Starting a company in Singapore: Introduction. Event at Woolf Works.

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Today, we've conducted a brief incorporation tour. Everything a foreigner or local director should know about how to incorporate and run a company in Singapore during the first month of operation. Hosted at Woolf Works.

The session highlighted problems foreign directors face and the types of solutions that work. Read more: http://futurebooks.com/blog/starting-company-singapore-introduction/12736 .

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Starting a company in Singapore: Introduction. Event at Woolf Works.

  1. 1. Prepared for Woolf Works As of August 2014 STARTING A COMPANY IN SINGAPORE: INTRODUCTION
  2. 2. www.futurebooks.com LAUNCH YOUR BIG IDEA
  3. 3. STRUCTURES AND COMPLIANCE
  4. 4. www.futurebooks.com IMPORTANT GOVT BODIES Body Purpose Accounting and Corporate Regulatory Authority Singapore (ACRA) Company Registrar Inland Revenue Authority of Singapore (IRAS) Tax Ministry of Manpower (MOM) Work passes
  5. 5. www.futurebooks.com LEGAL STRUCTURES Sole proprietorship Unlimited liability Low cost of compliance Sole proprietorship and its owner are the same in the eyes of law No audit required Private limited Limited liability High cost of compliance Company and its directors are separate in eyes of law Audit required under certain circumstances
  6. 6. www.futurebooks.com COMPLIANCE REQUIREMENTS Sole proprietorship At least one local manager Registered office No company secretary is required Personal tax filing only. No separate tax filing required Annual renewal with ACRA. No annual return filing is required Private limited At least one local director Registered office A company secretary is required Corporate tax filing to be done separately Mandatory annual return filing
  7. 7. www.futurebooks.com #1 APPOINTING A LOCAL MANAGER / DIRECTOR Resident of Singapore (can be a foreigner) Must have a valid pass 18 years or above Nominee managers / directors are a substitute
  8. 8. www.futurebooks.com #2 REGISTERED OFFICE ADDRESS Usually refers to a commercial address where the business is performed Must be a Singapore commercial address Virtual office is an option
  9. 9. www.futurebooks.com #3 APPOINTING A COMPANY SECRETARY (IN A PRIVATE LIMITED COMPANY) Can I maintain statutory records Can I handle share transfers? Can I file returns on time?
  10. 10. INCORPORATING A PRIVATE LIMITED COMPANY
  11. 11. www.futurebooks.com PLAN YOUR INCORPORATION
  12. 12. www.futurebooks.com COMPLETING AN INCORPORATION Company name Registered office address Business activity (SSIC code) Directors • Local • Foreigner Shareholders • Individual • Corporate holding Paid up capital Shares Company secretary
  13. 13. www.futurebooks.com #1 BIZFILE Download
  14. 14. www.futurebooks.com #2 M&AA Download
  15. 15. www.futurebooks.com #3 SHARE CERTIFICATE Download Common seal
  16. 16. www.futurebooks.com #4 BOARD OF DIRECTORS RESOLUTION Download
  17. 17. www.futurebooks.com COMPANY STAMP + SEAL Company stamp can include: Full company name Registration (UEN) number Registered address Common seal will include: Full company name Text ‘Common seal’
  18. 18. WORK PASSES
  19. 19. www.futurebooks.com OVERVIEW ON WORK PASSES Employment pass Personalized employment pass Letter of consent Entrepass
  20. 20. www.futurebooks.com EMPLOYMENT PASS [EP] Eligibility criteria for the applicant: Minimum salary of SGD 3,300. Acceptable qualification (a Bachelors Degree or higher). Older applicants would have to command higher salaries to match their work experience.
  21. 21. www.futurebooks.com EMPLOYMENT PASS [EP] Based on the company’s ability to Generate revenue, Pay the employee and Meet its existing expenses.
  22. 22. www.futurebooks.com LETTER OF CONSENT [LOC] Eligibility criteria for the applicant: A dependent of an EP holder. With a secured job offer. With a Dependent Pass valid for at least 3 months. The LOC will be automatically cancelled when the Dependent Pass is cancelled.
  23. 23. www.futurebooks.com
  24. 24. www.futurebooks.com LET’S TALK inquiry@futurebooks.com @futureb00ks
  25. 25. www.futurebooks.com TERMS OF USE Restrictions on Use of Contents 1. Except as otherwise provided, the Contents of this Document shall not be reproduced, republished, uploaded, posted, transmitted or otherwise distributed in any way, without the prior permission of FUTUREBOOKS SINGAPORE PTE LTD. To use any parts of the Contents of this Document, the user must seek permission in writing, stating the c Contents for use; intent of use; manner of use; time frame of use and identity of the user. FUTUREBOOKS SINGAPORE PTE LTD reserves the right to refuse permission without declaring reason(s); and/or if information submitted by user is deemed insufficient. 2. You may view, download and print the Contents if: (a) the Contents are used for non-commercial or personal use only and will not be copied or posted on any network computer or broadcast in any media, and (b) no alterations, additions or modifications of the Contents are made in any way (c) due acknowledgement is given to “FUTUREBOOKS SINGAPORE PTE LTD” and citing the sources for the relevant data extracted. 3. Modification of any of the Contents or use of the Contents for any other purpose will be a violation of FUTUREBOOKS SINGAPORE PTE LTD ‘s copyright and other intellectual property rights. Graphics and images on this Document are protected by copyright and may not be reproduced or appropriated in any manner without written permission of FUTUREBOOKS SINGAPORE PTE LTD. 4. Any request to otherwise reproduce the Contents from this Web Site for publication or commercial use should be addressed to: info@futurebooks.com.sg. Disclaimer of Warranties and Liability 5. The Contents of this Document are provided on an “as is” basis without warranties of any kind. To the fullest extent permitted by law, FUTUREBOOKS SINGAPORE PTE LTD does not warrant and hereby disclaims any warranty: (a) as to the accuracy, correctness, reliability, timeliness, non-infringement, title, merchantability or fitness for any particular purpose of the Contents of this Document; (b) that the Contents available through this Document or any functions associated therewith will be uninterrupted or error-free, or that defects will be corrected or that this Document and the server is and will be free of all viruses and/or other harmful elements. 6. FUTUREBOOKS SINGAPORE PTE LTD shall also not be liable for any damage or loss of any kind caused as a result (direct or indirect) of the use of the Document, including but not limited to any damage or loss suffered as a result of reliance on the Contents contained in or available from the Document.

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