1. Why choose Singapore for business?
There are several reasons why you choose Singapore for business, or why Singapore is so attractive a location to foreigners who wish to set up a company. The pull factors are:
- Ease of starting a business
- Strong legal system and high degree of personal safety
- Business-friendly ecosystem
- Strategic position and network of trade agreements
- Extensive air connectivity
- Comprehensive Intellectual Property protection
- Vibrant financial center and easy access to funding
- Incentives for headquarter setup
- Foreign income exemption
- Attractive Personal Tax framework
- Attractive Corporate Tax rates
2. How do I register a company name in Singapore?
Your company name must be approved by the Accounting and Corporate Regulatory Authority (ACRA) before you can register it. ACRA will refuse a proposed company name if it is similar, identical or phonetically the same as a company that is already registered. You can use our free Singapore Company Name Check tool to ensure your company name isn’t already taken.
In addition, usage of words such as “bank”, “insurance”, and “education” could be subjected to control and regulation by other Government authorities and will require permission before you can proceed to incorporate. After approval of your company name, you can sit on your name for 60 days and file an extension of an additional 60 days if required.
3. What are the documents required to open a Singapore bank account?
Banks require the company M&A, and the incorporation certificate. Some banks however may require further documentation such as bank reference and proof of residence.
4. Do foreign employees need to contribute to the CPF fund?
Foreigners on Singapore work passes such as Employment Pass, S Pass, etc. are exempted from CPF contributions in Singapore.
5. What is Memorandum and Articles of Association(M&A)?
Memorandum and Articles of Association (M&A) is the company’s constitution and contains the following information:
- Name of the company
- Location of the Registered Office
- Liability of the members
- Company’s capital structure
- Names of the subscribers and the number of shares subscribed by them
- Principle activities of the company (optional)
- The rules governing the internal management of the company
* The documents has to be signed by the subscribers before us or a notary public (if signed outside Singapore)
6. What information do I need to provide for online submission to BizFile?
To apply online through Biz-file, the following information is required:
- Type of company
- Proposed company name
- Principal activities
- Particulars of directors
- Particulars of subscribers
- Share capital
- Registered address
7. What is an annual return(AR)?
An Annual Return (AR) is the annual submission of your companies’ financial health and status to the registrar. Section 197 of the Singapore Companies Act (Cap. 50) states that Annual Return filing has to be done within 1 month or 30 days from the Annual General Meeting (AGM).
8. When must I file my annual returns(AR)?
Section 197 of the Singapore Companies Act (Cap. 50) states that the Annual Returns (AR) filing needs to be done within 1 month or 30 days from the company’s Annual General Meeting (AGM).
9. What is an Annual General Meeting(AGM)?
All Singapore incorporated companies are required to hold an Annual General Meeting, or (“AGM”) of shareholders at which decisions are taken on the company’s business. The ‘ordinary’ business of the AGM is repeated every year, and includes accepting the company’s accounts for the year, as well as determining the proportion of a company’s profits that will be paid back to shareholders as a dividend.
In the Singapore Companies Act (Cap. 50), the requirements of the AGM are as follows:
- Section 175
- Companies are required to hold their AGMs once every calendar year and must not be more than 15 months apart from the last held AGM.
- Section 201
- Companies are required to table their accounts within 6 months from the FYE.
10. What is the Financial Year End(FYE)?
Financial Year End (FYE) is the end of the company’s accounting period which typically recurs every 12 months.