Incorporation Fees & Packages
- Incorporation Packages for Foreign Entrepreneurs: This package is best suited for the one who is a foreigner and wish to start a company is Singapore. Under this package, we will take care of all formalities associated with Singapore company registration starting from company name selection, nominee company secretary services, business set up requirements to immigration needs.
- Incorporation Packages for Foreign Companies: Foreign companies can expand their businesses to Singapore in any of the three forms of company set up such as subsidiary company, branch office and representative office. You can come to us with your requirements and we will provide you with complete solutions of Singapore company incorporation.
- Incorporation Packages for Singapore Residents: Our incorporation services are not only limited to foreign or overseas clients but we also extend support to the local residents of Singapore who intend to set up businesses in their own nation. We assist them throughout the process so that they can experience an easy and hassle free incorporation process with us. By availing this package, one can own a company without even visiting the offices of ACRA and IRAS.
- Foreign Individuals/Entrepreneurs
- Foreign Company/Corporations
- Singapore Residents/Locals
Package 1: Singapore Company Incorporation With Local Nominee Director
- Minimum paid-up capital S$1
- At least one local/resident director
- At least one shareholder
- At least one company secretary
- A local registered office address
- Overview of Package
- Details of Process
- Documents/Information Required
- FAQ
The details of package are as follows: Please note that the price offered is inclusive of all taxes and government fees, and there are no hidden costs involved.
| Description of Services Offered | Amount of Fees (SGD) |
|---|---|
Company Incorporation
|
800 |
| Nominee local director for one year | 1,500 |
| Company secretary for one year | 500 |
| Company registered office address for one year | 360 |
| Bank account opening assistance | FREE |
| *All prices exclusive of 7% GST (Goods and Services Tax) TOTAL FEES | 3,160 |
| LESS: DISCOUNT FOR COMBO PACKAGE | -180 |
| NET FEES PAYABLE TO SBS Consulting | 2,980 |
- E-mail to SBS – Please e-mail us on info@sbsgroup.com.sg and inform us that you would like to proceed with our PACKAGE NO 1. Include your contact details in the email. Upon receipt of e-mail, we will send you spread sheets (known as “RUN BOOK”) and Know-your-client (known as “KYC”) which you need to fill up with all the relevant details and listing of documents required for incorporation. We will contact you with advice about the next steps.
- Provide Documents/Information Required for Incorporation – You need to fill up all the details in the ‘Run Book’ such as proposed names, details of shareholders, directors , details of principal activities, details of share capital, financial year end and etc. You also need to fill KYC form and send it to us through e-mail, so that, we can prepare incorporation documents.
- Prepare Company Incorporation Documents – Upon receipt of above documents, we will prepare the necessary documents and send them to you through e-mail with our formal invoice. If you are in Singapore, we will arrange a meeting with you at our office.
- Incorporation & Registration Fees Payment – To proceed with the incorporation, you need to send us duly signed original incorporation documents with our full fees, in advance. Please be informed that we accept bank transfers, local cheques and cash.
- Incorporate a Company – Upon receipt of duly signed original incorporation documents and our Singapore company incorporation fees, we will proceed to incorporate a company with ACRA on the same day. Upon incorporation, we will send you an e-mail with business profile of the company which states full details of company such as Registration number, date of registration, principal activities, details of shareholders/directors/secretary, numbers of shares and the amount of share capital etc.
- Prepare Registers, Order the Company Seal and Certificate of Incorporation – On the same day of company incorporation, we will order the company seal and certificate of incorporation (hard copy). Upon receipt of seal and certificate, we will prepare all incorporation documents with registration number, issue share certificates and prepare company statutory registers. We will also send you all the signed documents through an e-mail for your record.
- Assistance in Opening Bank Account – Upon incorporation, we will arrange a meeting with the bank officers to open bank account whenever you visit Singapore, as per your convenience.
- Post Incorporation Services – We will keep records of your company’s first financial year-end. We will also inform you about all the compliance matters with due dates every year, in the first week of year following the date of financial year-end. As you are incorporating a company with SBS, SBS will provide you with a contact person as the person-in-charge for your company’s matters, so that, you can call on him anytime, for any help or assistance in any future matters.
- For all LOCAL directors/shareholders/secretaries- A copy of Singapore IC
- For all FOREIGN directors/shareholders:
a. Copy of passport b. Copy of proof-of-residence such as a utility bill, a residential phone bill, a tax bill, a bank statement and etc (not older than 3 months) c. Personal bank reference letters for at least one director and the shareholder who holds the majority of shares
- Completed and signed our KYC form
- Completed our RUN BOOK
Information required
- Names for the proposed company (At least three names in a prioritized list)
- Details of share capital, such as, quantity of share capital, amount of share capital, currency denomination, amount of paid-up share capital
- Details of principal activities
- Details of company’s first financial year-end
(You can call on to us and we will advice you about the most suitable and advantageous year-end for your company.)
As per Singapore Companies Act, every Singapore registered company must have at least one local resident director. If you do not have any trustworthy person to be local director of your proposed company, SBS could provide you a nominee director on annual term basis. The person, who will be appointed as nominee director of your company, will not be involved in any managerial, operational, or financial matters of the company. He will be appointed for statutory compliance purposes only.
If we would want to change the local nominee director, what would be the procedure?
You must appoint one or more other individuals, (who can be foreign individual(s) including yourself) as the executive directors who will be responsible for running the company. You can change the director anytime. As we will also be your company secretary, we will prepare the necessary documents upon receipt of your request.
Am I supposed to give shareholding to the local nominee director?
100% business ownership of any company, operating within the country, is allowed by the Companies Act of Singapore. Even foreigners are not required to seek approval, because they are given the same treatment as that of the local business owners. In this regards, it is not required that you give the shareholding to the local nominee director.
Please be informed that SBS Consulting provides above mentioned services as well.
Package 2: Singapore Company Incorporation With Employment Pass
- Minimum paid-up capital SGD1
- At least one local/resident director
- At least one shareholder
- At least one company secretary
- A local registered office address
As per Ministry of Manpower Guidelines, to apply for an Employment pass, the requirement are as follows:
- At least SGD3,000 fixed monthly salary
- Acceptable educational qualifications
- Professional qualifications and relevant experience
- Specialist skills
- Overview of Package
- Details of Process
- Documents/Information Required
- FAQ
The details of package are as follows:Please note that the price offered is inclusive of all taxes and government fees, and there are no hidden costs involved.
| Description of Services Offered | Amount of Fees (SGD) |
|---|---|
Company Incorporation
|
800 |
| Nominee local director for two months | 500 |
| Employment Pass (EP) application filling for 1 applicant | 850 |
| Company secretary for one year | 500 |
| Company registered office address for one year | 360 |
| Bank account opening assistance | FREE |
| *All prices exclusive of 7% GST (Goods and Services Tax) TOTAL FEES | 3,010 |
| LESS: DISCOUNT FOR COMBO PACKAGE | -280 |
| NET FEES PAYABLE TO SBS Consulting | 2,730 |
- E-mail to SBS – Please e-mail to us on info@sbsgroup.com.sg and inform us you would like to proceed with our PACKAGE NO 2 with your contact details. Upon receipt of e-mail , we will send you a spread sheet (known as “RUN BOOK”) and Know-your-client (known as “KYC”) which need to fill up with all details and listing of documents required for incorporation and will contact to you to advice about next steps.
- Provide documents/information’s required for incorporation – You need to fill up all the details in the run book such as proposed names, details of shareholders, directors , details of principal activities, details of share capital and financial year end etc & KYC form and need to send us through e-mail so that we will prepare incorporation documents.
- Prepare Company Incorporation documents – Upon receipt of above documents, we will prepare the necessary documents and send to you through e-mail with our formal invoice. If you are in Singapore, we will arrange a meeting with you at our office.
- Incorporation & Registration Fees Payment – To proceed for incorporation, you need to send us duly signed original incorporation documents with our fees full in advance. Please be informed that we accept bank transfer, local cheques and cash.
- Incorporate Subsidiary company – Upon receipt of duly signed originals incorporation documents with our fees, we will proceed to incorporate company with ACRA on same day. Upon incorporation, we will send you an e-mail with business profile of the company which states full details of company such as Registration number, date of registration, principal activities, details of shareholders/directors/secretary, no and amount of share capital etc.
- Prepare Registers, Order the Company Seal and Certificate of Incorporation – On the same day of company incorporation, we will order the company seal and certificate of incorporation (hard copy). Upon receipt of seal and certificate, we will prepare all incorporation documents with registration number, issue share certificates and prepare company statutory registers. We will also send you all the signed documents through an e-mail for your record.
- Assistance in Opening Bank Account – Upon incorporation, we will arrange a meeting with the bank officers to open bank account whenever you visit Singapore, as per your convenience.
- Post Incorporation Services – We will keep records of your company’s first financial year-end. We will also inform you about all the compliance matters with due dates every year, in the first week of year following the date of financial year-end. As you are incorporating a company with SBS, SBS will provide you with a contact person as the person-in-charge for your company’s matters, so that, you can call on him anytime, for any help or assistance in any future matters.
- For all LOCAL directors/shareholders/secretaries- A copy of Singapore IC
- For all FOREIGN directors/shareholders:
a. Copy of passport b. Copy of proof-of-residence such as a utility bill, a residential phone bill, a tax bill, a bank statement and etc (not older than 3 months) c. Personal bank reference letters for at least one director and the shareholder who holds the majority of shares
- Completed and signed our KYC form
- Completed our RUN BOOK
Information required
- Names for the proposed company (At least three names in a prioritized list)
- Details of share capital, such as, quantity of share capital, amount of share capital, currency denomination, amount of paid-up share capital
- Details of principal activities
- Details of company’s first financial year-end
(You can call on to us and we will advice you about the most suitable and advantageous year-end for your company.)
As per Ministry of Manpower Guidelines, to apply for an Employment pass, the requirements are as follows –
1. At least SGD3,000 fixed monthly salary 2. Acceptable educational qualifications 3. Professional qualifications and relevant experience 4. Specialist skills
I wish to incorporate a company and then relocate to Singapore, what is the procedure?
Once you engage us, you can use our local resident nominee director and then apply for an employment pass. We will submit all the documents necessary for the approval of your pass. Once you get the pass, you can transfer the directorship under your name, relocate to Singapore, and start your business.
Please be informed that SBS Consulting provides above mentioned services as well.
Package 3: Subsidiary Company Registration With Local Nominee Director
- Minimum paid-up capital SGD1
- At least one local/resident director
- At least one shareholder
- At least one company secretary
- A local registered office address
- Overview of Package
- Details of Process
- Documents/information required
- FAQ
The details of package are as follows:Please note that the price offered is inclusive of all taxes and government fees, and there are no hidden costs involved.
| Description of Services Offered | Amount of Fees (SGD) |
|---|---|
Company Incorporation
|
850 |
| Nominee local director for one year | 1,800 |
| Company secretary for one year | 600 |
| Company registered office address for one year | 360 |
| Bank account opening assistance | FREE |
| *All prices exclusive of 7% GST (Goods and Services Tax) TOTAL FEES | 3,610 |
| LESS: DISCOUNT FOR COMBO PACKAGE | -160 |
| NET FEES PAYABLE TO SBS Consulting | 3,450 |
- E-mail to SBS – Please e-mail to us on info@sbsgroup.com.sg and inform us you would like to proceed with our PACKAGE NO 3 with your contact details. Upon receipt of e-mail , we will send you a spread sheet (known as “RUN BOOK”) and Know-your-client (known as “KYC”) which need to fill up with all details and listing of documents required for incorporation and will contact to you to advice about next steps.
- Provide documents/information’s required for incorporation – You need to fill up all the details in the run book such as proposed names, details of shareholders, directors , details of principal activities, details of share capital and financial year end etc & KYC form and need to send us through e-mail so that we will prepare incorporation documents.
- Prepare Subsidiary Company Incorporation documents – Upon receipt of above documents, we will prepare the necessary documents and send to you through e-mail with our formal invoice. If you are in Singapore, we will arrange a meeting with you at our office.
- Incorporation & Registration Fees Payment – To proceed for incorporation, you need to send us duly signed original incorporation documents with our fees full in advance. Please be informed that we accept bank transfer, local cheques and cash.
- Incorporate Subsidiary company – Upon receipt of duly signed originals incorporation documents with our fees, we will proceed to incorporate company with ACRA on same day. Upon incorporation, we will send you an e-mail with business profile of the company which states full details of company such as Registration number, date of registration, principal activities, details of shareholders/directors/secretary, no and amount of share capital etc.
- Prepare Registers, Order the Company Seal and Certificate of Incorporation – On the same day of company incorporation, we will order the company seal and certificate of incorporation (hard copy). Upon receipt of seal and certificate, we will prepare all incorporation documents with registration number, issue share certificates and prepare company statutory registers. We will also send you all the signed documents through an e-mail for your record.
- Assistance in Opening Bank Account – Upon incorporation, we will arrange a meeting with the bank officers to open bank account whenever you visit Singapore, as per your convenience.
- Post Incorporation Services – We will keep records of your company’s first financial year-end. We will also inform you about all the compliance matters with due dates every year, in the first week of year following the date of financial year-end. As you are incorporating a company with SBS, SBS will provide you with a contact person as the person-in-charge for your company’s matters, so that, you can call on him anytime, for any help or assistance in any future matters.
- For all LOCAL directors/shareholders/secretaries- A copy of Singapore IC
- For all FOREIGN directors/shareholders:
a. Copy of passport b. Copy of proof-of-residence such as a utility bill, a residential phone bill, a tax bill, a bank statement and etc (not older than 3 months) c. Personal bank reference letters for at least one director and the shareholder who holds the majority of shares
- For corporate shareholder
a. Copy of certificate of incorporation b. Latest extract of company’s particulars from Registrars of Companies who can show all details of directors/shareholders/share capital/principal activities etc. c. Copy of constitution of the company d. A board resolution approving the incorporation of the Singapore company and the proposed shareholding
- Completed and signed our KYC form
- Completed our RUN BOOK
Information required
- Names for the proposed company (At least three names in a prioritized list)
- Details of share capital, such as, quantity of share capital, amount of share capital, currency denomination, amount of paid-up share capital
- Details of principal activities
- Details of company’s first financial year-end
(You can call on to us and we will advice you about the most suitable and advantageous year-end for your company.)
Yes, it is possible. However, you will need to do two things. First, incorporate a subsidiary company in Singapore. Appoint any of your trusted contacts or you can avail of our resident nominee director service, to comply with Singapore companies’ statutory requirements.
Can a foreign parent company own 100% of the subsidiary?
Yes, a foreign company can hold 100% ownership of a subsidiary company in Singapore.
Is a subsidiary company eligible for availing local tax incentives?
Yes, a subsidiary company, with one individual shareholder who holds a minimum of 10 percent shareholding, is entitled to local tax incentives.
Please be informed that SBS Consulting provides above mentioned services as well.
Package 4: Subsidiary Company Registration With Employment Pass
- Minimum paid-up capital SGD1
- At least one local/resident director
- At least one shareholder
- At least one company secretary
- A local registered office address
As per Ministry of Manpower Guidelines, to apply Employment pass to start a Singapore subsidiary. the requirement are as follows:
- At least SGD3,000 fixed monthly salary
- Acceptable educational qualifications
- Professional qualifications and relevant experience
- Specialist skills
- Overview of Package
- Details of process
- Documents/information required
- FAQ
The details of package are as follows: Please note that the price offered is inclusive of all taxes and government fees, and there are no hidden costs involved.
| Description of Services Offered | Amount of Fees (SGD) |
|---|---|
Company Incorporation
|
850 |
| Nominee local director for 2 months | 600 |
| Employment Pass (EP) application filling for 1 applicant | 900 |
| Company secretary for one year | 600 |
| Company registered office address for one year | 360 |
| Bank account opening assistance | FREE |
| *All prices exclusive of 7% GST (Goods and Services Tax) TOTAL FEES | 3,310 |
| LESS: DISCOUNT FOR COMBO PACKAGE | -110 |
| NET FEES PAYABLE TO SBS Consulting | 3,200 |
- E-mail to SBS – Please e-mail to us on info@sbsgroup.com.sg and inform us you would like to proceed with our PACKAGE NO 4 with your contact details. Upon receipt of e-mail , we will send you a spread sheet (known as “RUN BOOK”) and Know-your-client (known as “KYC”) which need to fill up with all details and listing of documents required for incorporation and will contact to you to advice about next steps.
- Provide documents/information’s required for incorporation – You need to fill up all the details in the run book such as proposed names, details of shareholders, directors , details of principal activities, details of share capital and financial year end etc & KYC form and need to send us through e-mail so that we will prepare incorporation documents.
- Prepare Subsidiary Company Incorporation documents – Upon receipt of above documents, we will prepare the necessary documents and send to you through e-mail with our formal invoice. If you are in Singapore, we will arrange a meeting with you at our office.
- Incorporation & Registration Fees Payment – To proceed for incorporation, you need to send us duly signed original incorporation documents with our fees full in advance. Please be informed that we accept bank transfer, local cheques and cash.
- Incorporate Subsidiary company – Upon receipt of duly signed originals incorporation documents with our fees, we will proceed to incorporate company with ACRA on same day. Upon incorporation, we will send you an e-mail with business profile of the company which states full details of company such as Registration number, date of registration, principal activities, details of shareholders/directors/secretary, no and amount of share capital etc.
- Prepare Registers, Order the Company Seal and Certificate of Incorporation – On the same day of company incorporation, we will order the company seal and certificate of incorporation (hard copy). Upon receipt of seal and certificate, we will prepare all incorporation documents with registration number, issue share certificates and prepare company statutory registers. We will also send you all the signed documents through an e-mail for your record.
- Assistance in Opening Bank Account – Upon incorporation, we will arrange a meeting with the bank officers to open bank account whenever you visit Singapore, as per your convenience.
- Post Incorporation Services – We will keep records of your company’s first financial year-end. We will also inform you about all the compliance matters with due dates every year, in the first week of year following the date of financial year-end. As you are incorporating a company with SBS, SBS will provide you with a contact person as the person-in-charge for your company’s matters, so that, you can call on him anytime, for any help or assistance in any future matters.
- For all LOCAL directors/shareholders/secretaries- A copy of Singapore IC
- For all FOREIGN directors/shareholders:
a. Copy of passport b. Copy of proof-of-residence such as a utility bill, a residential phone bill, a tax bill, a bank statement and etc (not older than 3 months) c. Personal bank reference letters for at least one director and the shareholder who holds the majority of shares
- For corporate shareholder
a. Copy of certificate of incorporation b. Latest extract of company’s particulars from Registrars of Companies who can show all details of directors/shareholders/share capital/principal activities etc. c. Copy of constitution of the company d. A board resolution approving the incorporation of the Singapore company and the proposed shareholding
- Completed and signed our KYC form
- Completed our RUN BOOK
Information required
- Names for the proposed company (At least three names in a prioritized list)
- Details of share capital, such as, quantity of share capital, amount of share capital, currency denomination, amount of paid-up share capital
- Details of principal activities
- Details of company’s first financial year-end
(You can call on to us and we will advice you about the most suitable and advantageous year-end for your company.)
Yes, you can. First, you need to incorporate the subsidiary in Singapore, and then you can apply for the employment pass of the staff member who is going to relocate to Singapore. However, be sure that you incorporate the company first, as the application for employment pass can only be filed after the registration of the subsidiary company.
What type of business, will my subsidiary be?
A foreign Subsidiary Company in Singapore is normally incorporated as Limited Liability Company. The shares of which are held by the foreign company. It is a distinct legal entity.
Please be informed that SBS Consulting provides above mentioned services as well.
Package 5: Representative Office Registration With EMPLOYMENT PASS
- Sales turnover must be US$250,000
- No of established year at least 3 years
- Proposed no of staff of Representative office must be less than 5
- Overview of package
- Details of process
- Documents/information required
- FAQ
The details of package are as follows:Please note that the price offered is inclusive of all taxes and government fees, and there are no hidden costs involved.
| Description of Services Offered | Amount of Fees (SGD) |
|---|---|
| Representative office registration | 850 |
| Employment Pass (EP) application filling for 1 applicant | 900 |
| Registered office address for one year | 360 |
| Bank account opening assistance | FREE |
| *All prices exclusive of 7% GST (Goods and Services Tax) TOTAL FEES | 2,110 |
| LESS: DISCOUNT FOR COMBO PACKAGE | -110 |
| NET FEES PAYABLE TO SBS Consulting | 2,000 |
- E-mail to SBS – Please e-mail to us on info@sbsgroup.com.sg and inform us that you would like to proceed with our PACKAGE NO 5 with your contact details. Upon receipt of e-mail , we will send you a spread sheet (known as “RUN BOOK”) and Know-your-client (known as “KYC”) which need to fill up with all details and listing of documents required for incorporation and will contact to you to advice about next steps.
Information required
For registering a Singapore representative office, the foreign entity must have a sales turnover of more than US$250,000. The foreign entity must be in existence for more than 3 years and the staff proposed for the Singapore representative office should be less than five.
What will be taxation regime for the Singapore representative office?
Since a Singapore representative office is not going indulge in any revenue-generating activities, there is no need for it to file its tax returns. Nevertheless, the income imparted to the staff in this representative office will be subjected to Singapore’s personal income tax.
How do I go about acquiring an employment pass for the staff that is going to relocate to Singapore?
You can only apply for an employment pass only after you have successfully registered your Singapore registration office. After you get the employment pass for the staff, they can relocate to Singapore.
Please be informed that SBS Consulting provides above mentioned services as well.
Package 6: Singapore Company Incorporation Package
The package is for the benefit of Singapore Residents opting to incorporate a private limited company. They do not require the resident director service or apply and acquire a work pass. They can act as the resident directors of their businesses.
- Overview of package
- Details of process
- Documents/information Required
- FAQ
The basic company incorporation package includes the following services.
|
Singapore Company Incorporation |
Amount of Fees (SGD) |
|
699 |
|
Company secretary for First year |
FREE |
|
Company registered office address for First year |
FREE |
|
Subtotal |
699 |
|
Discount |
|
|
*All prices exclusive of 7% GST (Goods and Services Tax) Total Fees |
699 |
Following are the processes and the steps covered by this package:
Step 1: Submit Your Request
Complete the online form and click on the “Register/Start Now” button presented above to intimate us that you want to use this package to incorporate your company. After communication of your request, one of our senior executive will get in touch with you. You can put your queries, if you have any, to the executive who from now onwards will guide you.
Step 2: Provide us With the Details of Company Incorporation
We will present you with a link to an online form. You have to fill it and give us your incorporation details, which include the name of the proposed company, details of shareholder and directors, etc. Fill the form and submit it to us.
Upon receipt of the details, we will prepare the incorporation documents for your company.
Step 3: Payment for Our Services
After receiving the completed incorporation details form, we will present you with an invoice for our services. If you want us to proceed with the incorporation, you will need to make payment as per our invoice to you. We accept local cheque, bank transfer, cash, or credit cards.
Step 4: Prepare Company Incorporation Documents
Upon receipt of the payment, we will put together the incorporation documents and email them to you for signing. You can visit our office and sign the documents in person.
Step 5: Incorporate Company
Upon receipt of your duly signed incorporation and supporting documents, we will initiate steps to incorporate the company with Registry of Companies i.e. Accounting and Corporate Regulatory Authority of Singapore (ACRA).
Step 6: Open Bank Account
Upon successful registration of the company with ACRA, we will assist you with the opening of a corporate bank account for the newly incorporated Singapore Company.
You need to submit the following documents to us.
Each Singapore resident individual shareholder and director must submit:
- Copy of Singapore IC; and
- Copy of passport, if the individual is not a Singapore citizen
Documents required for the compliance purposes:
-> Completed Know-Your-Client (KYC) form in addition to the resume / CV and passport
Important:
- Following ACRA’s recommendations, all documents must be in English or officially translated in English.
- Submitted copies of all the documents must be certified true copies by a notary public or you must carry the original documents to our office for sighting.
- If you are out of Singapore, you can email us the scanned copies of documents enabling us to start with preparing the required incorporation documents. However, you must submit the certified true copies (or sight the original documents at our office) before we can proceed to incorporate your company.
- If it is required, our compliance department may request for additional information.
Who can set up a Singapore company?
Singapore citizens, permanent residents, and foreigners prepared to relocate to Singapore and manage their own company can register a Singapore company.
What is the minimum amount of paid-up capital for the Singapore incorporation?
For Singapore citizens and the permanent residents, the amount of the minimum initial paid-up capital is S$1.
The minimum initial paid-up capital for the EntrePass or the Entrepreneur Pass holder is S$50,000.
How much time is required for the Singapore incorporation?
It is possible to register a Singapore company in one day. However, searching for a suitable name for the proposed company and getting it approved from the ACRA may take even weeks. Signing of incorporation documents and sending them back and forth, especially in case of the individuals leaving abroad, and the logistic involved is time-consuming.
Package 7: Incorporating a Limited Liability Partnership
A Limited Liability Partnership is a perfect choice for chartered professionals willing to work as a team. An LLP provides advantages of Partnership and Private Limited Company to the chartered professionals like lawyers, accountants, architects, or management consultants. Following are the requirements for registering an LLP in Singapore:
- Minimum of 2 Individuals or entities as Partners
- At least, 1 Singapore-based Manager
- Registered Singapore Address
- Overview of Package
- Details of Process
- Documents/information Required
- FAQ
|
Description of Services Offered |
Amount of Fees (SGD) |
|
Incorporation of Limited Liability Partnership Name Reservation |
600 |
|
Company secretary for First year |
FREE |
|
Company registered office address for First year |
FREE |
|
*All prices exclusive of 7% GST (Goods and Services Tax) TOTAL FEES |
600 |
|
NET FEES PAYABLE TO SBS Consulting |
600 |
The process and the steps for this package are as follows:
Step 1: Email Us Your Request
Let us know that you wish to proceed forward with this package (Package 9) by emailing us at info@sbsgroup.com.sg and by sending us your contacts details. Upon receipt of your request by e-mail, we will send you a spread sheet (known as “RUN BOOK”) and Know-your-client (known as “KYC”) which need to fill up with all details and listing of documents required for incorporation and will contact to you to advice about next steps.
Step 2: Provide Company Incorporation Details
You need to fill up all the details in the run book such as proposed names, details of shareholders, directors, details of principal activities, details of share capital and financial year-end etc & KYC form and need to send us through e-mail so that we will prepare incorporation documents.
Step 3: Prepare Company Incorporation Documents
Upon receipt of the payment, we will prepare the necessary incorporation documents and email them to you for signing. If you are in Singapore, you can visit our office and sign the documents.
Step 4: Make Payment
Upon receipt of the completed incorporation details form, we will send you an invoice for our services. In order for us to commence our services, you will need to make payment as per the invoice sent to you. We accept bank transfer, local cheque, cash, or credit card.
Step 5: Incorporate Limited Liability Partnership
Upon receipt of the signed incorporation and supporting documents from you, we will proceed to incorporate the company with Registry of Companies i.e. Accounting and Corporate Regulatory Authority of Singapore (ACRA).
Step 6: Prepare Registers, Order the Company Seal and Certificate of Incorporation
On the same day of company incorporation, we will order the company seal and certificate of incorporation (hard copy). Upon receipt of seal and certificate, we will prepare all incorporation documents with registration number, issue share certificates and prepare company statutory registers. We will also send you all the signed documents through an e-mail for your record.
Step 7: Assistance in Opening Bank Account
Once the company has been registered with ACRA, we will assist you with opening of a corporate bank account for the newly incorporated company.
Step 8: Post Incorporation Services
We will keep records of your company’s first financial year-end. We will also inform you about all the compliance matters with due dates every year, in the first week of year following the date of financial year-end. As you are incorporating a company with SBS, SBS will provide you with a contact person as the person-in-charge for your company’s matters, so that, you can call on him anytime, for any help or assistance in any future matters.
Documents/Information Required
- A copy of Singapore IC is required from all LOCAL directors/shareholders/secretaries
- A copy of passport, Copy of proof-of-residence such as a utility bill, a residential phone bill, a tax bill, a bank statement and etc (not older than 3 months) and a Personal bank reference letters for at least one director and the shareholder who holds the majority of shares is required from the Foreign Director/Shareholder.
- Completed and signed our KYC form
- Completed our RUN BOOK
Information Required
- Proposed name of the LLP
- Description of business activities
- Local business address
- Copy of Singapore ID/Passport for the partners/managers (if owner is a company, please provide certificate of incorporation, company profile showing details of its directors and also a memorandum appointing an individual as authorized representative to sign all documents)
- Residential address of partners/managers
- Consent to act as manager and Statement of Non Disqualification to act as manager
- Declaration of compliance
What is the timeline for registering a LLP?
Usually it takes 1 day to complete the LLP registration, as long as all the documents and information are complete and validly endorsed where required. In the event where the name or the nature of business requires referral to another authority, it may take a few weeks. Examples of businesses that may be referred to relevant authorities include financial, media, educational services, etc.
What are the tax provisions for LLP?
Profits earned by an LLP are treated as its owner’s personal income, hence
- If the owner of an LLP is an individual, it is taxed as per the prevailing personal income tax rate in Singapore.
- If the LLP is a company, it is taxed at the prevailing corporate tax rate in Singapore.
Are there any specific compliance requirements for the LLP?
- To substantiate all the transactions and financial position, an LLP is required to keep its books up-to-date, failure to do so may lead to prosecution and penalties.
- An LLP is mandated to maintain its accounts and other financial records for 7 consecutive years.
- An LLP in Singapore is not required to file its accounts or have them audited.
- An LLP does not need to disclose its capital.
- Within the first 15 months of the LLP registration date, the manager is expected to submit an annual declaration of solvency or insolvency to the Registrar. Subsequently a declaration once in every calendar year should be submitted at intervals of not more than 15 months.
- Every limited liability partnership must ensure that its invoices and official correspondence bear the statement that it is registered as an LLP, and the name and registration number of the limited liability partnership must be visibly printed on all its bills, invoices and official correspondence.
- Any changes in the particulars of the LLP must be lodged with the Registrar within 14 days from the date of the change.
Package 8: Incorporating a Sole Proprietorship
Sole Proprietorship is the simplest form of business entity in Singapore. It entrusts its owner with decisive authority. It also makes them responsible for all of its assets and liabilities. Singapore Residents, Employment & EntrePass holders can incorporate a Singapore Sole Proprietorship business firm. Following are the requirements to incorporate a Sole Proprietorship:
- Anyone above 18 years of age can opt for Sole Proprietorship incorporation,
- The appointed local Manager has to be above 21 years of age and must be an ordinary Singapore Citizen or a PR
- Registered Singapore office address
- Foreigners residing overseas and interested in sole proprietorship registration will have to either partner with a local Singaporean, a resident person or will have to appoint a local manager
- Paying Medisave on annual basis is mandatory for yearly renewal of the registration
- Approved Business name
- Overview of Package
- Details of Process
- Documents/information Required
- FAQ
|
Description of Services Offered |
Amount of Fees (SGD) |
|
Incorporation of a Sole Proprietorship Firm Business Name Reservation |
300 |
|
*All prices exclusive of 7% GST (Goods and Services Tax) TOTAL FEES |
300 |
|
NET FEES PAYABLE TO SBS Consulting |
300 |
The process and the steps for this package are as follows:
Step 1: Email Us Your Request
Let us know that you wish to proceed forward with this package (Package 9) by emailing us at info@sbsgroup.com.sg and by sending us your contacts details. Upon receipt of your request by e-mail, we will send you a spread sheet (known as “RUN BOOK”) and Know-your-client (known as “KYC”) which need to fill up with all details and listing of documents required for incorporation and will contact to you to advice about next steps.
Step 2: Provide Sole proprietorship registration Details
provide us the details of proposed business name and the intended activity, Scanned copy of your dependent pass card and your residential address, Copy of your resume, For LOC application we need clear scan copies of your educational certificates. For educational qualifications from some countries, we will also need the Transcripts (Mark-sheets) and KYC form and need to send us through e-mail so that we will prepare incorporation documents.
Step 3: Make Payment
Upon receipt of the completed incorporation details form, we will send you an invoice for our services. In order for us to commence our services, you will need to make payment as per the invoice sent to you. We accept bank transfer, local cheque, cash, or credit card.
Step 4: Prepare Company Incorporation Documents
Upon receipt of the payment, we will prepare the necessary incorporation documents and email them to you for signing. If you are in Singapore, you can visit our office and sign the documents.
Step 5: Incorporate Sole Proprietorship
Upon receipt of the signed incorporation and supporting documents from you, we will proceed to incorporate the company with Registry of Companies i.e. Accounting and Corporate Regulatory Authority of Singapore (ACRA).
Step 6: Prepare Registers, Order the Company Seal and Certificate of Incorporation
On the same day of company incorporation, we will order the company seal and certificate of incorporation (hard copy). Upon receipt of seal and certificate, we will prepare all incorporation documents with registration number, issue share certificates and prepare company statutory registers. We will also send you all the signed documents through an e-mail for your record.
Step 7: Assistance in Opening Bank Account
Once the company has been registered with ACRA, we will assist you with opening of a corporate bank account for the newly incorporated company.
Documents/Information Required
- ACRA Business Profile
- Detail Description of Job Duties
- Completed and signed our KYC form
- Completed our RUN BOOK
Information Required
Proposed name of the
- Description of business activities
- Venue/Address where you will be performing job duties
- Reason why EntrePass is not applicable
- Undertaking Letter- a letter stating that you will terminate all workings of the company if your DP be cancelled.
- Completed LOC application form
- Self-employment Letter – write a letter stating that you will be employing yourself.
What is the timeline for registering a Sole Proprietorship?
At SBS Consulting, we accomplish Sole proprietorship registration within 1 day as long as all the documents and information are complete and validly endorsed where required.
In the event where the name or the nature of business requires referral to another authority, the same procedure can take few weeks. Examples of businesses that may be referred to relevant authorities include financial, media, educational services, etc.
What are the tax provisions for the Sole Proprietorship?
Profits of a sole proprietorship are treated as personal income of the owner/proprietor.
- If the owner is an individual, it is taxed at the prevailing personal income tax rate in Singapore.
- If the sole proprietorship is a company, it is taxed at the prevailing corporate tax rate.
What are the compliance requirements for appointing a local manager?
The appointed local manager must be either a
- a Singapore Citizen
- a Singapore Permanent Resident (PR)
- an Employment Pass (EP) holder or
- a Dependant Pass (DP) holder
*All prices exclusive of 7% GST (Goods and Services Tax)
