Starting a company in Singapore - Hangout on Air Webinar

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Starting a company in Singapore - Hangout on Air Webinar

  1. 1. Prepared for directors of Singapore private limited companies. As of September 2013 STARTING A COMPANY IN SINGAPORE: INTRODUCTION
  2. 2. www.futurebooks.com.sg ACCOUNTING IS A SERVICE, NOT A TRANSACTION
  3. 3. www.futurebooks.com.sg FUTUREBOOKS SERVICES Incorporation , company secretary, work passes Bookkeeping, annual financials and company tax Sale of the business
  4. 4. www.futurebooks.com.sg LAUNCH YOUR BIG IDEA
  5. 5. STRUCTURES AND COMPLIANCE
  6. 6. www.futurebooks.com.sg LEGAL STRUCTURES: LOCAL DIRECTORS
  7. 7. www.futurebooks.com.sg LEGAL STRUCTURES: FOREIGN DIRECTORS
  8. 8. www.futurebooks.com.sg IMPORTANT GOVT BODIES
  9. 9. www.futurebooks.com.sg COMPLIANCE WITH ACRA’S BIG 4
  10. 10. www.futurebooks.com.sg #1 APPOINTING A LOCAL DIRECTOR
  11. 11. www.futurebooks.com.sg #2 REGISTERED MAILING ADDRESS
  12. 12. www.futurebooks.com.sg #3 APPOINTING A COMPANY SECRETARY Maintain the statutory registers? Can I handle share transfers? Can I file all mandatory returns on time? Effect the changes in the Company?
  13. 13. www.futurebooks.com.sg #4 APPOINTING AN AUDIT FIRM Do I want to attend a planning meeting? Will I answer email? Will I get it done? Will I maintain the budget?
  14. 14. INCORPORATING A PRIVATE LIMITED COMPANY
  15. 15. www.futurebooks.com.sg PLAN YOUR INCORPORATION
  16. 16. www.futurebooks.com.sg COMPLETING AN INCORPORATION • • • •
  17. 17. www.futurebooks.com.sg #1 BIZFILE Download
  18. 18. www.futurebooks.com.sg #2 M+AA Download
  19. 19. www.futurebooks.com.sg #3 SHARE CERTIFICATE Download
  20. 20. www.futurebooks.com.sg #4 BOARD OF DIRECTORS RESOLUTION Download
  21. 21. www.futurebooks.com.sg COMPANY STAMP + SEAL Do I need a company seal?
  22. 22. www.futurebooks.com.sg Search for ‘Singapore incorporation’ on the App Store.
  23. 23. OPENING A CORPORATE BANK ACCOUNT
  24. 24. www.futurebooks.com.sg STARTUP FRIENDLY BANKS Account name Min. opening balance Min. avg. daily balance Directors living abroad DBS Startup Entrepreneur Account $500 $10,000 Easy OCBC Business Entrepreneur $500 $8,000 Easy Standard Chartered BusinessOne none $10,000 Easy UOB Current $1,000 $8,000 Hard MayBank Company Current $3,000 $10,000 Hard HSBC Business Vantage $30,000 $30,000 Hard Citibank Commercial Bank $100,000 $50,000 Hard
  25. 25. www.futurebooks.com.sg GET USED TO CORPORATE BANKING
  26. 26. APPLYING FOR A WORK PASS
  27. 27. www.futurebooks.com.sg LEGALLY WORKING IN SINGAPORE MOST DESIRABLE LEAST DESIRABLE Employment pass Entrepass Permanent residency
  28. 28. SCENARIOS
  29. 29. www.futurebooks.com.sg A LOCAL WHO WANTS TO TEST AN IDEA
  30. 30. www.futurebooks.com.sg A FOREIGNER WHO WANTS TO START A BUSINESS AND LIVE IN SINGAPORE
  31. 31. www.futurebooks.com.sg A FOREIGNER WHO DOES NOT WISH TO LIVE IN SINGAPORE
  32. 32. www.futurebooks.com.sg
  33. 33. www.futurebooks.com.sg TERMS OF USE

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