To set up an international business company (IBC) in Singapore, you will need to follow these steps:
Choose a company name. The company name must be unique and cannot be the same as any other registered company in Singapore. You can check the availability of a company name on the Accounting and Corporate Regulatory Authority (ACRA) website.
Appoint a company secretary. Every IBC in Singapore must have a company secretary who is a resident of Singapore. The company secretary must be an individual.
Register the company. You can register the company online or through a corporate service provider. To register the company online, you will need to create an account on the ACRA website and submit the required documents.
Open a corporate bank account. Once the company has been registered, you will need to open a corporate bank account in Singapore. You can do this by contacting a bank in Singapore.
Requirements for Setting up an IBC in Singapore
At least one shareholder
At least one director, who must be a resident of Singapore
A registered address in Singapore
A company secretary who is a resident of Singapore
Benefits of setting up an IBC in Singapore
Singapore is a tax-efficient jurisdiction, with zero taxes on capital gains and dividends
Singapore has a strong and stable economy
Singapore has a pro-business environment
Singapore has a well-developed financial sector
Singapore is a global hub for trade and investment
Timeline for Setting up an IBC in Singapore:
The timeline for setting up an IBC in Singapore is typically 1 day. However, this may vary depending on the complexity of the application and the availability of the required documents.
Cost of Setting up an IBC in Singapore
The cost of setting up an IBC in Singapore varies depending on the complexity of the application and the services of the corporate service provider. However, you can expect to pay around SGD 1,500 to SGD 3,000.
If you need further assistance with setting up an IBC in Singapore, you can consult with a corporate service provider.
Singapore is a popular jurisdiction for setting up an IBC because it offers a number of advantages, including:
Tax efficiency: Singapore has a zero-tax regime for capital gains and dividends, and a competitive corporate income tax rate of 8.5% for the first S$300,000 of profits and 17% for profits above S$300,000.
Political and economic stability: Singapore has a stable political and economic environment, which is conducive to business growth.
Pro-business environment: Singapore has a pro-business government and a well-developed regulatory framework.
Skilled workforce: Singapore has a highly skilled and educated workforce.
Global hub for trade and investment: Singapore is a global hub for trade and investment, and is home to a number of multinational companies.
In addition to the above, Singapore also offers a number of other benefits for IBCs, such as:
Ease of doing business: Singapore is ranked as one of the easiest places in the world to do business by the World Bank.
Excellent infrastructure: Singapore has excellent infrastructure, including a modern transport system and telecommunications network.
Overall, Singapore is a very attractive jurisdiction for setting up an IBC. It offers a number of advantages, including tax efficiency, political and economic stability, a pro-business environment, a skilled workforce, and a global hub for trade and investment.
How Bestar can Help
Bestar is a corporate service provider that can help you set up an IBC in Singapore. Bestar offers a wide range of services, including:
Company secretarial services
Accounting and auditing services
Tax planning and compliance services
Corporate bank account opening services
Work permit and visa application services
Bestar has a team of experienced professionals who can help you with all aspects of setting up and running an IBC in Singapore. Bestar also has a strong track record of helping businesses succeed in Singapore.
Here are some of the benefits of using Bestar to set up an IBC in Singapore:
Convenience: Bestar can handle all aspects of the IBC setup process, from company registration to bank account opening. This can save you a lot of time and hassle.
Expertise: Bestar has a team of experienced professionals who are experts in Singapore corporate law and regulations. Bestar can ensure that your IBC is set up correctly and in compliance with all applicable laws and regulations.
Peace of mind: Bestar can provide you with peace of mind knowing that your IBC is in good hands. Bestar will take care of all the administrative and compliance tasks associated with running an IBC in Singapore.
If you are considering setting up an IBC in Singapore, contact Bestar to learn more about how they can help you.
Here are some of the steps that Bestar will take to help you set up an IBC in Singapore:
Consultation: Bestar will consult with you to understand your business needs and to recommend the best IBC structure for your business.
Company registration: Bestar will register your IBC with the Accounting and Corporate Regulatory Authority (ACRA).
Company secretary: Bestar will provide you with a company secretary who is a resident of Singapore.
Corporate bank account: Bestar will help you open a corporate bank account in Singapore.
Work permit and visa application: Bestar can help you apply for work permits and visas for your employees.
Bestar will also provide you with ongoing support and advice on all aspects of running your IBC in Singapore.