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Frequently Asked Questions Setting Up a Company

Frequently Asked Questions Setting Up a Company

Setting up a company in Singapore can be an exciting but complex process. To help you navigate the initial steps, here are some frequently asked questions (FAQs) about incorporating a company in Singapore:

General Requirements:

  • Who can set up a company in Singapore? At least one shareholder and one resident director are required. The shareholder can be an individual or a corporate entity, while the director must be a Singapore citizen, permanent resident, Employment Pass holder, or Dependant Pass holder.

  • What is the minimum paid-up capital? The minimum paid-up capital is S$1. There is no requirement for authorized share capital.

  • What is the required business address? A local registered address with a physical location, not just a P.O. box, is mandatory. You can use a residential address under the Home Office Scheme with prior approval.

Registration Process:

  • What are the steps involved in incorporating a company? The basic steps include choosing a company name, appointing directors and shareholders, registering the business, opening a corporate bank account, and fulfilling regulatory requirements.

  • How long does it take to incorporate a company? With complete documentation, the process usually takes 1-3 working days.

  • How much does it cost to incorporate a company? Fees include registration fees, filing fees, and professional service fees. The total cost can vary depending on the complexity of your business structure.

Additional Considerations:

  • Do I need any licenses or permits? Depending on your industry, you might need additional licenses or permits to operate legally. Research requirements based on your specific business activity.

  • What are the tax implications? Singapore has a corporate tax rate of 17%. Familiarize yourself with tax regulations and consider consulting a tax advisor.

  • What are the ongoing compliance requirements? Companies must file annual returns and comply with accounting and auditing standards.


How Bestar Can Help With Setting Up Your Company in Singapore: FAQs

Frequently Asked Questions Setting Up a Company

Here are some frequently asked questions about how Bestar can assist you with incorporating your company in Singapore:

Services Offered:

  • What specific services does Bestar provide for company setup?

  • Company registration: They handle the entire registration process, including name checks, documentation, and ACRA filing.

  • Corporate secretarial services: They manage annual returns, filing of resolutions, and maintenance of statutory records.

  • Accounting and bookkeeping: They provide regular accounting services, payroll processing, and tax preparation.

  • Business advisory: They offer guidance on business structures, regulatory compliance, and tax optimization.

  • License and permit assistance: They can help you identify and obtain necessary licenses and permits for your business.

Benefits of Using Bestar Accounting:

  • What are the advantages of using Bestar over other service providers?

  • Local expertise: They have extensive experience with Singapore's incorporation process and regulations.

  • Streamlined process: They handle the entire process, saving you time and effort.

  • Cost-effective: They offer competitive rates and transparent pricing.

  • One-stop solution: They provide a comprehensive range of services to meet your business needs.

  • Multilingual support: They can communicate and assist you in various languages.

Additional FAQs:

  • What are Bestar's fees for company setup services?

  • Fees vary depending on the complexity of your business and the services required. They offer consultations to discuss your specific needs and provide a quote.

  • Do I need to meet with Bestar in person?

  • No, most communication and document sharing can be done online or via email. However, in-person meetings can be arranged if needed.

  • What are the client testimonials or reviews for Bestar?

  • You can check their website or online platforms for client testimonials and reviews.

Additional Resources:

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