An Overview On Singapore Company Registrar

An Overview On Singapore Company Registrar

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The Singapore Company Registrar, also referred as the Accounting and Corporate Regulatory Authority (ACRA), is the government bureau that oversees the businesses in the country and double-checks that they stick on to the laws and guidelines.

It is significant to note that the requirements and compliance matters needed to enterprise owners largely count on the structure they have taken up for their enterprise.

In the meantime, these are the basic types of business structures, according to the Singapore Company Registrar:

Sole proprietorship

Regarded as the simplest and easiest to organise business setup, the sole proprietorship is generally ideal to micro- and small-sized enterprises.

One basic attribute of sole proprietorship is that it is owned by one individual who is personally liable for all the financial deficiency, duties, debts, and other liabilities of his enterprise which is not considered as a lawful entity.

The earnings of a sole proprietor are subjected to the individual income tax rate which means that it is not a must to submit his annual returns. Additionally, he is also subjected to less formalities and compliance affairs.

Joint Venture

This enterprise setup is permitted to have two or up to a maximum of 20 partners. If the number of partners is more than this number, they are needed to list their business as a company.

Just like a sole proprietor, partners are personally accountable for the economic losses and debts of their business. But, it is easier to raise funds and organise an enterprise in joint venture.

Singapore Company (or normally referred as corporation in most countries like the US)

Most professionals think that the business is the most perfect setup due to its continual succession since its life does not depend on the shareholders and directors. In fact, it stands as a legal enterprise entity distinct from its shareholders and board of directors.

Under the Singapore Companies Act, a business can be owned by one to 50 shareholders who may be an individual or corporate entity. Although, a significant number of registered businesses today have less than 20 shareholders who are all natural individuals and not business entities in order to qualify for the Zero Tax and 50 percent tax break on their first S$100,000 and S$200,000 chargeable earnings, respectively, within three years of their incorporation.

Aside from the tax exemptions, a Singapore Company also relishes a single-tier tax system in which the taxes are only subtracted from the corporate level and do not encompass the shareholders shares.

About the Author:
Since 1998, Rikvin consultancy has been providing highly professional company incorporation services, both in attractive standard packages as well as customised services. Online incorporation being a hallmark service, other services of Rikvin include setting up a Singapore Company Registrar, Singapore Company Incorporation, EntrePass, Singapore Employment Pass, Personalised work Pass application, GST Registration, Accounting Services, Tax Planning & Consulting, and Business Plan Drafting.



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