![pexels-photo-299995.jpeg](https://steemitimages.com/DQmcCEPweQmsq2xGwZ1rAppsKKvzBXTUWQtgUrecey9K6ZA/pexels-photo-299995.jpeg) Singapore is without a doubt one of the best places for you to incorporate your company in. Alongside Hong Kong, Singapore is the most financially stable country in Asia and economically, it has become a hub for all major corporations around the world. Having your company registered in Singapore will allow you to:

Have a base in Asia in one of the best countries(from a financial perspective).
Have your company in a business-friendly country.
If you’re based in neighboring Asian countries, Singapore is very easy to get to.
Have a corporate bank account with major worldwide banks(DBS, UOB, Standard Chartered, HSBC etc).

Furthermore, Singapore has a very easy visa system which allows practically any nationality a visa on arrival of 90 days. This is perfect if you have a quick business meeting or need some paperwork done! With this in mind, Singapore is a very regulated country and you need to meet some legal requirements before having your own Singapore-registered company. In this section, I will guide on what exactly you need to do to have your business registered fast and without any issues.

Singapore Private Limited Company

The most common company registered in Singapore is a Private Limited Company. To register a private limited company you need:

1 Shareholder(can be an individual or a corporate entity).
1 Resident Director(A nominee director can be used for a fee if no resident director is available).
1 Company Secretary.
Paid Share Capital of at least S$1.
A Physical Singapore Registered Office Address.

Before Registering Your Company

Company Name

It is identical or similar to another company name in Singapore.
It infringes on established names or trademarks in Singapore & worldwide(such as Coca-Cola).
It has offensive language.

Shareholders

Company Secretary

Share Capital or Paid-up Capital

Registered Address

Opening a Corporate Bank Account The advantage of Singapore is in its banking system. Practically every major worldwide bank has office in Singapore and when it comes to corporate accounts, you are spoiled for choice. Most banks will require that the account signatories and directors be physically present in Singapore for the account opening process - so you need to personally fly to Singapore for the account opening process. In the event that you can’t be present in Singapore, you can submit identification and paperwork at either an overseas branch or at a Notary Public. The best banks for corporate accounts in Singapore are:

DBS

Citibank

Standard Chartered

ICBC

UOB

However, this depends entirely on you, all these banks have excellent banking systems and offer great accounts for your company. Taxes The corporate tax rate for Singapore is 17%, making it an attractive destination for businesses. While the tax is not the lowest, the financial security of Singapore makes it a great option. In addition, the corporate tax rate can be greatly reduced when taking advantage of tax rebates/credits offered by the Singaporean Government. Singapore also charges a 7% tax on GST(Goods & Services Tax), however, this doesn’t apply for income generated outside of Singapore. Costs To Incorporate The costs of forming a business in Singapore is not cheap, particularly if you need a nominee director. Most firms will charge you a yearly fee for the nominee director plus a refundable deposit. Depending on the firm/agency used to form your company, the costs are:

Company Registration: S$700 - S$1000 (most agencies will include a free year of company secretary & registered address service).

Nominee Director: S$1700 / year + S$1700 refundable deposit.

Registered Address: S$600 / year.

Company secretary: S$700/year.

Overall expect to pay around 3000€ / 3400$ to form a company + get a nominee director. This excludes the costs of you flying into Singapore for opening the bank account. Timeframe of Incorporation Forming a company in Singapore is quite easy and fast. The process normally takes less than a week from company registration to corporate bank account opening.

Singapore Private Limited Company

Before Registering Your Company

Conclusion