46 questions and answers on registering a company in Singapore

46 questions and answers on registering a company in Singapore

1. ask：What does issued capital represent?? answer：Issued capital is also called permitted capital or authorized capital，It has the following meaning: The company’s highest fund-raising ability：A company can raise funds by issuing shares to shareholders or investors，Issued capital is too high，That is, the company can raise excess funds。Except for the issuance of shares，The company can also obtain funds through advances from directors or borrowing from banks.，Banks generally require asset pledges or personal guarantees from directors。
2. ask：What is paid-up capital? answer：Paid-up capital is also called paid-in capital or paid-in capital。Mainly reflects the investment funds actually paid by investors (shareholders)，Based on 1 yuan per share，Calculate shares outstanding。
3. ask：How much should the issued capital be?? answer：Issued capital represents the company’s ability to raise funds，The amount depends on the amount invested by shareholders。

also，Issued capital can also be regarded as the degree of commitment of shareholders to the company.，excess of issued capital，Third parties also have greater confidence in the company。

1. ask：Does the paid-up capital need to be actually in place? answer：No paid-up capital

Require

must be in place (that is, there is no

Require

Deposit into the company's bank account)。But there is no full payment，Debts are borne by shareholders。at the same time，If you want to apply for Huai Certificate，Funds need to be actually available。

1. ask：What is the difference between issued capital and paid-up capital?

Are the two equivalent? answer：In principle, the paid-up capital must be the same as the issued capital。If not paid in full。will be deemed to be a director's loan。

1. ask：Can a Singapore company increase its issued capital after its establishment?? answer：Can，You can increase the issued capital at will。

but，You must convene a general meeting of shareholders，and pass a resolution to increase the issued capital；Then submit the resolution together with the completed form in the specified format，and appropriate

cost

Submit it to the relevant Singapore government departments together.。

1. ask：Can foreigners register a Singapore company? answer：Can，You can register with your ID card or passport。Register a company in Singapore，There are no restrictions on the nationality of shareholders/directors。

in fact,Most offshore company registration places have no restrictions on the nationality of shareholders and directors.。

1. ask：How do I know if my company is legally registered? answer：very simple，You can check it through the Singapore Registration Office。
2. ask：I want to set up a limited company in Singapore，What are the requirements? answer：One or more shareholders and directors who are over 18 years of age。

in addition，A Singapore citizen or Singapore resident or EP holder is required to serve as a director of the Singapore party，Must have a local Singapore address as the registered address，and a Singapore resident to serve as the legal secretary of the company。

1. ask：What services are included in registering a company in Singapore? answer：Services for single company registration include:： (1) Drafting Articles of Association Company、Company kit includes company seal、stock、Company Articles of Association and Meeting Minutes ； (2) Submit registration file、Provide certified copies of documents； (3) Provide the company's legal registered address、Appointment of new directors and legal secretary of the company；
2. ask：I don’t have a new director，What to do?

answer：We can provide you with candidates for new directors，This service requires additional charges。

1. ask：You will be the new directors of our company，How to ensure the interests of my company? answer：Singapore government regulations，When a foreigner registers a company，There must be a person with Singaporean identity as a director of the company。New directors do not own shares in the company，We will sign an agreement with you，Not involved in the company’s operations，No authority to handle your company's bank account。
2. ask：Singapore company

Registration process

What is it like? How long will it take? answer：First, check the name，Sign a contract，Prepare legal documents for you to sign，After signing, send the document back to us。Registration can be completed within 1-2 working days after receiving the documents.。It will take about a week to give you a complete set of company registration documents (depending on the distance in different regions)，Express delivery times vary)!

1. ask：Our Singapore company has just been established，Is it possible to directly handle a foreign joint venture or wholly-owned enterprise in China? answer：Once the company is established, it can invest directly in China，Set up a joint venture or sole proprietorship。
2. ask：Our Singapore company has just been established，Is it possible to set up an office in China? answer：Each province and city in China has different regulations，Need to be determined according to local policies。

There are currently some places

Require

A Singapore company needs to be established for at least 2 years before it can set up an office.，

1. ask：How is the company name determined? answer：Singapore company naming principles：The company name must be in English when registering，The company name suffix is ​​PTE LTD。Has country name、Sensitive industry names such as finance、bank、Transportation etc.，The name takes a long time to be reviewed，Up to 60 days。You can register your name first，Valid for 60 days。
2. ask：What is the registered address? answer：The company must have a local address in Singapore as the company’s registered address；Addresses can be shared with numerous companies。Our company can provide the registered address。
3. ask：What is a company legal secretary?

answer：The Singapore Company Law stipulates that the company must have a legal secretary COMPANY SECRETARY (must be a Singapore citizen or Singapore PR)，Our company can be responsible for assigning this legal position。

1. ask：How to determine the company's business scope? answer：In principle, there are no major restrictions on the business scope of Singapore companies.。

Regardless of the name of the company, it can operate any business of any nature as long as it is legal.，like：finance、healthcare、Shipping、Import and export trade、real estate、architecture、decoration decoration、information network、Clothing and Textile、travel、Cultural publishing, etc.；Some companies that are difficult to register in other countries can be registered in Singapore。You can write up to two business scopes。

1. ask：What is annual report review?

answer：Singapore companies file tax returns once a year，No monthly tax filing required。That means you don’t have to do accounting every month.。The annual general meeting of shareholders must be held within 18 months after the new company is registered. (AGM)，Annual accounts and financial reports submitted to the Registration Authority (ACRA)，Report taxes to the tax bureau at the same time (TR)，collectively referred to as the annual report annual review。

1. ask：When does the company file its accounts and taxes?

answer：Within 18 months after the establishment of the new company，or within the fiscal year of an existing company，Need to do accounting and tax filing。once a year。To make accounts, you need to submit monthly bank statements and relevant vouchers or documents for each business.。We will notify you one month in advance to prepare relevant documents!

1. ask：How are accounting audits regulated? answer：Singapore companies that do business must keep accounts。Companies can choose to do their own accounting，You can also entrust Hengxin Pacific Accountants to do it。

The audit must be done by a certified public accountant or auditor。Hengxin Accounting Firm provides corresponding auditor services。Companies with turnover less than S$5 million do not need to be audited。

1. ask：What are the restrictions on opening a bank account? Do you have a basic account? answer：A bank account must be applied for after the company is established.。Opening an account is general

Require

Directors visit the bank in person to handle the matter。A company can open multiple bank accounts。There is no basic account。

Accounts can be set up in multiple currencies，Such as US dollars、Shingen、EUR、RMB, etc.。Singapore is currently the only country overseas where you can open a RMB account.。

1. ask：if i don't go to singapore，Can I open a local account in Singapore? answer：Can。

Our company and United Overseas Bank of Singapore、HSBC Singapore and Standard Chartered Bank cooperate，You can do signature verification at any branch of the above banks in China，You can open a local account in Singapore，It takes about three weeks。

1. ask：Singapore company，Can I open an offshore account in Hong Kong? Can I open an offshore account in mainland China? answer：Can。According to the bank’s

Require

Submit account opening information，You can open an account。

1. ask：What is the tax situation for companies in Singapore? answer：Singapore is a country with low taxes、A free trade country with low tax rates。The only tax that companies must pay every year is profits tax (income tax)，The so-called profits tax is calculated as a percentage of the company's net profit.。The first 3 years since the company was established，Net profit is less than S$100,000，duty free。Net profit is between S$10 and S$30，pay taxes
2. 5%。Net profit above S$300,000，Pay tax 17%。
3. ask：How are the specific tax filing and tax payment times defined for Singapore companies? answer：
4. personal income tax：The declaration is to declare the personal income tax for the previous year before April 15th of each year.，Pay the tax one month after receiving the tax payment notice。
5. corporate income tax： 1) ECI estimated tax：The declaration must be made three months after the company’s financial year-end date，After filing, the Government Inland Revenue Department IRAS will calculate the tax based on the tax assessment form.，Issue tax payment notice,You will usually receive notification 1-2 months after the tax assessment deadline,Pay relevant taxes within 1 month after receiving the notice。

2)Form C tax form：The deadline is December 31st each year，The company's financial year-end date is on or before December 31 of the current year，Tax year (YA))for next year，For example：The accounting period is

1. 1-
2. 31，YA Kore 2012，YA2012 Form C will be issued around April every year，Filing taxes for the previous year，If there is any discrepancy with the amount declared by ECI，More refunds and less compensation can be made。

The application deadline is November 30, 2012，The tax bureau will issue a tax payment notice after receiving Form C.，Pay tax within one month。 3，consumption tax：Report quarterly，The declaration must be completed within one month after the end of the quarter。Taxpayers may also apply to the tax authorities for declarations every month or every six months.。Whether filing every month or every six months，The time for declaration and payment is within one month after the end of the relevant period。

1. ask：When is the specific time for Singapore companies to pay taxes? answer：After completing annual tax assessment (ECI)，According to the tax assessment table, the Government Inland Revenue Department，Final tax payment notice issued。You will usually receive notification 1-2 months after the tax assessment deadline。Relevant taxes need to be paid within 2 months after receiving the notice。
2. ask：Which department produces invoices and receipts for Singapore companies?

answer：The invoices and receipts of Singapore companies are not uniformly printed by the tax bureau.，Instead, it is printed by the company's board of directors according to the nature of the company's business.。Invoices, receipts and other documents only need to be stamped with the company seal，It will be valid after it is authenticated by the person in charge.。

1. ask：Annual Company Accounts、How will the audit and tax filing be handled? answer：Our company can directly handle，You just need to provide us with your information。

We can handle accounting on your behalf、Auditing and tax filing matters，

cost

Aspects will be determined based on actual workload，But we will start working after both parties agree on the fee amount，There will be no accounting done without your consent.。

1. ask：What is the tax system in Singapore? answer：There are two main categories of taxes in Singapore::Personal income tax and corporate income tax。Personal income tax is calculated at progressive rates based on salary income。

The corporate income tax rate is 0-17% of the company's net profit。The company's net profit refers to the profit earned by the company from its operations and operations.。Because many domestic customers，None of its Singapore companies operate in Singapore (For example, we are not leasing office buildings or recruiting employees.)No need to pay Singapore corporate income tax。please note，Having funds in a local bank account in Singapore and having a registered address in Singapore are not equivalent to "having business and operations in Singapore"。

1. ask：What will Singapore companies produce in year two?

cost

? answer：will produce two

cost

。one、If you continue to use our address、Legal secretary and new party director services，hosting will occur

cost

。two、The company's first anniversary，Need to produce accounting and tax returns

cost

。Assuming annual turnover exceeds S$5 million，Or a Singaporean company has invested in China，There will be an audit

cost

。

After the second year，The Singapore government does not charge any license or business registration

cost

。

1. ask：注册公司后，Want to end the company，How to do it? answer：Subject to government regulations，Before closing the company，We should sort out the company's accounts first，Close all company bank accounts，Submit the application for closing the company again。The time is about 6 months。
2. ask：What will happen if you don’t make your annual report on time?。

answer：Failure to prepare annual review and annual report after due date，There will be a fine，The longer time goes on，The greater the fine。

1. ask：The consequences of not filing taxes on time。 answer：Failure to file tax returns after the due date，There will be a fine，The longer time goes on，The greater the fine。
2. ask：What does business secretarial services include? answer：Answer the call、Send and receive faxes、Handle letters etc.。
3. ask：What are the benefits of registering a company in Singapore? What has

Advantages

？

answer：1.Build an international brand，Improve the international visibility and competition of enterprises

Advantages

1. Enjoy Singapore’s low tax rate (Singapore 0%-17%)，At the same time, international legal tax avoidance can be achieved (used to operate offshore business)；
2. Realize asset internationalization，Corporate internationalization and value-added
3. Enterprise business transformation，Domestic trade changes to foreign trade，Processing of supplied materials becomes integration of production, export and trade，Get more tariff benefits
4. Easier access to international capital support opportunities，Financing investment is more convenient
5. Entrepreneurs get immigration and settlement opportunities，Gain added value for individuals and families
6. ask：What counts as offshore business，Do offshore business income need to be taxed?

answer：Business taking place in countries other than Singapore can be regarded as offshore business。Offshore business flows in and out from offshore accounts，If profits are not repatriated to Singapore，Generally speaking, there is no need to pay tax.。

1. ask：How are offshore accounts defined? answer：Bank account opened in a country other than Singapore，It is an offshore account。
2. ask：If I need to change my company’s registration information，How to do it? How long?

answer：You just need to tell me what registration information needs to be changed，We will base your

Require

Prepare the change document for your signature，Processing time is 2 working days。

1. ask：I don't have a passport，I don’t want to apply for a passport either，Can I register a company? answer：OK! You can register with your Chinese ID number。
2. ask：What does corporate and personal tax filing mainly include?

answer：one、Corporate and personal taxation: Annual corporate and personal tax reports are submitted to the government tax bureau by professional tax representatives.。include：

1. Corporate and personal income tax reporting PTR
2. Corporate Income Tax Estimates Submitted to ECI
3. Corporate Income Tax Return FilingTR(Form C)
4. Corporate and personal income tax calculations
5. Consumption tax application and tax reporting
6. ask：What is Singapore’s Goods and Services Tax?

answer： Singapore consumption tax，goods and services tax(Goods and Services Tax),It is a tax levied on imported goods and all goods and services provided in New Zealand.，Equivalent to value-added tax in some countries，The tax burden is borne by the final consumer。 Taxpayers engaged in the provision of goods and labor services with an annual turnover of more than S$1 million，Must register for consumption tax。

Taxpayers who have registered for consumption tax，The consumption tax payable is the difference between the output tax minus the input tax paid for the purchased goods or services.。 Since July 1, 2007，The Singapore consumption tax rate is 7%。Sales and lettings of residential property and most financial services are exempt from GST。The consumption tax rate for exported goods and services is zero。

1. ask：What are the legal secretarial services?

answer：The main contents of legal secretarial services include：

1. Maintain and manage company statutory registration files and record updates。

include：Shareholders resolution、meeting minutes、Charter、stock、Director and shareholder registration documents, etc.

1. Follow up with the registration office ACRA and the tax office IRAS (according to various time limits

Require

，Notify one month in advance and prepare documents)

1. Provide bank account opening or closing services (including preparation documents)
2. Preparation and issuance of share certificates，Draft company directors’ resolutions
3. Draft notice and agenda of annual general meeting/special general meeting
4. Share transfer/change of shareholders/change of directors/secretary records/change of company name/registered address/increase or decrease in capital/change of bank signature
5. Submission of statutory reports to the Registrar、Forms and documents
6. Convene and attend board of directors and shareholders meetings
7. Prepare minutes and resolutions of board of directors and shareholders meetings
8. Advise and remind clients of the last date for the company’s annual general meeting
9. ask：What documents are required to open a corporate bank account in Singapore?

answer：Singapore company opens account in Singapore bank，Generally the following files are required：

1. Articles of Association M&A
2. Company Registration Certificate CERT
3. Company search information BIZFILE
4. Bank introduction letter(如有)
5. Copies of ID cards/passports of directors and designated signatories of accounts
6. ask：What are the contents of business secretarial services? Answer：Mainly include the following contents
7. Mail delivery and forwarding services
8. Fax forwarding service
9. Internet phone service，Pay phone bills, etc.
10. SMS reminder service
11. Visiting customer reception
12. Visa application
13. Handle other matters (pending hotel reservations)、air tickets、Airport pick-up, etc.) If you still have questions about registering a Singapore company，Consultation can answer。

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