The answer is yes. Since 10th June 2003, the Home Office Scheme allows businesses, be it sole proprietors, partnerships or companies, to use their residential address as the registered business address. If you are living in a Housing and Development Board (HDB) flat, you will need to obtain prior approval from the HDB and if [...]
From our understanding of the question posed, the question is about purchasing shares in a Singapore company. We have broken down the answer into two sections. We will discuss purchasing all the shares of a Singapore company as well as purchasing part of the total shares of a Singapore company. Purchasing all the shares [...]
If your company qualifies as a small company, then it does not need to appoint an auditor. The company qualifies as a small company if: 1) For a particular financial year, it is a private company; and 2) If it meets 2 of the 3 following criteria for the immediate past two consecutive financial years [...]
Paid-Up Capital is essentially the monies which the company has received in exchange for its shares. This money must be deposited into the company's bank account and can only be used for the running of the company. For example, if a company sells 100,000 ordinary shares for SGD$100,000 to a shareholder, this SGD$100,000 must be [...]
If you set up a Singapore company, your company will be liable for corporate taxes and the individuals who are employed in the company will have to pay personal income taxes on the salaries that are paid to them. In Singapore, corporate tax rates are a flat 17%. However, there are common tax reliefs [...]
An Annual General Meeting (AGM) is one of the statutory requirements for all companies. It is an annual meeting where the directors will present the company financial statements as well as other related matters to the shareholders. The shareholders are essentially the owners of the company and the directors are working for the shareholders. The [...]
The main administrative and compliance costs in running a company are the accounting or bookkeeping costs followed by the corporate secretarial fees. It is very important to maintain proper company accounts. It is important to note that in Singapore, all companies with financial period starting on or after 1st January 2003 have to comply with [...]
Yes, a foreigner can start a company in Singapore. There are no restrictions on foreign shareholding or directorship of a Singapore company. A Singapore company can have 100 per cent foreign shareholding and 100 per cent foreign directors. You will, however, have to have one local resident director. That local resident director can be a [...]
If you start a company in Singapore, you may want to work in Singapore. You may want to take up the position as the local resident director of the company or would like to reside and work in Singapore to grow your company. You can either apply for an Employment Pass (EP) or an Entrepreneur [...]
Upon incorporation of a Singapore company, it is mandatory to appoint a company secretary within six months of incorporation. The secretary post should also not be left vacant for more than six months. Companies can choose to hire an in-house secretary or appoint a corporate service provider to fulfil this position. Here is a breakdown [...]