22
Jun, 2022
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Singapore is known for its attractiveness to investors, robust intellectual property protection, attractive corporate tax framework, strategic geographical location with proximity to the world’s largest emerging markets and more than 100 free trade agreements with different countries and regions in the world. All of the above makes Singapore the best location for doing business in Asia.
This article by JNT is intended to provide general information on company formation in Singapore.
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.
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.
To form a Private Limited company, the main requirements include:
* 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.
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
The annual company incorporation and maintenance service includes all that is needed to legally operate and manage a company in Singapore:
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)
JNT is proud to be a pioneer in providing comprehensive solutions for businesses. We will help the Client to prepare all the necessary requirements for the registration and maintenance of the company. We have supported hundreds of local and global entrepreneurs and companies in successfully launching projects in Singapore. Contact us to start your “Go Global” strategy today!
Auth. Zed Nguyen
We are the consulting unit that solves problems of Vietnamese and international enterprises in business operation, tax, finance and law.
68 Circular Road #02-01, Singapore
3rd Floor, Tower 3-4, Dolphin Plaza, 6 Nguyen Hoang Street, Nam Tu Liem District, Hanoi City, Vietnam
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admin@jnt.asia
093.193.6222