Jul 21, 2010 0
Setting up a subsidiary company
A company in Singapore is indicated by “Pte. Ltd.”
Your workflow for incorporating a Company in Singapore.
FIRST PHASE
1. Engage a professional firm to assist you in the following matters:
a. Company name registration with ACRA
b. Registration of shareholders (100% foreign ownership is allowed)
c. Appointment of at least 1 resident director
d. Appointment of foreign director/s.
e. Appointment of a local resident Corporate secretary
f. Issue paid up share capital (minimum S$1)
g. Register a registered address in Singapore.
h. Lodge the M&A (Memorandum and articles of association) with ACRA.
2. If you plan to relocate to Singapore or relocate your management staff, you would need to apply for work visas.
3. Open a corporate bank account.
2ND Phase
1. If your company has shareholders who are not individuals, an Auditor must be appointed.
2. If the shareholders are individuals and total annual revenue is less than S$5M/-, there is no need for an appointment of an auditor.
3. You would need a tax agent and a professional to compile and file the FRS annual report/Form C/ECI to the IRAS.
4. If you plan to import and export goods to / from Singapore, you may require GST registration. (Goods & services tax – 7%)
3RD Phase
1. You may need to appoint accountants/bookkeepers familiar with local tax/accounting laws to prepare your accounts.
2. You may need to engage a service provider to perform administration services.
4TH Phase
Annual reporting for ACRA and IRAS
- Audited/Unaudited financial reports (According to FRS standards)
- Corporate tax – Estimated chargeable income (3 months from year end)
- Corporate tax (Due on 30 Nov every year)
a. The FRS
b. Form C
c. Corporate tax computation and schedules
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Singapore Accounting, Tax, GST, FRS, Bookkeeping and Corporate Secretarial Services