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STARTING A BUSINESS IN SINGAPORE

Singapore continues to attract foreign investment simply because it is consistently voted as one of the best countries in the world for business.

Singapore boasts legal and business framework that is transparent.

However, there are a few things that one needs to consider

before starting a business in Singapore.

The type of business you register could also affect the

amount of taxes you need to pay.

This guide will help you learn a little bit more about business formation in Singapore

if you are looking to set up a company in Singapore.

WHY SINGAPORE

1. Strategic location

2. Flexible Immigration Laws

3. Minimal Bureaucracy

4. Favorable Tax Rates

5. Skilled Human Resources

6. Protection of Intellectual property rights

7. Higher Quality of Life

TYPE OF SINGAPORE BUSINESS FORMATION

Business TrustA trust that is solely responsible for business operations of a company. Trustee-managers handle the business for the beneficiaries or unit holders of the

business

Foreign Branch Opening a branch office in Singapore as an extension of the parent companyAssets and liabilities shouldered by the parent company.

Foreign Subsidiary Foreign subsidiaries are private limited companies. Incorporated as its own separate legal entity. The parent company can be the main shareholders of the foreign subsidiaryAssets and liabilities are responsibilities of the subsidiary itself.

Sole Proprietorship Business owner has ownership over all assets in the company Business owner bear all risks and losses - creditors have the right to seek owner

personal assets

PartnershipLegal existence rests solely on the two partners.

NAMING YOUR SINGAPORE COMPANY

Naming Your Company in Singapore

Register your company with the government. Make Sure Your Company Name Is Available

First, the name of your company cannot be identical to the name of an already registered company. Your company name must be unique!

You can conduct a search to make sure your potential company name is not already registered:

https://www.psi.gov.sg/NASApp/tmf/TMFServlet?app=RCB-BIZFILE-LOGIN-1B

Make Sure Your Name Meets Eligibility Requirements

Besides being available, your company name cannot contain any vulgar words. The government can also make other restrictions to names and may determine at the time of application that you can not use your chosen name.

The government reserves the right to make the final determination on whether or not your chosen name meets all eligibility requirements

EXPERT ADVICES

Picking a name is just the first step in beginning the registration process. There are some other factors that you need to consider.

For example, you must be eligible to register a company in Singapore, which means you must have some ties to the country, such as being a citizen or permanent resident, or holding an employment pass.

There are special programs, however, for foreigners to set up shop on the island, so contact us if you need more info!

You must also have a local address, and in many cases this address cannot be for a flat or other residential property. P.O. boxes also can’t be used. There are other restrictions and considerations, so contact us for some expert advice.

COMPANY INCORPORATION REQUIREMENTS

Foreigner is not allowed to register a company by himself. The policy

is, at least one director who is a local resident is required when naming directors of the company.

A resident is defined as someone who is a Singapore citizen

or who holds valid residency passes such as Permanent

Residency or other legal passes like Entrepass, Employment Pass or Dependent Pass.

A valid local Singapore address which cannot be a PO Box is mandatory.

Once the company is established, the owner has to open a

corporate bank account in Singapore.

Local company secretary for the company to handle ongoing statutory compliance matters under the section of The Singapore Companies Act.

COMPANY SECRETARY REQUIREMENTS

Paul and Hype Co. team of skilled and qualified staffs whose responsibility is to ensure that your business is complying with the local laws and entities and ensure that your company receives the very best as well as maintained on secretarial and governance services by offering:

No fuss approach while providing your business various secretarial solutions, giving you the full opportunity to exploit your company’s resources to their optimal potential

No worries, knowing your business will comply with all reporting and regulatory requirements

Hands-on experience of an international legal practice; understanding of regulatory and legal frameworks from inside out

Flexibility in fee structure and rates that fits your requirements

Full access to vital documents and details, 24/7

A single dedicated project manager

Instant access to company information via dedicated portal system

As entrepreneurs, you need to know that the central business decisions are correctly

implemented in compliance with local entities and laws.

CONTACT PAUL HYPE PAGE & CO. TODAY

If you want to start a new business, you should make sure you start on the right foot! Paul Hype Page & Co. can offer a wide range of services. From providing startup advice and consulting, to assisting with incorporation and legal matters, we are here to help!

Call us at +65 6221 4711Or send an email to

contact@paulhypepage.com

With Paul Hype Page & Co, you will gain access to the highest quality services and key insights! If you have

any questions or concerns feel free to get in touch!

We are here to help.