Singapore, Singapore (PressExposure) December 26, 2009 -- 1. Once the Singapore company has been incorporated, what are the post incorporation issues I need to consider before I can start my company business activities? After your Singapore company has been setup, you can start your business activities immediately. However, you may need to do the following if it is applicable to you.
A. Open bank accounts. You may want to choose a bank that serves your corporate banking needs. i.e. Letter of credit, multi currency, location of the bank, banking hours, and check the other services they can offer you, etc.
B. If your business requires one or more licenses, you may need to obtain the relevant licences first before you can commence your business activities.
C. Register for Goods & Services Tax (GST) if necessary. The registration of GST is not mandatory unless your annual turnover exceeds S$1 million. We can help to register for GST, if you so require.
D. If your company activities involves import and exports of goods, you will need to register and obtain a Central Registration (CR) number. The CR number is used in all import, export and transhipment permits, certificates and any other documents issued by the Singapore Customs. We can help obtain a CR number for your company if required.
E. If you plan to hire any foreign employee including yourself, your conpany will need to apply for employment pass (EP) for that person. We can assist you with EP applications.
F. If you intend to hire local employees (Singapore Citizens and Permanent Residents) you will need to open a CPF account with the Central Provident Fund (CPF) Board and a percentage of the local employeesâ salaries will be contributed to this Board on a monthly basis as part of their retirement fund. For more details, please visit http://www.cpf.gov.sg. We can help you register your Company CPF account and manage your staff payroll, if required.
G. You will need to decide on your company's financial year end which can be any date within 18 months from the date of incorporation of your company.
H. You will need to keep track of your income and expenses (bookkeeping) according to Singapore accounting standards. Depending upon the volume of transactions, we can provide bookkeeping services either on a weekly, monthly, quarterly or yearly accounting basis
2. Are there any CPF contributions For Foreign Employees? For foreign employees, CPF contributions are not required. You just need to pay the agreed upon salary to your foreign employees and thatâs all.
3. Are we responsible for the personal tax of foreign employees? No tax deductions are required either for local or foreign employeesâ personal salary. The employees are directly responsible for their personal taxes.
4. What are the Documents Needed for Singapore Company Registration? For a successful Singapore business incorporation you will need the following information and documents:
* Company Name * Registered Address * A Description of Business Activities * Shareholders Particulars * Directors Particulars * Company Secretary Particulars * Memorandum and Articles of Association (MAA). * A copy of Singapore identity card (IC) for Singapore Residents or a copy of passport, overseas residential address proof, and other information for foreigners. * If the shareholder is a corporate entity, you need to submit a copy of registration documents such as Certificate of Incorporation and Memorandum & Articles of Association.
For non-English documents, an officially-endorsed translated version is required.
5. What are the Requirements for Registering a Singapore Company? To proceed with your Singapore company formation, you need the following: A. Company Name - For your Singapore registered company, you must avoid choosing a company name that is:
* identical to existing local company names; * offensive, obscene or abusive names; or * already reserved.
B. Paid-Up Capital - The minimum paid-up capital for setting up a Singapore company is S$1. C. Registered Address - A local Singapore address is a requisite to incorporating your Singapore company. The registered address can be either a residential or commercial address, but not a PO Box. D. Directors - For setting up your Singapore company, a minimum of one (1) local director is mandatory. The local director must either be a Singapore Citizen, a Singapore Permanent Resident, or an EntrePass, Employment Pass, or Dependent Pass holder. E. Shareholders - The Singapore private limited company set-up requires a minimum of one (1) shareholder and a maximum of 50 shareholders. Foreign corporate and individual shareholders are allowed to own 100% of the shares. F. Company Secretary - The Singapore Companies Act requires every Singapore incorporated company to have a company secretary within 6 months of its incorporation.