• Can a foreign individual or a foreign company be 100% shareholder of a Singapore company?

  Yes, 100% foreign shareholding is allowed in Singapore.Popular

• What are the requirements to register a company in Singapore?

  For Singapore company incorporation, there are a few requirements. These include: At least one shareholder which may be an individual or a corporate entity One resident director (either a Singapore citizen, permanent resident, Employment Pass holder or a Dependant Pass holder) One resident company secretary Initial paid-up share capital of at least S$1, or equivalent in any currency A physical Singapore office address, and cannot be a PO BoxPopular

• Can Work Permit/ S Pass holders be the Director or Shareholder of a Company?

  No, they cannot operate or manage any businesses in Singapore.Popular

• How do I decide on the Company’s Financial Year End (FYE)?

  We would usually recommend our clients to fix the Company’s FYE on the last day of the 11th month since incorporation to fully maximise the tax exemptions that new start-up companies are entitled to for the first 3 years. After the first 3 years, you can then choose to decide to change your FYE to any other FYE you prefer. If the tax exemption is not of interest to you, you are able to choose whichever FYE that best suits your company right off the bat.Popular

• How long will the company incorporation take?

  The application is usually processed within the same day after we have received all the documents and payment required. Note: The incorporation process may take between 14 days to 2 months if the application needs to be referred to another agency/ACRA for approval or review.Some readers

• Benefits of Incorporating A Company

  In Singapore, company incorporation aids in protecting a business owner's assets from legal and financial risks. Other values that are in line with Singapore can benefit from an incorporated company include: Startup Tax Exemptions (75%) on the first $100,000 and (50%) on the next $100,000 net profit amounting to $125,000 Tax Exempted for the first 3 years. Partial Tax Exemptions (75%) on first $10,000 and (50%) on next $190,000 of net profit amounting to $102,500 Tax Exempted (if stSome readers

• Do I need to be present in Singapore to incorporate a company?

  No, it’s not needed. All signing of documentation can be done digitally.Few readers

• Can a LTVP holder incorporate a Company in Singapore?

  No. Unless you have a letter of consent from the Ministry of Manpower, you are not allowed to take up directorship or start a business as this will differ from the initial intention of your stay in Singapore.Few readers

• What is the Financial Year End (FYE) of Singapore?

  The financial year end (FYE) of Singapore is the end of the fiscal accounting period of a company which is usually up to 12 months.Few readers

• What is the incorporation process like?

  Simply fill up the incorporation form and make payment. It’s that simple. Our proprietary technology includes reputable and secure APIs such as Myinfo and Passbase that can automatically extract vital personal information from you and populate the form for ultra-fast submission. Once the form is submitted, Swiftly is able to generate the legal documents within seconds for your E-Signing. Once the documents are E-Signed, we will proceed to incorporate the company on ACRA. Swiftly’s Technology isFew readers

• Are there any restrictions on business activity?

  There are no restrictions on the types of business activities in which a Singapore company can engage. Some business activities, such as running a travel agency, recruitment agency, financial services company, school or other special cases, require licenses from an approving authority before you can commence business.Few readers

• When must I pay the Paid-up capital?

  The issued share capital must be paid up immediately upon incorporation into the corporate bank accounts.Few readers

• Documents Required for the Incorporation

  Directors’ Particulars (Can be extracted via Myinfo/Passbase) Shareholders’ Particulars (Can be extracted via Myinfo/Passbase)Few readers

• What is the difference between a Director and a Shareholder?

  A shareholder owns the company through the shares he holds whereas a director is in control of the day-to-day management of the business, and can exercise power over the company, subject to the provisions of the Singapore Companies’ Act and the Constitution of the company. A shareholder can choose to appoint himself as a director but a director need not be a shareholder of the company.Few readers

• After the injection of Paid-up capital, how soon can I start using the funds?

  You can immediately start using the capital for your company’s expenses.Few readers

• What is paid-up capital?

  Paid-up capital is the total amount of capital that has been funded by shareholders. In other words, it refers to the sum of money that a company has received from shareholders who have completely paid for their purchased shares. The minimum paid-up capital requirement for setting up a company in Singapore is S$1.00.Few readers

• I am a foreigner, can I set up the company myself?

  Foreigners are not allowed to set up the company by themselves, they must engage a registered filing agent (such as Swiftly) to set up your companyFew readers

• How much should I indicate as paid-up capital?

  Generally, the minimum paid-up capital to incorporate a company is S$1.00. The paid-up capital can also be increased anytime later. However, a healthy paid-up capital means more liquidity for the business. There can be situations where the company will need to have a prescribed minimum paid-up capital. For example: The business of the company is in an industry where licenses are required. Where the company requires to apply for a loan. We recommend taking reference from the intendedFew readers

• What do you have to file each year?

  Annual General Meeting Unless exempted, your company is required to hold an Annual General Meeting (AGM). AGMs ensure that stakeholders of your company are kept updated about the company’s financial position and direction. It also provides a platform for stakeholders and company officers to communicate with each other at least once a year. Annual Return Private companies must file their annual return within 7 months after the financial year-end. Filing your company’s Annual Return on tiFew readers

• Are there any reasons for the delay in Name Reservation?

  ACRA may randomly carry out a due diligence exercise, which may lead to a delay in the name approval process. In addition, the business activity could be subjected to control and regulation by other government authorities. Should you have a preferred date for the incorporation, we would recommend for the name reservation to be done earlier. Once the name is reserved, the process to incorporate a company is guaranteed.Few readers