April 19, 2023

6

 min read

How Incorporating a Company in Singapore and Opening a Bank Account Can Skyrocket Your Success

Author

Val Kalasowski

Head of Business Development at Golden Harbors

6k

Home 

 > 

Articles

 > 

Singapore

 > 

How Incorporating a Company in Singapore and Opening a Bank Account Can Skyrocket Your Success

621

As an entrepreneur, you might have heard the famous phrase "Think Global, Act Local" a countless number of times. It's a concept that encourages businesses to adapt and cater to the local market while still maintaining a global perspective. One of the best ways to embody this mantra is by incorporating a company in Singapore, a thriving business hub in Southeast Asia.

Singapore is a dynamic city-state, strategically located in the heart of Asia, and consistently ranked as one of the best places in the world to do business. Its excellent connectivity, pro-business policies, and strong legal framework have made it a popular choice for businesses looking to expand their global footprint. In this article, we'll explore the benefits of incorporating a company in Singapore as well as provide a step-by-step guide to help you navigate the process.

Benefits of registering a company in Singapore

Singapore has been consistently ranked as one of the world's top business environments, offering a multitude of benefits to entrepreneurs and business owners looking to incorporate. The World Bank has ranked Singapore as the second-easiest country in the world to do business, thanks to its efficient and transparent regulatory environment.

The government of Singapore is committed to fostering innovation and entrepreneurship, and it offers numerous incentives, grants, and support schemes to help businesses succeed. Furthermore, the country boasts a skilled and diverse workforce, with a strong emphasis on education and talent development, making it an ideal environment to grow and nurture your business.

High-level step-by-step guide to company registration in Singapore

Golden Harbors is proud to offer our cutting-edge, fully online company registration platform for Singapore. Our mission is to empower entrepreneurs and businesses worldwide by streamlining the process of establishing a presence in the vibrant Asian market. With our user-friendly platform, we aim to break down barriers, enabling you to pursue your dreams and unleash your business potential with a fully-online Singapore company registration option. 

Incorporating a company in Singapore is a straightforward and efficient process that can be completed in just a few steps

  • Choose a unique company name: Your company name should be unique and not infringe on any existing trademarks. Additionally, it should not be offensive or contain any restricted words.
  • Register your company via one of the service providers, like Golden Harbors,  who work directly with (ACRA): ACRA is the government agency responsible for the registration and regulation of companies in Singapore.  You'll need to submit various documents, such as your company constitution and details of your directors, shareholders, and company secretary. 
  • Obtain the necessary licenses and permits: Depending on your business activities, you may need to obtain specific licenses or permits from relevant government agencies.
  • Set up a registered office address: Your company must have a registered office address in Singapore where official documents can be served.
  • Appoint a company secretary: All Singapore companies are required to appoint a company secretary within six months of incorporation.

Opening a bank account in Singapore for your business

Once your company is registered, you'll need to open a corporate bank account in Singapore. This process is generally straightforward, and most banks offer a range of business banking solutions tailored to your needs. To open a bank account, you'll need to provide the following documents:

  • A certified true copy of your company's business profile from ACRA
  • A copy of your company's constitution
  • Proof of identity for all directors, shareholders, and authorized signatories
  • A board resolution authorizing the opening of the bank account and appointing the authorized signatories
  • Some banks may also require additional documents, such as proof of your company's registered address or financial statements.

Tax advantages of incorporating a company in Singapore

One of the main reasons entrepreneurs opt for Singapore incorporation is the country's attractive tax regime. Singapore offers a territorial tax system, meaning that only income sourced within the country or received from abroad is taxed. This, coupled with low corporate tax rates, makes it an ideal location for businesses looking to minimize their tax liabilities. 

The current corporate tax rate in Singapore is 0% for resident companies for the first 3 years and up to 9% for non-resident companies on their first $200,000 net profit. Individual taxes in Singapore are only collected on income earned in Singapore at a variable rate between 0% and 22%. Non-residents are not subject to property or inheritance taxes.

Furthermore, Singapore has signed numerous double tax treaties with other countries, ensuring that businesses aren't subject to double taxation on their income. The country also offers various tax incentives and exemptions for specific industries or activities, such as research and development, intellectual property, and financial services.

Legal and compliance requirements for Singapore incorporation

While Singapore is known for its business-friendly environment, there are still certain legal and compliance requirements that companies must adhere to. Some of these include:
  • Annual filing of financial statements with ACRA: Companies are required to submit their audited financial statements within six months of their financial year-end.
  • Annual general meetings (AGMs): All Singapore companies must hold an AGM once every calendar year, with no more than 15 months between each AGM.
  • Filing of annual returns: Companies must file their annual returns with ACRA within one month of their AGM.
  • Compliance with the Companies Act: Companies incorporated in Singapore must comply with the provisions of the Companies Act, which governs various aspects of company operations, such as the appointment of directors, issuance of shares, and maintenance of company records.

Tips for successful company registration in Singapore

To ensure a smooth and successful company registration process in Singapore, consider the following tips:

  • Research and plan ahead: Familiarize yourself with the registration process, legal requirements, and potential challenges before starting your incorporation journey.
  • Seek professional advice: Engage the services of a professional services firm or corporate service provider to guide you through the process and ensure compliance with local regulations.
  • Choose the right business structure: Carefully consider the most suitable business structure for your company, taking into account factors such as ownership, liability, and tax implications.
  • Keep accurate records: Maintain proper records of your company's financial transactions, as well as any relevant permits and licenses, to ensure compliance with Singapore's regulatory requirements.

Assistance and support for Singapore company incorporation

Given the numerous benefits of incorporating a company in Singapore, it's no surprise that many entrepreneurs and business owners choose this path to success. However, navigating the process can be complex, particularly for those unfamiliar with Singapore's legal and regulatory landscape.

Thankfully, our professional and corporate services platform offers a fully online Singapore company registration option with various packages depending on your corporate structure, and our team can assist with the incorporation process, ensuring a seamless and stress-free experience. 

Golden Harbors team can guide you through the various steps, from company name selection to the appointment of directors and shareholders, ensuring your business is set up for success from day one.

Skyrocketing your success through company incorporation in Singapore

Incorporating a company in Singapore and opening a bank account there offer numerous advantages, from the country's business-friendly environment to its attractive tax regime. Our user-friendly process offers a seamless, online experience, ensuring that the entire registration process is hassle-free and efficient. It has never been easier to register a company in Singapore. With Golden Harbors you can literally do it from your phone.

By using Golden Harbors, you invest in a cost-effective solution that eliminates the need for expensive intermediaries while providing a high level of expertise and customer support. Our team of professionals is committed to assisting you every step of the way, ensuring your new venture gets off to a flying start. Register your company in Singapore today!

Singapore

Residence Permit Advantages

Swipe icon

00000001

Fast application processing

up to 8 weeks

00000002

Global mobility and freedom

Visa-free travel to 193 countries, including the EU, UK, Canada, China, and the United States

00000003

Business opportunities

International expansion: register your company and get access to Singapore free economic zones

00000004

Global mobility and freedom

The corporate tax rate is 0% for resident companies for the first three years and up to 9% for non-resident companies on their first $200,000 net profit. VAT: 8%

00000005

Low tax rates on personal income

Individuals are only taxed on income earned in Singapore at a variable rate between 0% to 22%. No tax on property and inheritance

00000006

Global mobility and freedom

Residence permit allows you to work, do business and study

00000007

Potential path to Singapore citizenship in 5 years

Residents can apply for Singapore citizenship after 5 years

00000008

Global mobility and freedom

Family members can apply for a residence permit together with the main applicant

00000009

No requirements on the duration of stay in the country

No minimum stay requirements to maintain and extend the status

00000010

Global mobility and freedom

Politically stable country in Asia; The best workforce in the world; The highest quality of life in Asia

Singapore

Residence Permit

Processing Time and Terms

Enter your estimated application start date for the Singapore Residence Permit and receive a clear timetable for each step

Step back

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

1

Sign a service agreement, fill out an application form online, and pay service fees.

7

We incorporate a company for you.

28

We open a bank account in Singapore.

14

We compile the document package required for the program, and your application is submitted to the Ministry of Manpower (MOM) in Singapore.

7

We receive the in-principal approval (IPA) letter and you have to enter Singapore within 6 months.

14

We receive a notification letter and you register your fingerprints and have your photo taken.

There are Always Options to EXPAND YOUR BOUNDARIES! Let's Discuss Yours

Every client is unique

Every case requires an individual approach and solution. Our years of experience in the industry allow us to provide both.

We will answer all your questions and provide detailed information about the available second passport and residency programs to help you make the right choice.

Victoria

Lead Attorney at Golden Harbors

Victoria

Lead Attorney at Golden Harbors