Why set up a business in Singapore?
Singapore is the most incredible place to do business. It is a free and highly open economy. Singapore is considered the safest city and has a government that embraces entrepreneurship. It is corruption-free, has a highly educated and skilled workforce, and has low corporate taxes.
Singapore is an ideal location for worldwide businesses to site their headquarters. Strong trade and investment make this country the most competitive Asian country and the world’s most accessible place to do business. There are, however, a wide variety of factors that add up to make Singapore an excellent country for companies that want to do business in the region.
Is it easy to set up a company in Singapore?
Starting a business in Singapore is easy. As long as you have all the registration requirements, you can be done that in a day. You can hire an incorporation specialist to help you with your registration.
Can foreigners start a company in Singapore?
Yes, foreigners can also start a company in Singapore. Many people in Singapore choose to open companies or register as a partnership to start their business. Foreigners are also allowed to do their business in Singapore with either of the above structures.
Registering a sole proprietorship in Singapore
A sole proprietorship is an own business where there are no business partners. If foreigners want to do their business in Singapore must appoint at least one resident who is legally residing in Singapore. We are here to serve you to register a sole proprietorship in Singapore to run your business.
Registering a company partnership
A company partnership is a business shared by multiple owners. A company partnership has two or more owners, while a sole proprietorship has one owner. Like Singaporean and Permanent Residents, foreigners can also register for company partnerships without facing any difficulties. We are here to serve you to register for a company partnership to set up your company with two or more owners.
Incorporating a company
The incorporation of a company or business refers to the legal process used to form a company or corporate entity. There are many advantages of Incorporating a company, especially regarding government-funded incentives and tax incentives.
How can I register a company in Singapore as Foreigner?
In Singapore, to register a company as a foreigner, you are required to have a CorpPass that is only obtainable by Singaporeans, permanent residents, and people that have a FIN (Foreign Identification Number) and an employment pass.
How to register foreign companies in Singapore?
To register foreign companies in Singapore, you have to choose the best suitable type of setup for your company. For example, if you select a Representative Office or a Branch Office, you must register it with a filing agent’s help. The branch of a foreign company should have at least one authorized representative who is ordinarily resident in Singapore.
Can a foreign company be taxed in Singapore?
It will only tax branch offices for the earnings derived from its operations in Singapore. Branch offices are considered non-resident entities, which means that the foreign company’s head office will be held liable for some acts of omission or commission committed by the Singapore branch office.
What is the eligibility to register a company in Singapore?
- Minimum 1 PR or Singaporean, EP or DP holder to be Resident Director
- No bankrupt
- No Criminal Record
What are the steps included in the company registration process?
The first step in the company registration process is to ensure that the name you’ve chosen is available. For that, you need to send a query to ACRA, Accounting and Corporate Regulatory Authority in Singapore, an organization that oversees all local businesses.
The specialists advise you on the criterion set out by the Company Registrar, i.e., Accounting and Corporate Regulatory Authority. The experts also advise you on the work passes you need to work in Singapore and the incorporation documents you must submit to the authorities. There are also a few post incorporation activities that you must accomplish before starting your business activities.
Incorporation Documents for Foreigners
You have to submit the following documents to your agent:
- Description of business activity
- Copy of passport
- Memorandum and Articles of Association (M&AA)
- A bank reference letter, overseas residential address proof, Personal and business profile, Particulars of directors, company secretary, and shareholders
What are the pre-incorporation requirements?
- One Shareholder
- One Local Resident Director
- One Company Secretary
- S$1Min.Paid-up capital
- One Registered Office Address
What are the post-incorporation considerations?
- Register for GST if your expected turnover is above S$1 million
- Open a bank account
- Open an SDL(Skills Development Levy) if you have employees, both local or foreign.
- Open a CPF(Central Provident Account) if you have local employees
- Customs registration if you are importing or exporting goods