What is the article about?

Singapore provides the opportunity to own an international, stable and respectable business. Due to its convenient geographical location, international trade is well established in Singapore. Also, many are successfully engaged in tourism, transport and financial business. It doesn’t matter what type of activity you choose - in any case, Singapore will provide you with a fairly simple procedure for registering a company and easy doing business.

This country is famous for its favorable investment climate and stable political situation. Singapore almost never leaves the ranking of the safest countries in the world and maintains one of the highest positions year after year.

Despite the fact that the main population of Singapore is Chinese, English is very common there. This provides a significant advantage for our entrepreneurs, because to learn Chinese V as soon as possible very hard, but knowledge in English(at least basic) are available to most entrepreneurs in the CIS countries.

Business registration

You will spend no more than a few days on the entire business registration procedure. And in some cases even a couple of hours. The requirements for opening a company in Singapore are much more flexible than in many other countries: the minimum authorized capital is only 1 Singapore dollar (about 0.7 US dollars), and the minimum number of founders is one person. Both a Singaporean and a foreigner can be the owner of a company, but a resident of the country must be hired as a director (manager). However, if the entrepreneur has a work visa, then this requirement can be legally circumvented. Another significant advantage is that a foreign citizen can own 100% of the company’s capital.

Of all the legal forms of enterprises available in Singapore, only two are the most popular: Private Limited Company (private limited liability company) and Exempt Private Limited Company (exempt private limited liability company).

Private Limited Company

This type of company is the most common among private businesses in Singapore. By registering a Private Limited Company, you form an independent legal entity, and all founders are liable for debts only within the amount personally contributed. Many business owners in Singapore speak of the Private Limited Company as the most favorable form of enterprise in terms of taxation.

Exempt Private Limited Company

This form is often chosen by novice entrepreneurs who do not yet have experience in big business. An Exempt Private Limited Company can be established by no more than 20 shareholders who are not legal entities. For this type of enterprise, various tax benefits are provided and it is allowed not to file annual financial statements if the company's cash turnover does not exceed five million Singapore dollars.

To register a business in Singapore, you must go through the following steps:

1) obtaining permission to use the chosen name for the company. Your company name must be unique. If the name contains words such as “travel agency”, “university”, “finance”, “bank” and a number of others, then you will need to obtain additional permission to use these words;

2) collection and preparation of constituent documents. Plastic bag necessary documents consists of: a constituent agreement, a company charter, a document on compliance with legal requirements, a document with information about shareholders/founders/directors/secretaries, copies of passports of the company founders. If there is a legal entity among the shareholders, then the package of documents must also include a certificate of its registration, information about the founders and copies of their identification documents;

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3) signature of constituent documents. You can sign documents both in Singapore and abroad. However, by signing documents in Singapore, you will save significant time, since you will not need to wait for their transportation from another country;

4) submission of documents to the Registrar of Companies(full name - Accounting and Corporate Regulating Authority), pay a government fee of S$330 and wait for final registration. When submitting documents, do not forget to indicate in a special form the types of activities that your company intends to engage in. Typically, two main types of activities are indicated.

Oddly enough, the biggest problem that may arise when registering a company in Singapore is the approval of the business name. If the name you choose is similar in sound or spelling to a name already existing company in Singapore or world-famous brands, the approval procedure may take an indefinite period. Since there are quite a lot of registered companies, everyone may face the problem of choosing a unique name. If the name is immediately chosen successfully, then the procedure for its approval will not take more than one day.

Opening a bank account

After registering a company, you need to open a bank account in one of the banks in Singapore. This can be either a purely Singaporean bank or a branch of any foreign bank located in Singapore. When registering an account, at least one representative of the company must be present to answer any questions that arise during its registration. You can deposit absolutely any amount exceeding one Singapore dollar into your bank account. To open an account, you will need to inform bank employees what kind of cash flow you plan to maintain in your company. If the amount you declare during registration differs from the actual turnover Money, then the bank will most likely start asking you for monthly banking fees. It may be slightly different in all banks, but usually does not exceed $50.

It is often difficult for a foreign citizen to understand the intricacies of the legislation of a foreign country, even one as transparent as in Singapore. Therefore, to successfully register your business, we advise you to contact one of the Singapore consulting companies. There they will provide you with consulting services, help with collecting a package of documents and its immediate registration, provide you with a legal address, and help with hiring management personnel.

Benefits for beginning entrepreneurs

Singapore is a country that has created optimal conditions for starting your business. Russian entrepreneurs Those who decide to open a business in Singapore will not face the problem of double taxation. An agreement has already been signed between Singapore and Russia prohibiting the taxation of businesses in two countries at the same time. For the first three years of its operation, any company will not pay taxes on one hundred thousand Singapore dollars of income. And for the next two hundred thousand dollars of income, also for three years, 50% benefits will be provided. Value added tax is only 3%.

What type of business to start in Singapore

In Singapore, good profit can be made from tourists and visitors. This country is one of the most extraordinary and beautiful countries in Asia, and more than 12 million tourists visit it every year. The figure is impressive, draw your own conclusions. There are a lot of business ideas for tourism, and if you also come up with something original, then success is guaranteed.

If tourism does not attract you, engage in trade. The location in the very center of Southeast Asia has made it possible to successfully import and export goods to the United States of America and other countries. If you do it right away international trade If you can't handle it, start on a smaller scale and gradually expand.

Read about starting a business in other countries: Business abroad.

Singapore is a small city-state on the Asian continent, distinguished by the highest standard of living and a favorable business climate for investment. The country attracts highly skilled migrants from all over the world, being one of the leaders in the technology sector.

The state supports both the relocation of specialists to the country and the rapid opening of their own company. In Singapore, a migrant will not have to register a business in the name of a local resident or create fictitious companies - registering a small business with a visa and ready-made documents takes about a day.

What is business immigration?

Migrants to Singapore most often travel to the country at the invitation of local corporations. For low-skilled labor, people rarely travel from CIS countries - the niche is almost completely occupied by Asians from neighboring countries. People often move from stable income or remote work due to the standard of living and excellent climate.

Migration legislation actually prohibits moving to the country for a long time without a specific purpose - the migrant must get a job, open a business or invest in the country's economy. That is why the percentage of educated emigrants in the Russian diaspora in Singapore is very high.

What is a business visa and what type of visa can you get in Singapore?

A business visa is an entry permit for entrepreneurs and employees planning to live and work in the country.

Divided into two types:

1. EntrePass (for businessmen);
2. Employment Pass (employees by invitation).

Issued for a period of one to two years with the possibility of extension; in the second case, if you change employer, the visa will have to be reissued.

A business visa takes more than six months to issue; after receiving it, the migrant is practically equal to local residents when creating a company.

For getting Entre Pass In addition to the standard package of documents, you will need:

• Detailed business plan;
• Letters of recommendation from major partners;
• Company registration documents.

Family members of a migrant who has a business visa can receive a Dependant Pass or “dependant visa”. The document has practically no restrictions, but if the head of the family loses the right to stay in the country, the rest lose their dependent visas automatically.

What type of business is more profitable to open in Singapore?

Three areas are noticeably developed in the country:

• Information Technology;
• Tourism;
• Services sector.

Small IT companies consisting of several specialists often become representatives of small businesses: distant work allows you to earn money without being tied to the country’s labor market. Medium business basically moves entirely from other countries - legislation

Singapore allows you not to pay taxes on funds received outside the territory of the state, which makes a registered company a direct analogue of an offshore company.

With large businesses, everything is somewhat more complicated - the more innovative and large-scale the business, the longer it will take officials to consider the issue. Registration may require state participation: this will not only allow Singapore to receive income if the project is successful, but will also create a safety net for participants in the event of failure.

According to reviews from compatriots who moved, the two main reasons for migration were safety and ease of doing business. Bureaucratic processes are as streamlined as possible; there are practically no delays in the preparation of documents. Personal relationships and connections are very important: Asian culture leaves its mark.

Immigration conditions to Singapore for entrepreneurs

The visa is selected depending on the area of ​​activity. Thus, a highly qualified programmer can enter the country as an entrepreneur or innovator.

It is worth remembering that the Singapore Ministry of Labor will check the migrant’s company for compliance with the requirements within a year, and if it fails, the visa will be revoked.

Starting in 2017, the lower limit for startup funding was eliminated. Requirement for starting capital 36 thousand dollars was excluded, and the assessment of the project's prospects is carried out in an expanded manner. According to the government, this was done to expand support for small businesses and increase the number of projects that do not require significant investments at the start.

Choosing the right visa, conditions for obtaining it

Obtaining EntrePass is possible in three ways:

1. Entrepreneur;
2. Innovator;
3. Investor.

Each visa type has its own requirements.

Entrepreneur:

• Received at least $100 thousand of investment from the state or a venture capital company;
• Has significant experience in organizing startups or existing successful business in other countries;
• Participates in one of the government programs to support Singapore businesses.

Innovator:

• Owns intellectual property (for example, a patent or software);
• The company cooperates with research institutes Singapore;
• Has outstanding competence in areas related to the stated business.

Investor can provide a history of successful investments in startups.

EntrePass is not provided in the following areas of activity:

• Bars, coffee shops, outdoor cafes;
• Night clubs and karaoke;
• Massage, acupuncture, traditional medicine;
• Employment agencies.

Conditions for obtaining a residence permit, permanent residence, citizenship

Singaporean citizenship is considered one of the most convenient for visa-free travel - 159 countries are available to the holder. In addition, a Singapore passport removes the final questions regarding residence in the country and protects against sudden visa cancellation due to non-compliance with any formal requirements.

Obtaining citizenship for business visa holders is simplified and will take about five years. The first step will be to obtain a residence permit/permanent residence permit after one or two visa extensions. Then, after two years of residence in the country, an application for citizenship is allowed.

Large investors can receive permanent residence immediately after investing ~$1,800,000. In this case, obtaining citizenship will take only a couple of years.

The conditions for obtaining citizenship are not much different from most Asian countries:

• Stable income;
• Absence of socially dangerous diseases and criminal records;
• Legality of business.

Buying an existing business and starting from scratch

To buy a business in Singapore, in most cases you will have to register new company with limited liability. This will not only protect against possible problems with creditors and the “inheritance” of the old business, but will also significantly simplify the transfer of assets.

The purchase is completed in five steps:

1. Verbal agreement with the owner to purchase the business;
2. Registration of an LLC (in terms of Singaporean legislation - Pte Ltd);
3. Compiling a list of property transferred to the new owner to avoid disagreements. Agreement on the transfer of customer and supplier contact databases;
4. Drawing up a purchase and sale agreement. It is better to contact lawyers - the service will cost about a thousand US dollars or more, depending on the scale of the transaction;
5. Renegotiation of all key lease agreements, change of personnel (if necessary).

Due to the fact that the vast majority of small and medium-sized businesses are registered as individual entrepreneurs, and also due to the need to create your own company upon purchase, for a business visa holder, acquiring a business and running it from scratch is practically no different. You should be careful when buying a startup - successful new ideas rarely sell.

Common business options for Russian emigrants

The first massive wave of business emigration to Singapore from Russia started in the early 2000s, with the advent of the EntrePass program. During this period, there were practically no restrictions on the direction of business, so the vast majority of migrants began to open cafes or massage parlor. In a city that is almost entirely a tourist center, such establishments were inexpensive and quickly paid for themselves.

In the early 2010s, the city was hit by a second wave of migration - IT specialists. Simplicity of taxation and high standard of living made the city a haven for many individual entrepreneurs at remote work. The Singapore government directly encourages such private owners by creating a promising labor base for its corporations.

A significant part of Russians work in the service sector, selling their skills under the guise of a company or individual entrepreneur. Hairdressers and stylists, interior designers, private auto repair shops - behind half of Russian companies there is a specific person with decades of work and unique experience.

Business ideas with minimal investment

The current trend in Singapore is the transition to online services and delivery where previously this would have been considered crazy. Numerous online stores, car sharing services, ordering groceries and essential goods have still not completely occupied the niche, so newcomers will have something to catch on.

A themed store or cafe with a national flavor may be popular. But it will be difficult to obtain a visa with such an offer - you will have to convince officials that the business is truly unique and will not become another eatery among thousands of similar ones.

A high-quality service, such as a car repair shop that tunes cars or an atelier that sews unique dresses, will also allow you to easily obtain a visa and income in the city itself.

Unless you have to provide a portfolio and prove to the migration service that the services are of really high quality.

Examples of successful businesses

Youth clothing and accessories store Dottinghill offers its customers temporary tattoos designed by independent artists. The site itself is an intermediary where artists post their works. If there are enough applications, the tattoo is put into production, and the artist is paid a percentage of sales.

Increasingly, the strangest tasks are being outsourced. Thus, the Synnovate Solutions company offers catering establishments to outsource dishwashing to their specialists. Everyone wins - the restaurant owner gets rid of the problems of hiring dishwashers for a little more money, and the outsourcing company gets its money from the difference in salaries.

Legal nuances

There are more than a hundred public and private programs in the country that provide assistance in running and supporting business, and tax law- one of the most flexible in the world. Before registering a company, you should consult with a professional lawyer to determine the best terms.

Business registration

To register a company in the country you will have to go through four stages:

1. Obtaining official permission for the name. It must be unique, and a number of additional words, such as “travel agency”, “institute”, “bank” are confirmed by additional licenses;

2. Collection of documents. Standard set includes:

• Memorandum of association;
• Approved on general meeting charter;
• Confirmation of the company's compliance with the law;
• Information about the founders, copies of their passports.

3. Signing documents. Carrying out the procedure in Singapore will significantly reduce the processing time;

4. Document submission in the official register along with payment of a state fee of 330 local dollars.

Taxation

For 2019, there are two taxes in the country:

1. Income with a progressive rate;

The value added tax was introduced several years ago and is only 3%, the income tax rate is 17% since 2010.

There are many programs and tax benefits- So, if the company’s total income is up to $300,000, the tax will be cut in half. Innovative companies can receive “pioneer” status, completely exempt from taxes for several years.

Additionally you will have to pay for:

• Use of cars (transport fee);
• Provision of services (service fee);
• Hiring foreign employees.

Other nuances

The country's business language is English, although in private life many use Chinese or Malaysian. For everyday communication and work, English is sufficient.

The biggest problem during registration can be the choice of name. A company name that is not unique or simply similar to a global/local brand will cause a lot of problems and delays during registration.

You can run a business on a tourist visa. In this case, the company will need to hire a local managing director and secretary.

When setting up a business in Singapore, there is no need to try to cut corners or simplify the procedure. Penalties for breaking the law in the country are very strict - even minor fines for throwing garbage on the ground start at S$500. In case of more serious offenses, the migration service will not hesitate to revoke the violator’s visa.

You shouldn’t skimp on the facade and small services: 75% of the country’s population are ethnic Chinese and Malaysians, and personal contacts and a respectable face are very important in their culture. As an example: local businessmen wear business suits even in 40-degree heat, and without a personal meeting, even the most profitable business can fail.

A model of an Asian country with hardworking people and the rule of law, Singapore is an excellent place to live or start a business. The magnificent location, tropical climate and proximity to the ocean have made this state not only one of the best resorts in the world, but also a great place to work and live.

GENERAL RULES

The successful development of business and the business environment in Singapore is ensured by government policies (numerous tax incentives and business incentives) and a truly open economy with free movement of capital.

Also key factors for successful business are simple and inexpensive procedures for opening it. It only takes 1-2 days to register a business. Procedures are automated, most actions are carried out in in electronic format through the Internet. Government agencies provide assistance at all stages.

Exist various options financial support for different types companies: for new, small, large businesses, for international companies who wish to locate their representative offices or headquarters in Singapore.

There are no restrictions on opening and running a business for foreigners.

In most cases, new companies in Singapore are created in the form private company limited by guarantee (Pte Ltd). This is the most convenient and flexible form of management modern business in Singapore. In addition, all newly created companies of this type automatically fall under preferential tax treatment.

Any person can establish a company in Singapore, alone or jointly with other persons.

The minimum number of participants in a Singapore company is one. The founder may be an individual or legal entity; he may also be a non-resident of Singapore.

There is a rule of at least 1 local resident director. His role may be played by a nominee director. This is a standard service for foreign founders when opening a Singapore company.

STEP-BY-STEP CHECKLIST FOR OPENING A COMPANY IN SINGAPORE:

1. Come up with and reserve a name. Try to keep it original, easy to pronounce and not too long. Avoid matching famous brands. If you already have an extensive network of branches in different countries, then you can add the word Singapore to the name, then the name of your company will look something like this: ABC (Singapore) Pte Ltd.

The name is usually checked within 1 day and then reserved for 60 days. During this time, you can register a company with this name. The most important thing: this can only be done by your agent (lawyer, registrar), permanently located in Singapore, who has a special code for performing registration actions.

2. Compose constituent documents, which indicate the details of the founders and directors, as well as the registered location of the company, the so-called “registered office”. The activity will not necessarily take place at this address, but you should be confident that authorities will be able to contact you at this address. That is, you will collect mail from them from this particular address, if it is different from your office or other place of business.

A local director is also needed. They can nominally be the same registrar. Without a local director, at least a nominal one, your company will not be registered. You can relieve the local director from his position and perform his nominal duties as soon as you receive a work visa from the Ministry of Human Resources.

The constituent documents are prepared either by a lawyer or by a future company secretary - a person specially qualified to maintain mandatory formal documentation for the company - for example, the annual meeting of founders or financial reports. The company's Articles of Association (M&A, Memorandum and Articles of Association) have a standard format describing the scope of the private limited company's activities and therefore do not take any additional time to draft.

3. As soon as the first 2 conditions are met, the data is submitted to ACRA (read as “ACRA”) - Accounting and Corporate Regulating Authority, a kind of register for accounting and control of all companies in Singapore. From this moment your company is registered. State fee - 330 Singapore dollars. This action is also performed by your registrar, secretary or lawyer.

Here you will also need to indicate the 2 main activities of the company. After that, all you have to do is open a bank account and start working. Registration with the tax service occurs automatically. Additional actions will be required when hiring personnel, obtaining permits for certain types of business, etc.

4. Opening a bank account: you can open an account in any bank in Singapore, or in any foreign bank that has branches in Singapore. The account is opened within a few days after submitting the application and the standard resolution of the company’s board of directors in this regard.

When opening an account in a Singapore bank, you need to deposit almost any amount, but the bank will want to know what kind of turnover you plan to operate and what minimum account balance you can maintain. If you declare one balance, and in real life it will be somewhat less, then your account will most likely not be closed because of this, but you will have to pay certain monthly amounts for account maintenance. However, they are not that big - about $50 per month. Conditions may vary from bank to bank, so it is better to prepare in advance.

FEATURES OF OPENING AN ACCOUNT IN A BANK OF SINGAPORE

Opening a corporate account. First of all, it should be noted that accounts can be opened both for companies registered in Singapore and for foreign ones. Keep in mind that the bank independently decides whether to open an account for your company or not. In general, the rule is that the client must be present when opening a bank account in Singapore (at least one company representative when opening corporate accounts). It can also be a nominee director of the company - a resident of Singapore.

Opening an account without the presence of the client is also possible in some banks; for this you need to provide notarized signatures of the account manager.

To open an account for a foreign or offshore company, all basic documents are required - extracts from the register indicating shareholders to the level of private beneficiaries and directors of the company.

There is a practice where banks open accounts with a recommendation - for example, from a local law firm or from an existing client of the bank. In each case, the bank makes a decision individually based on the information received.

Account opening deadlines:

For a company registered in Singapore – from 1 to 7 days

For companies registered outside of Singapore - from 1 to 3 weeks.

The initial amounts to be deposited into the account when opening a current account can start from 1000 dollars, and in some banks reach up to 50 thousand. In general, local companies have an advantage with banks, so to implement commercial activities It is recommended to register a company in Singapore through Singapore banks.

Accounts for individuals. It is possible to open a personal account in a bank in Singapore, but with certain restrictions. First of all, it is worth dividing the categories of clients into high-income and ordinary. For high-net-worth clients, there are special privileged accounts, the opening of which requires a minimum package of documents, and more often just a passport. The amount of contributions and minimum balances on such accounts can be 100-200 thousand dollars.

If we talk about ordinary personal accounts - checking or savings, then most banks require confirmation of the legitimacy of a long-term stay in Singapore - for example, in the form of a long-term work visa or student visa. However, there are banks that open accounts for tourists with a passport - DBS, POSB, CityBank. When opening an account, they will also require proof of residential address.

All accounts will have a standard set of services – plastic card, Internet banking.

For more information on these and other issues of doing business in Singapore, as well as information on ready business for sale in Singapore you can get it on the website: singapore1.ru

Business in Singapore

Singapore: two new years and a thousand fines

It just so happens that the beginning of the calendar and financial year in Singapore coincides. Therefore, at the end of December, Singaporean accountants not only have to prepare gifts and decorate the Christmas tree, but also add the finishing touches to the “portrait” of the annual report, the deadline for which is December 31.

About business only in English

The total area of ​​Singapore is only 646 square kilometers (about one and a half times smaller than Moscow). The island state gained independence only 40 years ago. And before that, Singapore at various times belonged to neighboring Malaysia, Japan and England. But this does not at all prevent Singaporeans from considering themselves citizens of a free republic and being proud of their country.

The main population of Singapore - 75 percent - comes from China, with a few Indians and Malaysians and almost no Europeans. But nevertheless the main language business communication is English. All contracts are drawn up on it, written business letters and fill out accounting documents. And even if accountants speak Chinese or Malaysian at home, at work they speak only English.

Image is everything

The working day of Singaporean accountants usually begins between half past eight and ten in the morning, depending on the company. And the earlier it is, the more pleasant the journey to the office is. Firstly, early in the morning there are still relatively few people and cars on the streets of densely populated cities. And secondly, at this time it is relatively “cool” - about 27 degrees. During the day the air warms up to 34–38 degrees. Moreover, the temperature in Singapore does not depend on the time of year - the country is located only 120 kilometers from the equator. Despite the heat, accountants only wear formal suits in the office. No light skirts, T-shirts or sundresses. You can afford to take off your jacket, but only on the condition that underneath there is a perfectly ironed blouse.

Singaporeans pay a lot of attention great attention your appearance. Your own irresistibility is one of the components of wealth, along with cars, home furnishings and the presence of a housekeeper. And it is customary to flaunt wealth here. So Singaporeans suffer in thirty-degree heat in business suits, and go for an evening walk in long, tight dresses. In pursuit of fashion, stylish business women regularly whiten their faces tanned under the tropical sun and carefully enlarge their eyes with makeup.

Missing taxes

The day-to-day responsibilities of accountants in Singapore are much the same as in many other countries. Invoicing, payroll calculation, filling out invoices, accounting books, reporting - everything is traditional, even specialized computer programs similar. But the difference in taxes and rates is noticeable. The rates of certain taxes differ several times from ours, and some payments simply do not exist there.

Just a few years ago, the Singaporean authorities introduced a value added tax in the country. In our understanding, this VAT rate is simply ridiculous - 3 percent. But Singaporean companies are still offended by the government for such “rip-off”. And the accountants are not happy either - the need for extra calculations did not make anyone happy.

Local accountants can be called, in a sense, “pampered creatures.” They very rarely have to calculate capital gains tax; they know about sales tax and excess profits only from textbooks on accounting in foreign countries, and they are not aware of problems with the pension fund. Interest is not deducted from Singapore workers' salaries to pay Pension Fund. However, pensions are not paid either. Everyone provides for their own old age as best they can.

Young people love everything

The basis of the Singapore tax system is income tax. It is paid by both companies and individuals at progressive rates. Typically, 15 to 25 percent of the amounts earned go to the treasury.

To support “young” companies just starting their activities, there are significant tax incentives in Singapore. For some types of activities, income tax holidays can last up to 10 or even 15 years.

So, for example, if a company is going to bring to market new products or use advanced technologies to produce already known goods, it is given the status of a “pioneer” company. All “pioneers” are completely exempt from income tax for the first five or even ten years of work, depending on the industry. And after this period, they have the right to pay income tax for another five years at a rate half the required rate.

The state also treats guests from abroad very kindly. To attract large companies to the country foreign companies even additional benefits have been accepted. All multinational companies that establish their headquarters in Singapore can pay income tax at a rate of 10 percent for the first ten years of operation. And for some particularly respected corporations, the government kindly extends this period.

Export is encouraged

Due to the small territory and narrow domestic market, most Singaporean companies export their products abroad. In terms of volumes of exported goods and services provided abroad, this small state is one of the world's twenty leading exporters. The value of exports usually exceeds even the size of the gross domestic product.

Officials from the Trade Development Authority understand perfectly well that exports are the basis of the country's economy, and they try in every possible way to help exporting firms. Several special export production zones have been created for these companies, an entire system of tax incentives has been developed, and export duties have been completely abolished.

Licenses are required to conduct export activities in Singapore. If there are no restrictions on the export of this type of goods, then licenses can be obtained from the head of a commercial or trading bank. To export some types of goods, you must first obtain permission from the relevant ministry or department.

Import duties are quite moderate and do not apply to many products. But all companies wishing to import any products into Singapore must also obtain a license. Permission is not required only for the import of transit goods, personal belongings and cargo for government organizations.

Features of creating an LLC

It only takes 24 hours to register a new company in Singapore. If you submit the entire package of documents early in the morning, then the organization can begin its activities the very next day.

Singaporean companies, just like Russian ones, can be open or closed. There are also companies and partnerships with limited and unlimited liability.

To create a limited liability company, you need an authorized capital of 100 thousand Singapore dollars (1.69 million rubles), at least two shareholders, two directors, one of whom must be a resident of Singapore. It is this “local” director who will be responsible for compliance with the law. Another feature is that any Singapore company must have a secretary who is a resident of the country.

January is the time to pay

All Singapore companies are required to submit annual financial statements. And since the financial year in this country begins on January 1 and ends on December 31, December turns out to be the “hottest” month for accountants.

In addition, all companies must obtain audit confirmation of the accuracy of their report. Only limited liability companies are exempt from mandatory audit, among whose founders only individuals, and the total number of employees does not exceed 20 people.

Once your taxes are calculated and your return is filed, the amount due must be paid within the next 30 days. For late payments, tax authorities levy a fine of 10 percent of the unpaid amount. The next 60 days of delay increase the fine by another 5 percent.

They will fine you, they will fine you!

Singapore is often called the country of fines. For any violation, even a very minor one by our standards, huge sums are charged. The lowest fee here is 500 Singapore dollars (8.5 thousand rubles). Penalty for smoking in public places ranges from 700 to 1000 Singapore dollars (12–17 thousand rubles). Only very rich Singaporeans can part with such sums painlessly. Accountants' salaries are not fabulous - on average from 1,700 to 3,000 Singapore dollars (25-50 thousand rubles) per month, depending on experience, company and duties performed. Chief accountants can receive up to five thousand Singapore dollars (85 thousand rubles), but no one wants to give a tenth of their earnings for an unsuccessfully thrown piece of paper. That's why everyone tries to comply established procedures. There is no littering on the streets, no smoking in crowds, no feeding of pigeons. There is probably not a single wall in the country covered in graffiti.

Law enforcement officers and the townspeople themselves are especially vigilant in ensuring that public transport and no one appeared in crowded places with the local fruit - durian. The fruits of this plant are so “fragrant” that very few people can stand their smell, although their taste is quite decent. If someone decides to pamper their family with this delicacy, they have to walk from the market to their home or carry the fruit in their own car, risking for a long time “flavoring” the interior, to put it mildly, not the most pleasant of smells.

Singing and food are the best rest

Perhaps, in no other country in the world, except Singapore, are there so many people who are fond of singing karaoke. Singaporeans' mic addiction is like an epidemic. Often in the evenings or on weekends, they and their whole family go to a karaoke bar, where they demonstrate their skills to vocal connoisseurs like them from the stage. If the bar is too crowded, they sing on open stages, at home, in cars or even in city taxis. However, our accountants also love to sing - especially on holidays and especially those songs that are dedicated to themselves. Nothing else can explain the sudden sharp increase in the number of calls and letters to our editors asking us to send a disc with songs that “Reckoning” released last year.

Another favorite holiday destination for Singaporeans is Sentosa Island, which is entirely dedicated to entertainment by the government. There are many beaches, gazebos, attractions and strange animals.

But what you won’t find in Singapore are gambling establishments. Such business is strictly prohibited here. The only gambling options are football betting and lotteries. But there is no tax on gambling in local legislation.

Anna BIRYUKOVA

The editors are grateful to our compatriot Vsevolod Vlaskin for the information provided

Company registration in Singapore is fully computerized, making the process quick and efficient without any bureaucratic red tape. Under normal circumstances, a company can be registered within 1-2 days.

There are two different steps in the Singapore company registration procedure:

1. choosing a company name and approving it;
2. Company registration.

Both steps can be completed on the same day unless there are unforeseen delays.

Step 1: Booking a title

To register a company in Singapore, the name chosen for the company must be approved. You can approve and approve the company name by submitting an application to the Company Registrar. If you use the services of IMPEX CONSULT, which helps register companies in Singapore, then our employees will do this for you.

Name approval/rejection notice arrives in less than an hour if your proposed name does not have some specific words (for example, bank, finance, rights, funds mass media etc.) which may require review and approval by relevant external government agency. If the title mentions these words, it may take several days or even weeks to approve it.

To increase your chances of getting your business name approved quickly, make sure the name:

• does not match or is not too similar to the names of existing local companies;
• does not infringe any trademarks;
• is not obscene or vulgar;
• not yet reserved.

The approved name will be reserved for 60 days from the date of application. You can extend your name reservation for an additional 60 days by submitting an extension request before the expiration date.

Step 2: Registration of a company in Singapore

Once the name has been approved, a request for incorporation has been submitted, approval from the Registrar of Companies can be obtained within a few hours if all documents have been prepared in advance and signed by the directors and shareholders of the new company.

There are cases where the registration procedure can be delayed if the shareholders or directors are of a certain nationality, although this only happens in rare cases. In such cases, authorities may seek additional information.

Post-registration formalities

Documentation:

Certificate of Registration

The registrar company will send you official notification by e-mail, confirming the company's registration in Singapore. Email notification includes registration number company and is the official certificate of registration in Singapore.

The Certificate of Registration is no longer issued in paper form as it is not required in Singapore. However, if you really prefer a hard copy, you can make your request online after registering your company in Singapore. By paying approximately S$50, you can receive a paper certificate the next day at the registrar's office.

Business profile (Bizfile) of the company

A business profile containing company information can be obtained from the Registration Society by making a request online and paying a small fee. Typically, the document (PDF file) is available for download within an hour of request and contains the following key details:

• company name and registration number;
• previous names for the company, if any;
• date of registration;
• main activities;
• paid-up capital;
• registration address;
• information about shareholders;
• information about directors;
• information about the company secretary.

These two documents (i.e. email notification of registration and company business profile) are sufficient for all legal and contractual purposes, including opening corporate bank accounts, signing an office lease, telephone/internet service agreement, etc. .

Among other points that you should pay attention to when registering a company in Singapore, we have highlighted the presence of the following elements:

1. share certificates for each shareholder;
2. the share of each shareholder indicating the number of shares;
3. company seal for company;
4. stamp for the company;
5. opening a corporate bank account.

Additional Business Licenses

Depending on your company's business activities, you may also need to obtain a license after registering your company in Singapore. Fortunately, very few activities require such a license. Examples of activities requiring a license for entrepreneurial activity: restaurants, educational establishments, travel agencies, financial services, etc. For more detailed information, contact IMPEX CONSULT specialists.

VAT on goods and services

If your company's projected annual revenue exceeds S$1 million, your company must register for VAT. If your company is VAT registered, you will need to withhold this tax (currently 7%) on goods and services and in turn remit this amount to the tax authorities. VAT registration is not mandatory if your annual turnover does not exceed S$1 million.

Annual reporting

Since you have registered your company in Singapore, you need to familiarize yourself with what the requirements are for annual reports and formalities. Detailed information you can get from IMPEX CONSULT specialists.

Registering a company in Singapore is already a fairly well-established and quick process; you are unlikely to encounter any major difficulties