how to set up a company in singapore

 how to set up a company in singapore?

incorporation of a  Company:

M2K Advisors provides business incorporation services inSingapore. Our services include:

·         Name reservation

·         Preparation of Incorporation documents such as Memorandum & Articles document

·         Registration with Accounting & Corporate Regulatory Authorities (‘ACRA’)

·         Obtaining Certificate of Incorporation

Company incorporation requirement in Singapore

·         Minimum of one director who has to be an ordinarily resident in Singapore i.eSingaporean/Singapore Permanent Resident/Singapore employment pass holder.

·         1 individual Shareholder or 1 corporate body shall be 100% shareholder. You do not need a Singaporean as a shareholder.

·         Minimum paid up capital is S$1.

·         Time taken to incorporate a company is approximately 2 hours to 1 day.

·         Private limited companies are mandatory required to have a company secretary.

Nominee Director Assistance:

As per Singapore Corporate laws, all companies must have at least one resident director in Singapore.

Company Secretary Assistance

M2K Advisors could help in acting as company secretary and undertake the necessary compliance to meet the said requirement. M2K could also assist the company in preparation of minutes of the meeting, filing of forms with ACRA, maintenance of records and registers etc.

Registered office address

Accordingly, you need to provide a local Singapore address as the registered address of the company. The registered address can be either a residential or commercial address, but not a P.O. Box.

Bank Account in Singapore

Generally, the following documents are needed to open a corporate bank account in Singapore:

·         a resolution by company’s board of directors

·         copy of the company’s certificate of incorporation

·         copy of the company’s business profile

·         copy of company’s Memorandum and Articles of Association (MAA) and its shareholders (if the shareholders are corporate entities)

·         copies of passports or Singapore national identification cards of all the company directors

·         proof of residential addresses of the directors and ultimate beneficial owners of the company

Accounting services:

Accounting of transactions relating to income, expenditure, bank payments, receipts, etc. in Tally or any other accounting software as may be provided by the Company.

Preparation of annual financial statements

Audit exemption for small companies

Usually audit is exempted for small companies which satisfies the following 2 out of 3 conditions:

·         Total revenue of not more than S$ 10million;

·         Total assets of not more than S$ 10miilion;

·         Number of employees not more than 50.

Preparation of XML statements

The company would be required to file their financial statements in XBRL format during the filing of Annual return, if it is:

·         insolvent (ie the value of Total Assets less Total Liabilities is Negative); or

·         has a corporate shareholder during the financial year

Filling of income tax return

Tax administration