Set up a company in Singapore |
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Global entrepreneurs set up a company in Singapore to conduct legitimate, tax-efficient international trading. Healy Consultants works to minimise inconvenience to clients during the process of setting up a company in Singapore with clear, transparent engagement procedures. The following information will help you determine whether setting up a company in Singapore is the optimum solution to fulfill your international business objectives. |
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Singapore is a reputable, highly respected global financial centre. Setting up a company in Singapore projects a positive image to your customers, suppliers, investors and venture capitalists. For example, a properly-structured Singapore company is not considered an offshore company in a tax haven. |
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Setting up a company in Singapore is tax-efficient. For example, a properly-structured Singapore company pays no tax on revenues sourced outside Singapore. Furthermore, the first S$100,000 (US$79,500) of local corporate profits earned in Singapore are fully tax-exempt and there is 50% tax exemption on the next S$200,000, for the first three years after company setup in Singapore. For further information, refer to the Inland Revenue Authority of Singapore website. |
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The procedure to set up a company in Singapore begins with the settlement of our firms engagement fee and signing of our Client Engagement Letter, in which our client confirms the required corporate structure, including shareholders and directors. The majority of our clients appoint Aidan Healy, managing director of Healy Consultants, to be the Singapore resident director to satisfy Singapore company law. |
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Setting up a company in Singapore requires registering for goods & sales tax (GST) if annual sales exceed S$1 million (US$795,000) in a calendar year. Singapore levies a 7% GST in lieu of value added tax (VAT) and import duty. However, Singapore company sales to international customers are GST-exempt. |
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After setting up a company in Singapore clients access comprehensive double taxation treaties Singapore has currently signed with 69 countries, including Japan, China, Germany, France, the UK and Canada. |
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Healy Consultants offers a wide range of Singapore, and offshore corporate services, including i) assistance to open a corporate bank account ii) obtaining corporate finance iii) assistance opening merchant accounts and brokerage accounts iv) accounting services v) tax planning in Singapore vi) setting up trusts and foundations vii) Singapore virtual office services, and viii) assistance with Stock Exchange listing. Some clients also request our assistance to purchase Singapore property and other Asia Property Investment.. |
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General procedures to set up a company in Singapore: |
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The procedure to set up a company in Singapore begins with the settlement of our firms engagement fee and signing of our Client Engagement Letter, in which our client confirms the required corporate structure, including shareholders and directors. The majority of our clients appoint Aidan Healy, managing director of Healy Consultants, to be the Singapore resident director to satisfy Singapore company law. |
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Our staff then prepare a detailed Engagement Project Plan for our client, which clearly highlights the key steps required to set up a company in Singapore, thereby minimising the chance of any nasty surprises. |
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Healy Consultants proceeds to legally set up a company on our clients' behalf, registering the company at the Accounting and Corporate Regulatory Authority of Singapore (ACRA) with the corporate structure as indicated by our client. |
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Having set up the company in Singapore, Healy Consultants assists our client to open a corporate bank account to enable the company to make and receive payments. Healy Consultants will open an account with a leading international retail bank such as HSBC, Standard Chartered or DBS, all of which provide accounts in multiple currencies and with good Internet banking facilities. |
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Some international entrepreneurs who undertake Singapore company setup require corporate finance to fund their Singapore projects. Healy Consultants also assists clients apply for and obtain financial incentives from government organisations such as the Singapore Economic Development Board (EDB). Alternatively, our firm can assist clients to list on the Singapore Stock Exchange. |
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Following incorporation, Healy Consultants provides our client a Singapore business address, enabling their company to issue invoices using our office address. This is beneficial to clients who have set up a company in Singapore but who are based in another country. In this case, international entrepreneurs often request telephone, fax and email support for their company as part of our Singapore virtual office services. |
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Additional support services include marketing. For example, Healy Consultants assists clients build and design business websites and initiate search engine campaigns for the website. Furthermore, our in-house designers will assist with stationery and logo design, or the production of marketing material including flyers/corporate brochures etc. |
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Once the engagement is complete, Healy Consultants e-mails an Engagement Feedback Survey to our client. |
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| Contact Us | |||||||||||||||||
To set up a company in Singapore, contact email@healyconsultants.com or telephone us at (+65) 6735 0120.
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Buy Healy Consultants' Asia Business Set Up book, to order call +65 6735 0120 or e-mail email@healyconsultants.com
