FAQ

Yes, it is. The Company Incorporation can be completed remotely without your presence in Singapore.

Once all the incorporational documents are ready, it usually takes 1 day to incorporate a company.

Yes. Non-resident of Singapore can be an owner and 100% shareholder of a Singaporean company.

Yes, you can buy a ready made or a shelf company in Singapore.

• The company was registered several years ago, which can be attractive to your potential customers giving them greater confidence in the reliability of "older" and more "established" company.
  
  
• The company (possibly) may have an existing bank account/s in Singapore.
  
  
• You bypass the registration process
  
  
• You can start business operations immediately.
  

If we are talking about buying a shelf company, this is probably the only benefits you can have.

• You have acquired a shelf company with its fixed structure i.e. name, business activities, existing officers with a registered address. When transferring ownership from existing to the new owners, please note that
  
  

a) all changes made in the company will still be available and visible in the government registrar system (which will may or may not be favorable to your potential customers)

b) additional costs

• You will lose the tax rebates benefits for newly incorporated companies if it is more than 3 years old.
  
  
• As a universal rule, good companies are usually not put up for sale, or they are bought over by larger companies. In most cases, the shelf companies on sale may be those with irregularities in annual reporting including liabilities and a "history".
  
  
• If the company does not have a bank account, and the company was registered several years ago, it will be more challenging to open a bank account as due diligence checks will be redone, in some cases maybe even impossible.
  
  
• If the company has a bank account (in Singapore), after buying the shelf company, the new directors, new shareholders and new bank signatories must be present physically for an interview with the bank officer. Thus due diligence will be done all over again which may not be a guarantee of the continuity of the bank account.
  
  
• The time needed to register the new owners with the authorities may just be almost the same time needed as incorporating a new company.
  

According to Company Act Cap.50 any company that was registered in Singapore should have at least one local (nominee) director. The local director must have the following resident status: citizen of Singapore, PR (permanent resident).

We refund a deposit in the following cases:

1. If the client decides to replace our nominee director to his own.
2. If the company was struck off.

No, he doesn't. Actually, the nominee director is a formal role without any decision-making powers or authority to control the bank's accounts. His only obligations are acting in the interests of the company and in compliance with the law.

The minimum paid-up capital for is 1 Singapore dollar. By default, the authorized capital usually is set at 100 SGD.

You should present required deposit to the Corporate Secretary.

The paid-up capital may be equal to the amount held on the Company's bank accounts, or the amount deposited to the Corporate Secretary Company.
To increase paid-up capital, please provide:

• Bank statement on a sufficient amount of funds.

The procedure takes 1 business day only. The service is chargeable.

Yes, it is. Singaporean banks open bank accounts for foreign residents.

Yes, all the shareholders and directors should be presented at the interviews.

We cooperate with all the full licensed banks in Singapore.

Corporate tax is 17%. However for newly incorporated companies there are a lot of tax exemptions are available.

Tax benefits for the first 3 operational years for newly incorporated companies are:

• Up to 100,000 Singapore dollars in net income - the company is not taxed.
• From 100,000 to 300,000 Singapore dollars in net income - the company is subject to corporate tax of 3.54%.
• If chargeable income is 500,000 Singapore dollars - the effective tax rate is 7.2% only.

Tax reporting is applied once a year.

Audit is required if two of three parameters are met:

• The annual turnover of the company is more than 10 million Singapore dollars.
• The corporate structure involves affiliated legal entities.
• The company has more than 50 employees.

IRAS (Tax Government Agency) can notify the bank(s) regarding the issue, respectively the bank(s) make the final decision on closing the accounts. Then IRAS informs the Court regarding the issue.

Reporting is submitted once a year.

It is required to present:

• Bank statements for the financial period. For convenience of keeping records, it is recommended to download bank statements monthly in two formats PDF and Excel. Please note, internet banking allows download the statements within 6 months only.
• All the supporting invoices and agreements.

Yes, you can proceed with the application process, only if the paid-up capital is set up on 100,000 SGD or higher.

• Copy of passport or IC.
• Diploma or Certificate of Higher Education (in English only and notary certified).
• Detailed CV.

Additionally MOM (Ministry of Manpower) can request:

• Personal Bank statement.
• Office tenancy agreement.

Yes, you can apply for Dependent Pass for the children under 21 years old and the spouse. Required documents are:

• Copy of Passport or IC.
• Diploma or Certificate of Higher Education, translated into English.
• Proof of family ties, notary certified.

There are few steps to legalize any document in Singapore:

• Notary certification;
• Certification by the Singapore Academy of Law;
• Certification by the Singaporean Ministry of Foreign Affairs;
• Certification by the relevant foreign Embassy.

Since Singapore did not sign the Hague Apostille Convention, Singapore not accepts Apostille.

The price of legalization of 1 document - 470$. RSBU implements legalization in any Consulate up to clients' requests.
Send us a request Order