Today, we've conducted a brief incorporation tour. Everything a foreigner or local director should know about how to incorporate and run a company in Singapore during the first month of operation. Hosted at Woolf Works.
The session highlighted problems foreign directors face and the types of solutions that work. Read more: http://futurebooks.com/blog/starting-company-singapore-introduction/12736 .
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LEGAL
STRUCTURES
Sole proprietorship
Unlimited liability
Low cost of compliance
Sole proprietorship and
its owner are the same in
the eyes of law
No audit required
Private limited
Limited liability
High cost of compliance
Company and its
directors are separate in
eyes of law
Audit required under
certain circumstances
6. www.futurebooks.com
COMPLIANCE
REQUIREMENTS
Sole proprietorship
At least one local manager
Registered office
No company secretary is
required
Personal tax filing only. No
separate tax filing required
Annual renewal with
ACRA. No annual return
filing is required
Private limited
At least one local director
Registered office
A company secretary is
required
Corporate tax filing to be
done separately
Mandatory annual return
filing
7. www.futurebooks.com
#1 APPOINTING A LOCAL
MANAGER / DIRECTOR
Resident of Singapore (can be a foreigner)
Must have a valid pass
18 years or above
Nominee managers / directors are a substitute
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#3 APPOINTING A COMPANY SECRETARY
(IN A PRIVATE LIMITED COMPANY)
Can I maintain
statutory records
Can I handle
share transfers?
Can I file returns
on time?
17. www.futurebooks.com
COMPANY
STAMP + SEAL
Company stamp can include:
Full company name
Registration (UEN) number
Registered address
Common seal will include:
Full company name
Text ‘Common seal’
20. www.futurebooks.com
EMPLOYMENT PASS
[EP]
Eligibility criteria for the applicant:
Minimum salary of SGD 3,300.
Acceptable qualification (a Bachelors Degree
or higher).
Older applicants would have to command
higher salaries to match their work experience.
22. www.futurebooks.com
LETTER OF CONSENT
[LOC]
Eligibility criteria for the applicant:
A dependent of an EP holder.
With a secured job offer.
With a Dependent Pass valid for at least
3 months.
The LOC will be automatically cancelled
when the Dependent Pass is cancelled.
25. www.futurebooks.com
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