Incorporation For Locals
(Singaporeans & PRs)

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Incorporation For Locals

FAQ

• What are the key requirements to incorporate a new company in Singapore?

  To incorporate a company in Singapore as a local Singaporean, you need:

  • At least S$1 paid up capital
  • A local company secretary
  • A Singapore-based director
  • A registered office address in Singapore

• Why do I need to engage a company secretary upon registering my company in Singapore?

  According to Singapore’s Companies Act, every private limited company must appoint a company secretary within 6 months from the date of its incorporation. If the company fails to appoint a company secretary within the prescribed time, it may face penalties or fines, and the company’s directors could be held personally liable.

• What documents do I need to prepare to incorporate my company?

  In Singapore, incorporating a company with ACRA would require the following documents:

  • Proposed company name
  • Detail of nature of business activities
  • Details of directors
  • Details of shareholders
  • Details of company secretary
  • Registered office address
  • Paid-up capital information
  • Identification documents
  • Declaration of compliance

• Do I need to be physically present in Singapore to incorporate a company?

  No, you do not need to be physically present in Singapore to incorporate a company. The process can be completed online, we will conduct a video-call verification process with you. However, you may need to visit Singapore to open a corporate bank account.

• What is the incorporation process?

  Incorporation with Lett is fast and simple. We first help you check and reserve a name with ACRA. We then prepare all the necessary documents needed, including a KYC check. Once all the details are verified, we will submit the application through ACRA’s BizFile+ system. Upon approval, you will get a certificate of incorporation and a unique entity number.

• How long does it take to incorporate a company in Singapore?

  The incorporation process is usually completed within 1-2 business days if all required documents are in order. However, it may take longer if there are issues with document verification or name approval.

• What is paid-up capital?

  Paid-up capital refers to the amount of money that shareholders have fully paid to a company in exchange for shares. It represents the actual capital received by the company from its shareholders and is part of the company’s total equity.

  The minimum paid-up capital for company incorporation is S$1. Certain industries (e.g., financial services) may require higher minimum paid-up capital to meet regulatory requirements. Our professionals will guide you during the incorporation process and suggest a suitable paid-up capital sum for your business.

• What is Financial Year End (FYE)?

  Financial Year End (FYE) refers to the specific date when a company’s accounting period concludes, marking the point at which financial records are closed for that year. A financial year runs for 12 months, the FYE date falls on the last date of a month. This is a critical time because it sets the timeframe for compiling and submitting various financial and tax reports.

• What are the required filings for Private Limited Companies in Singapore?

  Private Limited Companies (Pte Ltd) in Singapore are required to file the following:

  • Financial Statements (in accordance to Singapore Financial Reporting Standards)
  • Audit (if required)
  • Annual General Meeting (AGM)
  • Annual Return (AR)
  • Estimated Chargeable Income (ECI)
  • Income Tax Return (Form C or Form C-S)
  • Other Compliance Filings if needed (E.g. Workplace Safety and Health, GST, etc)

• What is the corporate tax rate in Singapore?

  The corporate tax rate in Singapore is 17%. However, there are several tax exemptions and incentives that may reduce the effective tax rate for qualifying companies, particularly for small and medium-sized enterprises (SMEs).

  Start-Up Tax Exemption (SUTE) for the first 3 consecutive Years of Assessment (YAs) :
  For qualifying new start-ups (min 30% equity held by a Singaporean Shareholder):

  • The first S$100,000 of chargeable income: 75% exemption
  • The next S$100,000 of chargeable income: 50% exemption

  Partial Tax Exemption for all Companies not claiming SUTE :
  For the first S$200,000 of chargeable income:

  • 75% of the first S$10,000 is exempted
  • 50% of the next S$190,000 is exempted

  Tax Exemption for Foreign-Sourced Income:
  Foreign income (e.g., dividends, branch profits, or royalties) is generally tax-exempt in Singapore if it is received from a foreign source, provided it meets certain conditions, such as the income being subject to tax in the foreign jurisdiction at a rate of at least 15%.

  GST (Goods and Services Tax):
  The GST rate is 9%, which is a consumption tax levied on most goods and services in Singapore. GST registration is required for businesses with taxable turnover exceeding S$1 million annually.”