Setting up a Charity in Singapore
To set up a charity in Singapore, you must first choose a legal structure for your organization. You can choose to be a:
Company limited by guarantee (CLG)
Society
Charitable trust
Each legal structure has its own advantages and disadvantages. It is important to choose the structure that is best suited to your organization's needs.
Once you have chosen a legal structure, you need to register your organization with the relevant government authority. For example, if you are setting up a CLG, you need to register with the Accounting and Corporate Regulatory Authority (ACRA).
Once your organization is registered, you need to apply for charity status with the Commissioner of Charities. To do this, you need to submit an application form along with the following supporting documents:
A copy of your organization's governing instrument (e.g., constitution, memorandum and articles of association, or trust deed)
Financial statements for the past 3 years, if applicable
A list of your organization's governing board members, including their names, addresses, and contact information
A description of your organization's charitable activities
You can submit your application online through the Charity Portal. The processing time for charity registration applications is about 3 months.
Here are some additional tips for setting up a charity in Singapore:
Make sure that your organization's governing instruments are well-drafted and comply with all relevant laws and regulations.
Gather all of the required supporting documents before submitting your application.
Be prepared to answer any questions that the Commissioner of Charities may have about your organization.
Once your organization has been registered as a charity, you can start fundraising and implementing your charitable programs.
Register as a Charity
The governing instruments Criteria for Registration as a Charity provide for the purposes of your organisation and the purposes must be exclusively charitable.
Why Singapore
There are a number of reasons why Singapore is a good place to set up a charity. Some of these reasons include:
Favorable government policies: The Singapore government is supportive of charities and offers a number of incentives, such as tax exemptions and grants.
Strong economy: Singapore has a strong economy, which means that there is a large pool of potential donors and volunteers.
Global reach: Singapore is a global hub, which makes it easy for charities to reach out to donors and partners from all over the world.
Efficient regulatory framework: Singapore has an efficient regulatory framework for charities, which provides donors with confidence that their contributions will be used wisely and effectively.
Here are some additional benefits of setting up a charity in Singapore:
Tax exemption: Registered charities in Singapore are automatically exempted from income tax.
Grant funding: There are a number of government and private grant programs available to charities in Singapore.
Public support: Singaporeans are generally supportive of charities, and there is a strong culture of giving in the country.
Access to resources: Singapore has a wide range of resources available to charities, such as training programs, networking opportunities, and legal and financial advice.
Overall, Singapore is a good place to set up a charity because it offers a number of advantages, including a favorable government environment, a strong economy, a global reach, and an efficient regulatory framework.
If you are considering setting up a charity in Singapore, consult with Bestar.
Connect with Bestar
Bestar is a professional services firm that specializes in non-profit organizations. They offer a wide range of services, including:
Accounting and auditing
Tax compliance
Financial advisory
Risk advisory
Corporate secretarial services
Governance and compliance advisory
Bestar has a team of experienced professionals who are familiar with the unique challenges and opportunities facing non-profit organizations in Singapore. We can help you with all aspects of setting up and running your charity, from registering your organization to developing and implementing your financial and operational strategies.
Here are some of the benefits of working with Bestar:
Expertise: Bestar has a deep understanding of the non-profit sector and the specific challenges and opportunities facing charities in Singapore.
Experience: Bestar has a team of experienced professionals who have worked with a wide range of non-profit organizations, of all sizes and types.
Personalized service: Bestar takes the time to understand your organization's unique needs and goals, and we tailor our services accordingly.
Value for money: Bestar offers competitive rates for its services.
If you are considering setting up a charity in Singapore, or if you are already running a charity and you are looking for support, contact Bestar. We are a reputable and experienced firm that can help you with all aspects of your non-profit organization.
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