing its shares.
- If properly structured, a private limited company could be a highly tax-efficient business entity.
- Foreigners can own 100% of their shares.
- Any person over the age of 18 years, regardless of nationality, can incorporate a company in Singapore.
You can open a company in Singapore as a private limited company to manage your risk and benefit from the tax exemptions. Once you have chosen the business structure, you will need to meet the requirements in the next section.
2. Key requirements
To form a Private Limited company, the main requirements include:
- Minimum 01 shareholder;
- 01 resident director in Singapore;
- 01 company secretary;
- Registered address in Singapore;
- Minimum 01 SGD of capital. However, it is recommended to set up the company with a starting capital of 1,000 SGD.
* What do individuals need to prepare?
Each Shareholder and/or Director will need to submit a copy of their passport and proof of residential address (such as a bank statement or utility bill).
* What do entities need to prepare?
The company needs to provide a copy of the certificate of incorporation and proof of registered address. For each legal representative of the entity, each person needs to provide a copy of their passport and proof of residential address, just like the Shareholder or Director.
3. Process and procedure
Step 1: Check and reserve your company’s name
Please note that company names can be denied for a variety of reasons, the most common being the same name as previously registered companies or the company name containing sensitive or banned words in Singapore,…
Step 2: Prepare necessary documents
JNT will help Client to prepare necessary documents and papers for submission to ACRA (Accounting and Business Administration).
We are the leader in applying electronic signature system Pandadocs to help customers complete documents quickly and conveniently. This innovation speeds up the business establishment process by more than 25%, saving time and effort for hundreds of businesses.
Step 3: Submit the application for establishment
After JNT submits the application to ACRA, the Client will receive email notification of the documents to be signed for the establishment of the company.
Step 4: Receive the certificate of incorporation in Singapore
After completing the required paperwork, the Client will receive the Bizfile – Business Registration Certificate of Singapore and the Company Constitution via email. These documents can be used for other activities such as business expansion or opening a bank account – which is currently being targeted by many businesses and is an advantage of JNT.
The time to receive the Bizfile is about 01-02 days from the time of submitting the valid application to ACRA
4. Our service package
The annual company incorporation and maintenance service includes all that is needed to legally operate and manage a company in Singapore:
- New Company Registration, 1 time
- Business Secretarial Service, 1 year
- Nominee Director Service, 1 year
- Mailing Address and Registered Address Service, 1 year
- Periodic report preparation and submission (AGM, AR, ECI) – 1 time
The following original corporate documents are issued with a new Singapore incorporation and are all included in the price quoted. These are all documents you need to legally run, manage and operate your Singapore company.
– Unlimited number of resolutions for non-routine services
– AGM Preparation
– Annual Returns Filing (1-time)
– $60 Annual Filing government fee
– Corporate Secretary routine Annual Filing and AGM preparation
– Change in Company Name (exclude disbursement fee to ACRA $15.00)
– Change in Officers
– Change in Address
– Change in Business Activity
– Registration of Particulars Relating to Charges
– Distribution of Dividends
– Change in Officers Particulars
– Allotment of Shares
– Transfer of Shares (excluding Stamp Duty)