Set up a Business in Singapore from Hong Kong in Just an Hour
Do you want to establish a company in Singapore from the comforts of your home in Hong Kong? Lean back and relax. We will help you set up your business in Singapore in just 1 hour.
Singapore’s business-friendly environment, easy incorporation procedures and excellent infrastructure have lured investors for years. In addition to this, the Singapore government has made it possible to establish your business online. You need not take the trouble to visit any local agencies or file your documents in person.
Why should you register a company in Singapore?
You do not have to be physically present in Singapore to start a business. We understand the limitations of travels in this pandemic period. That is why we have made it easier for you to set up your business in Singapore. Find below the top reasons to register a company in Singapore.
• The taxes are low and there is no tax on capital gain
• A foreigner can establish 100 percent ownership of a company
• Provides top-notch banking services
• Ease of registration online within an hour
• Robust legal system
• Business-friendly government policies, schemes and incentives
Process of Setting up a Company in Singapore from Hong Kong
Establishing a business in Singapore is easy and less time-consuming. Read on to learn about the process of Singapore company incorporation.
Think of a unique word or a combination of words when you choose a company name. After you have come up with a name, search on the BizFile+ for the availability of the name. Do not come up with names that are:
• prohibited by the Ministry for Finance
• undesirable or offensive
• similar to the names of any existing business
• have references to businesses regulated by separate government authorities
Every company incorporated in Singapore is required to hire a corporate secretary who is well qualified to address your compliance obligations and needs. At Jaanik, we will offer you the services of a secretary who:
• has a perfect knowledge of the Companies Act
• helps you file annual returns to ACRA in a timely manner, thus avoiding penalties
• monitors changes in your company’s structure and performs advisory work
Note that your secretary should be approved by the directors of your company and you are required to appoint one within 6 months of incorporation. With our effective in-house system in place, we will offer the best corporate secretary services to our clients without hidden costs.
To incorporate a company in Singapore, you will require a physical registered address. Note that you need not be physically present in Singapore or take up an office here. Jaanik will help you register an address where you can send and receive all your official documents. With us, you can open your account online without visiting Singapore.
You are required to appoint a Nominee Director (ND) as your company’s local director. The Nominee Director should be:
• at least 18 years of age
• a resident of Singapore
• a real human being and not a business identity
If you are establishing a Private Company, you will need a paid-up capital of at least SGD$1. You may also use other currencies for your paid-up capital.
Though a Private Limited Company is the most popular and common business structure, the other options available are:
• Limited Liability Partnership (LLP)
• Sole Proprietorship or Partnership
• Company Limited by Guarantee
You will have to consider your capital investment, tax rates, personal liability and the viability of each business structure before arriving at the right decision. If you have decided on a company structure, it is time to register your company. You will need an authorised service provider for that. Jaanik is your best, reliable choice to set up a business from Hong Kong.
Is Your Business Taxable in Hong Kong?
In case, you are a citizen of Hong Kong and your source of income is derived from Singapore, you will need to pay corporate tax and personal income tax in Singapore. The current corporate tax rate is 17% and you will be taxed on the basis of your income for the preceding year. Also, remember that you need not pay your taxes in Hong Kong for your income in Singapore. Hong Kong government just taxes income sourced from Hong Kong.
The flexible taxation policies, industry-specific tax incentives and policies favourable to foreign investment make Singapore one of the best places for company incorporation. In fact, the corporate taxes payable in Singapore is considerably lesser than the taxes in Hong Kong. In addition to that, the low employment costs, less red tape, high productivity and a strong English-speaking workforce make Singapore one of the most desirable business hubs for Hong Kong entrepreneurs.