Starting a Business
Heng Lee Seng LLP has been helping thousands of entrepreneurs and established international companies set up their business in Singapore for nearly 50 years.
There are 2 main types of corporate structures that are relevant to most businesses seeking to set up in Singapore. They are as follows:
- private limited company and
- the foreign branch.
The majority of businesses in Singapore are set up using the private limited company structure.
The Singapore private limited company are considered tax residents in the eyes of the law. They are therefore eligible for tax benefits and exemptions offered to Singapore tax residents.
A Singapore branch is considered a non-resident company for tax purposes. Non-resident companies are not eligible for tax benefits resulting from available tax incentives and tax treaties meant for resident companies. A branch would also subject the head office to legal exposure or liabilities from its business activities in Singapore.
It may be beneficial for a client to establish a branch to capitalise on the track record or paid-up capital of the head office in order to bid for a large infrastructure public tender or to meet the capitalisation requirements to set up a financial institution.
Your Singapore incorporated company or branch can be set up as quickly as within one week.
Information about the requirements for incorporation and the process may be found here.
We are able to assist you subsequently with
- The opening of a corporate bank account,
- Registration of CorpPass,
- Application of an employment pass if you’re planning to deploy a foreign expatriate to Singapore,
- Advice on the Employment Act for the hiring of your first local staff,
- Registration of corporate account with the CPF Board and
- Handling the first payroll payment to your newly hired employees
Essentially, we are here to guide and help you navigate the most difficult part of starting a new business so that you can reduce uncertainties and devote your time and resources on the business itself.
For every new incorporation, you will have access to our partners who each have over 20 years of experience in looking after the needs of multi-national corporations and high growth small and medium-sized businesses for relevant and practical advice on the newly set up business.
We will meet you, spend time to talk to you to understand your needs and provide you with tailored solutions.
A business that is set up the right way based on sound advice will be primed for success. We believe in providing quality advice that will exceed your expectations.
Auditors to limited companies (incorporated in Singapore and other jurisdictions) and other entities, e.g. branch of foreign companies, clubs, associations and management corporations, etc.
Attending to the requirements of the Companies Act including the preparation of annual returns, minutes of meetings of shareholders and directors and other statutory requirements.
Preparation and lodgement of income tax returns for limited companies and other entities including individuals, partnerships, management corporations, clubs and associations.
Management and supervision of the entire accounting function in client’s office including when required, provision of accounting personnel.
We are comitted to helping our clients through the digitalisation journey via the use of practical and value for money digital cloud-based solutions that will enable you to enjoy the productivity improvements and lowering costs of operations.
Internal auditing is responsible for evaluating the controls and making recommendations for improvement when controls are not working as intended.
General advice on hiring and termination procedures, and assistance in the application of employment pass.
Financial health and tax compliance check, and development of strategic business plans.