How To Start A Private Limited Company In Singapore
How to Start a Private Limited Company in Singapore AsiaBiz Singapore has a unique position in the global economy and a pivotal role as a business epicenter in the heart of Asia. The city-state is also known for its pro-business environment as well as ability to attract sizeable foreign investments and business entrepreneurs. Features of a Private Limited Company Locally incorporated company in Singapore Limited Liability A legal entity distinct from its shareholders & directors Entitled to local tax & development incentives Minimum of 1 & maximum of 50 shareholders MINIMUM SETUP REQUIREMENTS Individual/Corporate Shareholder Resident Director Company Secretary S1 Paid-up Capital 1 Registered Address may be individual or corporate 100% foreign ownership is allowed must be a physical - must be ordinarily resident of Singapore - at least 18 yrs old - the minimum paid-up capital in Singapore is S$1 - must be ordinarily resident of Singapore office address in Singapore - саппot be a РО Вох - must not be bankrupt or convicted of any crime STARTUP TAX EXEMPTION (SUTE) SCHEME Startup companies are eligible for full tax exemption. Those who don't qualify may still be eligible for partial exemption. Individual Shareholding 100% Corporate Shareholding Corporate + Individual Shareholding MINIMUM 10% Owned by An Individual or a Group of Individuals Subsidiary Company or Branch Office At least 1 individual holding 10% of shares Taxable Income (SGD) Effective Tax Rate Taxable Income (SGD) Effective Tax Rate Taxable Income (SGD) Effective Tax Rate 100,000 0.00% ** 100,000 5.65% 100,000 0.00% ** 200,000 2.97% 200,000 5.80% 200,000 2.97% 300,000 3.97% 300,000 5.85% 300,000 3.97% 400,000 5.95% 400,000 7.36% 400,000 5.95% 500,000 7.14% 500,000 8.27% 500,000 7.14% 1,000,000 10.60% 1,000,000 11.41% 1,000,000 10.60% 2,000,000 13.80% 2,000,000 14.20% 2,000,000 13.80% 3,000,000 14.87% 3,000,000 15.14% 3,000,000 14.87% 5,000,000 15.72% 5,000,000 15.88% 5,000,000 15.72% 10,000,000 16.36% 10,000,000 16.44% 10,000,000 16.36% * Maximum headline corporate tax rate is 17% ** For the first three (3) Years of Assessment POST-INCORPORATION CONSIDERATIONS Licenses & Permits Registration Number Certain types of business require licenses and permits (e.g. private schools, travel agencies, liquor distributors, moneylenders, banks, childcare centres, wholesalers, etc.) Your Business registration number, or UEN, issued by ACRA, must be on all letterheads, invoices, billings or other documents used for official business communications Goods and Services Tax (GST) Registration Central Provident Fund (CPF) Registration GST is a tax on the supply of goods & services in Singapore & on the import of goods into Singapore. The current GST rate is 7%. GST registration is compulasory if your annual turnover exceeds $1M. The Central Provident Fund (CPF) is a compulsory pension fund scheme in which the employer and employee contribute a certain percentage of the monthly salary to the fund INTERESTED IN STARTING A SINGAPORE COMPANY? Contact Us at [email protected] AsiaBiz AsiaBiz Setup | 120C Telok Ayer Street, Singapore 068589 Phone: (+65) 6303 4600 | Fax: (+65) 6303 4614 | [email protected] | www.asiabizsetup.net
How To Start A Private Limited Company In Singapore
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