Incorporate a Company to Conduct R&D Activities in Singapore
Here's a breakdown of the steps involved in incorporating a company to conduct R&D activities in Singapore:
1. Choose Your Business Structure:
Singapore offers several business structures, but the most common choices for R&D activities are:
Private Limited Company: This is the most popular choice, offering limited liability protection for shareholders.
Branch Office: An extension of your existing foreign company. Consider tax implications before choosing this option.
2. Register Your Company Name:
Check for name availability with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
Choose a name that reflects your R&D focus and complies with ACRA regulations.
3. Prepare Incorporation Documents:
You'll need a Constitution (similar to a company by-law) outlining company rules and shareholder agreements.
Appoint at least one director who is typically a resident of Singapore or another approved country.
Appoint a company secretary who can be a person or a corporate secretary service provider.
4. Register with ACRA:
Submit your incorporation documents electronically through ACRA's online portal BizFile+.
Pay the necessary registration fees.
5. Open a Corporate Bank Account:
Choose a local Singapore bank and open a corporate bank account for your company's financial transactions.
6. Apply for Relevant Licenses (if necessary):
Depending on your specific R&D activities, you may need additional licenses or permits. Check with relevant government agencies for details.
7. Register for Goods and Services Tax (GST) (if applicable):
If your company's expected annual turnover exceeds S$1 million, you'll need to register for GST.
Additional Tips for R&D Activities:
Consider Utilizing R&D Incentives: Singapore offers attractive tax deductions, grants, and subsidies for qualifying R&D projects. Familiarize yourself with these programs and consult with a Bestar R&D specialist to maximize your benefits.
Register with the Registry of Research & Development (R&D) Companies: This provides access to networking opportunities and potential government grants.
Comply with Accounting and Tax Regulations: Maintain proper accounting records and file your tax returns on time.
Resources:
ACRA Singapore: https://www.acra.gov.sg/
Singapore Economic Development Board (EDB): https://www.edb.gov.sg/
Inland Revenue Authority of Singapore (IRAS): https://www.iras.gov.sg/
How Bestar can Help
Incorporate a Company to Conduct R&D Activities in Singapore
Bestar can be a valuable asset when incorporating a company specifically for R&D activities in Singapore. Here's why:
Legal Expertise:
Navigating Regulations: We understand the intricacies of Singapore's company incorporation process and ensure you comply with all legal requirements.
Choosing the Right Structure: Wey can advise on the most suitable business structure (e.g., Private Limited Company) considering your R&D focus and long-term goals.
Drafting Incorporation Documents: We can ensure your company's Constitution and other documents accurately reflect your agreements and comply with regulations.
Streamlining the Process:
Save Time and Effort: We handle the paperwork, filings, and communication with ACRA, freeing you to focus on your R&D activities.
Reduce Risk of Errors: Our experience minimizes the chance of mistakes or delays during incorporation.
Additional Support for R&D:
Understanding R&D Incentives: We can guide you through the various R&D tax deduction, grant, and subsidy programs and help you structure your projects to maximize benefits.
License Applications: We can assist with securing any necessary licenses or permits related to your specific R&D activities.
Ongoing Compliance: We can advise on ongoing accounting and tax regulations for R&D companies in Singapore.
Benefits of Bestar:
Cost-effective: May be a more affordable option than a full-service law firm, especially for straightforward incorporations.
Specialized Services: Offers packages specifically tailored to R&D companies, including post-incorporation support like secretarial services.
Choose Bestar for a more streamlined incorporation and access to ongoing R&D support.
Consult with Bestar for incorporating your R&D company in Singapore. Bestar is familiar with Singapore regulations. Consult with Bestar to ensure a smooth incorporation process and compliance with all legal requirements.
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