Business Formation in
Singapore
Handling all of your business matters in Singapore. As a foreign business owner/entrepreneur, there is no doubt that legal issues will arise that require the guidance from a skilled legal professional. We help with buying, selling, and helping manage your ongoing legal enterprise.
Employment Pass (E-Pass)
Incorporation of a Singapore company by a foreigner may only take place if the foreigner owns an Employment Pass. Click here for more information on the Employment Pass and other visas.
Requirements for Starting a Business
For a foreigner to start a business in Singapore, they must meet a significant amount of requirements. The company must have at least one director who is a local and legal resident of Singapore, a registered physical address in Singapore, paid-up capital, company secretary and a certification from the Anti Money Laundering (AML) and the Know Your Customer (KYC) checklists. Each of these requirements have their own stipulations and should be done with the help of a legal advisor here!
Capital Requirements
Foreign companies are required to invest a minimum of $50,000 SGD as paid-up capital at the time of company incorporation. This can be spread through all types of local assets.
Natural Resident Secretary
Section 171 of the Companies Act requires all Singapore companies, whether foreign owned or not, to have at least one Singaporean secretary. Crossborder Legal can help find a proven natural resident secretary or act as one on a company's behalf. Learn more here.
Know Your Customer Checklist (KYC)
The Know Your Customer Checklist is a unique requirement for all businesses in Singapore. The checklist is a due diligence on company accounting to prevent fraud, money laundering and terrorist funding. We can help with this checklist.
Tax Exemption Scheme
In 2005, Singapore introduced a new tax exemption scheme for new start-up companies. With this new exemption, 75% of the first $100,000 of normal chargeable income, and a further 50% exemption on the next $200,000 of normal chargeable income. There are several steps needed to claim this tax exemption. Learn more here.
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EXPERIENCE
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