Frequently Asked Questions

Singapore offers numerous advantages for company incorporation, including:

• Strategic location in the heart of Asia
• Political stability and transparent legal system
• Attractive corporate tax rates (17% flat rate)
• Extensive network of double tax agreements (85+ countries)
• Simple incorporation process (as fast as 1-2 business days)
• 100% foreign ownership permitted
• No capital gains tax
• No dividend withholding tax
• Strong IP protection framework

These factors make Singapore one of the most business-friendly jurisdictions in the world.

In general, for most business activities, it takes one working day to register a company. However, for some businesses, it may take more time, where additional permission is required.

No, a company can be incorporated in Singapore without the physical presence of shareholders or directors. The entire incorporation process can be handled remotely with the assistance of a professional corporate service provider like Angel Services. However, please note that Singapore companies require at least one local director who is either a Singapore citizen, permanent resident, or EntrePass holder. If you don't have a local director, we can provide a nominee director service to fulfill this requirement. Additionally, all documents can be signed electronically, and the incorporation can be completed entirely online through our secure platform.

Yes, we advise on the right structure for your business and support completing the formalities for relevant registration.

The minimum paid-up capital required to incorporate a Singapore company is just S$1. This makes it extremely accessible for entrepreneurs and businesses of all sizes to establish a presence in Singapore. While S$1 is the legal minimum, you may choose to inject more capital based on your business needs, visa requirements (if applicable), or industry regulations. For example, certain industries like financial services, insurance, or security services may have higher capital requirements set by regulatory authorities. The paid-up capital can be increased at any time after incorporation through a simple resolution process.

Anyone residing in Singapore and have Singpass can register a company. However, there are benefits in collaborating with us, whereby our professional expertise can be helpful: a) Identifying the right business structure for you – Sole Proprietorship, Partnership, Limited Liability Partnership (LLP) or Limited Liability Company b) Complete the required set of documentation c) Provide name as Company Secretary d) Guide on regular compliance to maintain the company

Yes, a foreigner can register a Singapore Company, both as a subsidiary to your foreign entity or as a new entity. However, do note that there is a mandatory requirement to have a resident Director.

Yes, we do provide the service of arranging a resident Director in Singapore. The Director so hired will be charging an annual feed and may require a security deposit.

It is a mandatory requirement as per the Singapore Company Act. The person will be the contact point of the company and will be responsible for local compliance.

The Director arranged by us shall only be a Nominee Director and will not be responsible for business operations.

No, to live and work in Singapore, you will need a visa, for which a separate application to the Ministry of Manpower (MoM) is required. We can assist you with the application.

Yes, a company can open a bank account for business once it is legally registered and have a local address.

For registering a company, you need a registered office address. If you are beginning small and do not wish to have a full-fledged staffed operation, you can choose to have a virtual office address for local communications. We will assist you in arranging the same.

It is mandatory to disclose the main business activity the company will be undertaking. At most, you can select only two business activities, the list of which is available at Singapore Standard Industrial Classification (SSIC). There should not be too much deviation from the disclosed business activities.

It depends upon the bank’s KYC requirement. Due to recent travel restrictions, many banks have taken a flexible approach and have made arrangements to open the bank accounts for local companies with foreign Directors via video conferencing. We do work with selected local banks to assist our clients in opening a bank account remotely.

After the company is registered, we will give you an official Biz Profile issued by ACRA. In case you need further documents like a Certificate of Incorporation (COI), we can arrange the same at an additional cost as charged by the authorities.

A company can be registered at S$1 per share and with one share.

Accounts outsourcing is a strategic decision to enhance business efficiency and compliance. Here are key reasons to consider outsourcing:

• Cost Effectiveness: Eliminates the need for full-time accounting staff and specialized software investments
• Access to Expertise: Benefits from qualified professionals with up-to-date knowledge of accounting regulations
• Time Savings: Allows business owners to focus on core operations and strategic growth
• Scalability: Services can be adjusted based on business needs and growth phases
• Reduced Risk: Professional oversight helps minimize errors and compliance issues
• Technology Advantage: Leverages modern accounting software and systems without direct investment

At Angel Services, we provide comprehensive accounting services tailored to your specific business requirements, ensuring accuracy, compliance, and timely financial reporting.

No, as a professional service provider we strictly follow data privacy and confidentiality laws. Moreover, data will be stored in the cloud-based secured servers provided by tech giants like Microsoft and Amazon.

Singapore companies must comply with the following accounting requirements:

• Maintain proper accounting records that sufficiently explain company transactions and financial position
• Prepare financial statements in accordance with Singapore Financial Reporting Standards (SFRS)
• File annual returns with ACRA, including financial statements for non-exempt private companies
• Appoint an auditor within 3 months of incorporation unless the company qualifies for audit exemption
• File annual tax returns with IRAS, including Form C/C-S and financial statements
• Keep accounting records for at least 5 years

Small companies may qualify for audit exemption if they meet at least 2 of the following criteria: total annual revenue of ≤ S$10 million, total assets of ≤ S$10 million, or number of employees ≤ 50.

We prefer to use Xero, which is a well-known cloud-based accounting application. As we are Xero partner. However, we are trained accountants with years of experience handling various other applications like Oracle, Navision, MYOB, and Accpac. So, in case you have been using some other application, based on your choice we can take over the same or can help you to migrate to Xero.

Singapore offers numerous tax incentives to encourage business growth and innovation:

• Start-Up Tax Exemption (SUTE): New companies can enjoy up to 75% exemption on the first S$100,000 of chargeable income and a further 50% exemption on the next S$100,000 for the first three consecutive years of operations.
• Partial Tax Exemption: All companies can claim 75% exemption on the first S$10,000 of chargeable income and a further 50% exemption on the next S$190,000.
• Productivity and Innovation Credit (PIC): Tax deductions/allowances for investments in innovation and productivity improvements.
• Double Tax Deduction for Internationalization: Qualifying market expansion and investment development expenses can be claimed twice.
• Research and Development Incentives: Enhanced tax deductions for qualifying R&D expenditure.
• Intellectual Property Development Incentive: Reduced tax rates on income from qualifying IP rights.
• Global Trader Programme: Concessionary tax rates for companies engaged in international trading activities.

Our tax experts can help you navigate these incentives and identify which ones are most relevant to your business operations.

Yes, as we use cloud-based applications, your books will be available to you on a real-time basis from anywhere.

Your regular dashboard will be available online, giving you an insight into business essentials regularly. For the monthly report, we will send you a PDF file, that will include your business performance analysis.

Yes, we will prepare the reports required to file with the regulatory authorities, i.e., ACRA and IRAS.

If we are using your existing application, we will need you to get us the usage rights. In case you choose Xero to maintain accounts, we will subscribe to one for your company. As we work with Xero closely, we will arrange a discount on the subscription. Please note that Xero plans are flexible and, payments are monthly.

We have flexible plans starting from as low as $150 per month. So you can choose based on your requirement and budget. Feel free to book a call with our expert, who will guide you on the plan to select.

It is your choice. We will help you to identify your needs and advise you of an ideal solution. It may vary from outsourcing a part to the full set of accounts.

There is no defined answer. It depends upon the business you are in and the quantum or accounting process you are looking to outsource. In general, the savings can range from 20% to 80% of your annual business budget.

Yes, we maintain accounts in common accounting platforms. So whenever you decide, we will fully assist in transitioning your books back to your system.

Yes, all the companies must maintain the books of accounts and prepare annual financial statements to file to ACRA.

Every department/ministry has different requirements in Singapore. Here are the key mandatory filings:

ACRA (Accounting and Corporate Regulatory Authority):

• Annual Return filing within 7 months after financial year-end
• Timely updates of any changes in company particulars (directors, shareholders, registered address, etc.)

IRAS (Inland Revenue Authority of Singapore):

• Annual Income Tax Return (Form C/C-S) by November 30th
• Estimated Chargeable Income (ECI) within 3 months after financial year-end
• GST returns (quarterly or monthly) for GST-registered businesses

CPF Board:

• Monthly CPF contributions for employees by the 14th of the following month

Ministry of Manpower (MOM):

• Work permit/employment pass applications and renewals
• Annual employment return

Additional industry-specific filings may apply based on your business activities. Our compliance team ensures all your statutory obligations are met on time.

Every company, unless exempt/dispensed needs to hold an AGM whereby Directors present Financial Statements to the shareholders of the company. The date of AGM has to be declared in the Annual Return filed with ACRA.

Non-compliance with Singapore's corporate requirements can lead to several consequences:

• Financial Penalties: Monetary fines for late filings or non-compliance (can range from S$50 to several thousand dollars)
• Legal Action: Potential legal proceedings against the company and its directors
• Personal Director Liability: Directors may be personally liable for certain offenses
• Company Strike-Off: ACRA can strike off companies that fail to file annual returns
• Reputation Damage: Non-compliance can affect business relationships and banking facilities
• Disqualification of Directors: Repeated non-compliance may lead to director disqualification

Angel Services provides comprehensive compliance services to ensure your company meets all regulatory requirements, helping you avoid these consequences.

GST (Goods and Services Tax) registration in Singapore depends on your business turnover:

• Mandatory Registration: You must register for GST if your annual taxable turnover exceeds S$1 million in the past 12 months or is expected to exceed S$1 million in the next 12 months.
• Voluntary Registration: You can voluntarily register for GST even if your turnover is below the threshold, which may be beneficial if you have significant input tax to claim or if most of your customers are GST-registered businesses.

Once registered, your company must:

• Charge 8% GST (current rate) on all taxable supplies
• Submit GST returns (usually quarterly)
• Maintain proper GST accounting records for 5 years
• Issue tax invoices for business supplies to GST-registered customers

Our tax specialists can help determine if GST registration is mandatory for your business, assist with the registration process, and ensure ongoing compliance with GST requirements.

Yes, unless exempt, all the companies registered in Singapore need to file the necessary returns.

A Company Secretary should be appointed within 6 months of incorporation. Where required, Auditor should be appointed within 3 months of incorporation. Please note that “Small Companies” are exempt from the audit requirement.

No, a Sole Director cannot act as a Company Secretary.

Singapore has its reporting standards known as Singapore Financial Reporting Standards (SFRS). They are framed in line with International Financial Reporting Standards (IFRS), with some differences to accommodate local needs.

Following are required to maintain as per ACRA: 1) Register of Members and Directors 2) Register of Controllers 3) Minutes of Meetings We will maintain these records and will ensure that you are fully compliant with the requirements

As per local laws, books of accounts and necessary supporting should be maintained for at least 5 years (as per IRAS).

For simplifying the statutory requirements, ACRA has defined a Small Company as: a) A Private Company b) Meets two of the following criteria’s: – Revenue <= 10m – Assets <= 10m – No. of employees <= 50 The company remains small unless disqualified based on two consecutive financial years. As a benefit, Small Companies are exempt to get their accounts audited

As per the Singapore Company’s Act, all the statutory records should be maintained at the registered office of the company or with a Registered Filing Agent (RFA). These records should be accessible during all official days and hours.

XBRL or eXtensible Business Reporting Language is an XML standard for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format. It is becoming a global format used to file Financial Statements to regulatory authorities. Except for Exempt Private Companies (EPC), all the companies are required to file FS in XBRL format.

You can reach out to us via below means: Phone: +65 83308396 Mail: contact@theangelservices.com You can also submit contact request form.

At Angel Services, we prioritize the security and confidentiality of your business information through:

• Robust Encryption: Enterprise-grade encryption for all client data both in transit and at rest
• Secure Infrastructure: State-of-the-art cloud security protocols and regular security audits
• Limited Access: Strict access controls with multi-factor authentication for our team members
• Confidentiality Agreements: All staff sign comprehensive confidentiality agreements
• Compliance: Adherence to international data protection regulations including GDPR principles
• Regular Training: Ongoing staff education on data security best practices
• Secure Client Portal: Private access to your documents and communications

We understand that your business information is sensitive and valuable. Our comprehensive security measures ensure your data remains protected at all times.

Angel Services stands out from other providers through our:

• Global Perspective, Local Expertise: Offices in 8 countries with deep understanding of local regulations and international best practices
• Integrated Services: Comprehensive suite of corporate services under one roof, providing seamless coordination
• Personalized Approach: Dedicated relationship managers who understand your business needs
• Technology-Driven Solutions: Advanced digital platforms for efficient service delivery and real-time updates
• Multilingual Support: Services available in multiple languages to accommodate diverse clients
• Transparent Pricing: Clear fee structures with no hidden costs
• Proactive Compliance: We anticipate regulatory changes and keep you informed before deadlines

Our client retention rate of over 95% speaks to our commitment to excellence and the trusted relationships we build with businesses of all sizes.

Our service fees vary based on the specific services required, company complexity, and location. We believe in transparent pricing with no hidden costs.

For most services, we offer:

• Fixed Fee Packages: Comprehensive service bundles with predictable costs
• Pay-As-You-Go Options: Flexible arrangements for occasional services
• Annual Retainer Packages: Cost-effective solutions for ongoing service needs

All our proposals include a detailed breakdown of services and associated fees. We're happy to provide a customized quote based on your specific business requirements.

Please contact us for a personalized consultation and pricing information. Our team will conduct an assessment of your needs and provide a transparent quotation with no obligation.