Are you setting up a brand new company or simply relocating your existing company to Singapore? Starting up a business is challenging. Setting up a business in a new country can be 10x more difficult. But it does not always complex. Some Research into potential countries will smoothen and expedite your process of starting a new company. Incorporating a company can be time-consuming and challenging, especially in Singapore. But it is more worth it!
You should seriously consider several factors before deciding on a host country. Location and openness to your chosen industry and immigration laws must be deliberated. The Company Registrar and the one who governs the process to incorporate a company in Singapore is the ACRA(Accounting and Corporate Regulatory Authority). The tax system is significant for finance. It ties with the government systems and the overall body overall.
Singapore is one of the topmost countries which has a thriving economy and a strong presence of premier banks and financial services as a leading country in business and finance at the heart of Southeast Asia. As a result, processes for incorporation, tax, permits, and licenses are simple, straightforward, and stress-free for all companies regardless of size and type of business entity.
With many requirements, tedious procedures, and strict timelines, opening a new company in Singapore is often cumbersome and intimidating. Moreover, mere oversights in the registration process may also render your applications invalid, wasting your hard work and effort.
Let us worry about how to register a company in Singapore for you. Apart from giving the full suite of corporate services to help you set up your company, our kind and knowledgeable experts will help you ensure that your company complies with Singapore’s regulatory requirements. Also, they will guide you for annual compliance needs and ensure that your company business setup and reporting requirements are all in order. We are helping both locals and foreigners with the formation of the company. But there’s a legal requirement to hire local directors For foreigners, so the company incorporation costs more. The company formation process for locals is more straightforward.
As a foreigner, You cannot open a company in Singapore on your own and need to appoint a registered filing agent. If you had an entrepreneur pass, it would be best to relocate and work in the city-state. Ask your agent for customized Singapore company registration solutions.
A foreigner can also set up their business in Singapore with the following three alternatives:
1: Set up a Private Limited Company and apply for an Employment Pass.
2: Apply for an Entrepreneur Pass + Set Up a Private Limited Company.
3: Appoint a Local Nominee Director (if relocation is not applicable)
Things you must know before Incorporation of a Singapore Company
Not all the company can start their business after incorporation. For example, only a private company can become a legal entity and can immediately commence its business after incorporation.
Online company registration is a well-optimized process in Singapore. Both local and foreign entrepreneurs can complete that process in 1-3 days and can set up their business in Singapore without hassle. Any individual person who is over the age of 18 can form a company in Singapore.
You have to follow three steps for your Company Registration in Singapore. The following are the steps that you have to take for your company registration Process:
Step 1: Apply and get your company’s name approved from ACRA. For quick approval of your company, choose a unique name that will hint at the nature of your business.
Step 2: You have to submit a list of Documents for Company Incorporation in Singapore when forming a Singapore company.
Step 3: Apply to ACRA(Accounting and Corporate Regulatory Authority).
Documents that you need to submit at the time of forming a Singapore company
- Approved Company name
- Description of business activities
- Registered local address
- Particulars of shareholders, directors, company secretary
- Foreign Individuals have to submit a copy of their passport & proof of residential address (overseas)
- Singapore Residents have to submit a copy of their Singapore identity card.
- Foreign Companies have to submit Memorandum & Articles of Associations, Certificate of Incorporation.
How will I get to know about the status of my incorporation application?
After the successful incorporation of your company, ACRA sends an email. It contains the registration number of your company. The email from the ACRA(Accounting and Corporate Regulatory Authority) is good enough as a certificate of incorporation in Singapore. You can ask your corresponding agent for the hard copy of your company incorporation certificate who applied for your company incorporation to ACRA. Then, the agent can apply to ACRA for its hard copy.
