Thinking about establishing a Singaporean business?
Well, you’re not alone; more than 120,000 people make that decision annually. Businesses abound in Singapore, thanks to the abundance of creative individuals who have come together to establish their organizations here.
No matter your nationality, Singapore is an excellent location to establish a company. The World Bank has consistently classified Singapore as one of the top three countries for conducting business, with the United States ranking sixth, China at thirty-first, and India at sixty-third.
How come Singapore is so incredible? There are a lot of benefits to forming a business in Singapore, provided you follow the rules laid forth by the Singaporean Companies Act.
- Company Pays Minimal Taxes and Has No Dividend or Capital Gains Payments
- Simple Entry into International Financial Markets
Singapore company SSIC code
The Singapore Standard Industrial Classification (SSIC) is a system used to classify business activities in Singapore. Each business is assigned a unique SSIC code based on its primary economic activity. The SSIC code helps in data collection, analysis, and reporting by various government agencies. As of my last knowledge update in January 2022, I don’t have the most current SSIC codes, as they may be subject to updates or revisions.
To find the latest SSIC code for a specific business activity, you should refer to the official website of the Accounting and Corporate Regulatory Authority (ACRA) in Singapore or contact ACRA directly. They provide the most up-to-date information on SSIC codes and can assist you in determining the appropriate code for your specific business.
Keep in mind that the SSIC codes are regularly updated, so it’s essential to refer to the latest information available from official sources.
Documents Needed to Register a Business in Singapore—Including the Possibility of Free Government Funds
The Accounting and Corporate Regulatory Authority (ACRA) in Singapore requires particular information and paperwork from prospective Singaporean businesses. A more detailed description of each condition follows:
1. Name of the Company:
Pick a name for your business that is both original and legal. It must not be in use and must adhere to ACRA’s standards. Specific terms are prohibited under ACRA’s naming guidelines, and mentioning the business type is mandatory (e.g., “Pte Ltd” for privately held firms).
2. Activities and SSIC Code Briefly Described:
Outline the primary functions of your organization in a few short sentences. To further classify your company formation Singapore, apply the correct Singapore Standard Industrial Classification (SSIC) code. You may use the SSIC code to better understand and categorize your company.
Provide details on the company’s stockholders. Make sure to include the full names, addresses, nations, and shareholding amounts of all shareholders. In addition, some forms of identity and proof of residence may be required as part of the Know Your Customer (KYC) process.
4. Directors’ Details and Know Your Customer Data:
Describe the board members that will be in charge of running the business. Give details such as their full names, addresses, ethnic backgrounds, and any directorship experience they may have had.
Give details on the company’s share capital structure. The total of all shares, their face value, and how much is due or paid for each share are all part of this. A company’s ownership structure can’t be determined without knowing its original share capital, a standard practice.
6. Corporate Bylaws:
Write up and turn in the company’s constitution, which specifies how the business will be run from the inside. Shareholder and director duties and rights and meeting and decision-making processes are usually outlined in this agreement.
7. Reporting to ACRA:
Send your paperwork and supporting materials to ACRA via their online filing system when you’ve collected all you need. ACRA will review the application, and once approved, your business will be recognized as a legal entity in Singapore with the issuance of the Certificate of Incorporation.
To form an organization in Singapore and start doing business there, you must provide these facts precisely and follow ACRA’s rules.
Additional factors for foreigners to consider when registering a company
The following is very important for foreigners thinking about registering their Singaporean company:
- Hiring an expert to submit your paperwork is a must. Foreign individuals or entities are not permitted to self-register their corporation in Singapore.
- No special travel visa is required if you intend to incorporate your Singaporean firm but not to relocate. You can run your business from abroad, and when business matters arise, you can visit Singapore on a brief visiting visa.
- You must choose a local director even if no one from your firm is relocating to Singapore.
Whichever bank you select, opening a business bank account can require you to take a trip. We can assist with this because we have connections with banking.
What follows the incorporation process?
- A certificate of registration is given to you. Once your company’s registration is complete, ACRA will notify you by email. Your company registration number will be included on this official Singapore Company Incorporation Certificate. An online request to ACRA may be made for S$50 if you would want a physical copy of the certificate.
- A “Bizfile” or Business Profile is sent to you. Additionally, your new company’s business profile will be provided at no cost by ACRA. A company’s profile serves as its official identification document.
- A business checking account can be established. Check out our handy guide on opening a bank account in Singapore for additional information.
- Applying for Business Licenses. Additionally, you may be needed to file for business licenses, depending on the nature of your firm. After you’ve registered your company and are ready to launch your firm, you’ll finish this step.
- Get your GST registration form filled out. Companies should register for Goods and Services Tax (GST) or value-added tax (VAT) in several countries if their yearly revenue is expected to surpass S$1 million. You need not register for GST if you do not anticipate your yearly revenues exceeding S$1 million.
Company registration in Singapore is a must whether you plan to launch a business or own one but have not yet done so. Complying to the regulations laid by the Singaporean government, companies must adhere to the documents mentioned in the article.