Annual accounts must be prepared and submitted to the Inland Revenue Authority of Singapore, and the Accounting and Corporate Regulatory Authority (ACRA), within 18 months from incorporation, and every 12 months subsequently.
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Singapore is a sovereign city-state in Southeast Asia. Known for its multicultural arts and cuisine, Singapore is a global financial hub that ranks on top of the world’s easiest places to do business by the World Bank, consistently. Singapore has a stable government and a systematic financial system. Consequently, several company headquarters can be found in Singapore.
Based on company structure and governance, Singapore offers a variety of options for the type of legal entity a company is to be.
A Sole Proprietorship in Singapore is a type of company in which no legal distinction is maintained between the business owner and the company, i.e., the owner and company are one and the same entity. The individual owning the business is referred to as the sole proprietor, has unlimited liability, and can be sued in his/her or the company’s name. The sole proprietor must be ordinarily resident in Singapore.
Such a legal entity is ideal for small businesses.
Partnership is similar to sole proprietorship, except in that a partnership can have more than 1 owner or partner, subject to a maximum of 20. For a partnership, a local manager must be appointed. Such a manager should be at least 18 years of age, ordinarily resident in Singapore, and not an undischarged bankrupt. Like sole proprietorship, a partnership is not considered a separate legal entity, implying that all partners are personally liable for its losses or debts.
A partnership is suited for small businesses with multiple owners.
A limited partnership can comprise two or more partners, with there being no limit on the maximum number of partners. A limited partnership provides for a certain degree of limited liability: one of the partners, a general partner, would bear unlimited liability and be personally liable for debts and losses of the company, while the other partners may be limited partner, not personally liable for debts or obligations of the company. The general partner and limited partners can be either individuals of at least 18 years of age or a corporate entity. In case the general partner is not ordinarily resident, a local manager who is ordinarily resident of Singaporemust be appointed.
A Limited Liability Company in Singapore is a type of business entity where the liability of each shareholder is limited to their investment in the company. The economic environment in Singapore is quite favorable to an LLC if you are planning to set up a business entity to stay afloat for many years to come.
A Limited Liability Partnership (LLP) in Singapore is a legal entity wherein the company is considered a separate legal entity from its partners, and where the liability of each partner is limited. Although the partners are held personally liable for debts and losses, this liability is restricted to debts and losses resulting from their own torts, not that of other partners.
A Private Limited Company in Singapore is considered a separate legal entity, distinct from its shareholders and directors. Partners are not held personally liable for the debts or obligationsof the company. Unlike the aforementioned business entities, a Private Limited Company qualifies for tax exemption schemes, setting the corporate tax at a rate of 0-17%.
A firm abroad may choose to set up its Branch Office in Singapore to start operations in the country. A branch is a part of an organization, which is incorporated to perform the same business operations performed by the parent company to increase the reach. It the most cost-effective way to set up your business in Singapore as it allows you to save a lot of money by avoiding corporate tax.
A foreign company can set up a Representative Office in Singapore to analyze, interpret and understand the potential of Singapore and surrounding markets for their business. It is a way of establishing one's presence in the country without the intention of actually carrying out any business here.
Incorporating a business in Singapore brings with it the following benefits:
Setting up a business in Singapore envisages huge earning potential, tax exemptions, world-class infrastructure, modern amenities, liberal government policies and free trade barriers. BusinessSetup Worldwide helps businessmen, entrepreneurs and investors establish their company in Singapore while availing all the advantages that a developing economic trading hub provides. Our experts take care of the entire Banking, Visa, Legal, and Licensing formalities, and allow corporates to enjoy their company formation process without worrying about the bureaucratic red tape and legal formalities. We guide you through your company formation, with your business objectives at the centre of our ecosystem, all the way.