How to Register a Company in Singapore 2020 Guide
Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency. Once the company is incorporated, the ACRA official will provide the applicant with the company registration number via email. This soft version is considered as the legal Certificate of Incorporation. Those desiring to have a hard copy can obtain it from the ACRA at a fee of S$50. Once the ACRA approves the company name, they will process the business incorporation documents that have been submitted.
- Timcole is one of the leading company incorporation and accounting firm based in Singapore.
- Read more about how to choose an ACRA-approved business name in our other article.
- So, any confusion over the name will delay the process until it’s resolved.
- If you want to start small, work hard, and grow your business.
- This is a legal requirement; the role is critical to your business, and Singapore companies cannot operate without one.
The package covers all legal requirements to incorporate a new Singapore company for foreigners. You can check the services included on our Foreigner Package service page. The right time to open a corporate bank account is after successful company registration and before starting your business activities.
Guidelines for a Foreigner Who Wants To Start a Business in Singapore
Nearly a third of the country’s workforce are foreigners and Singapore makes it easy for any foreign professionals to obtain work visas or permanent residence (PR) status. To register your business in Singapore, you must make sure that your proposed name is approved by ACRA. Usually, you will find out whether your proposed name has been approved or rejected within a day. Understand the benefits and requirements of opening a corporate bank account. The pre-requisites, information and supporting documents needed for the application to register the business will vary, depending on the business structure type.
In this case, you need to appoint a nominee director at the time of registering their Singapore company. As a foreigner, you need work visas to immigrate and work in Singapore. You need an EntrePass if they want to start your business and work for it as its local director. It is a mandatory requirement for every company to hold its AGM every calendar year. Hold your first AGM within 18 months from the date of incorporation of company.
What Is The Cost of Company Registration in Singapore?
From a legal standpoint, a sole proprietorship is not equivalent to a separately registered business entity, meaning the owner and business are treated equally. When it comes to your new company formation, the most significant decision you’ll ever make is to what type of business structure (or legal entity, if you will) you choose for the company. Your decision can affect various aspects of the business, ranging from tax rates to credibility to liability. A foreigner or foreign business entity can be shareholders of a Singapore company. Foreigners can also form companies in Singapore without having to relocate to the country for this purpose.
You will receive the appropriate certificates and paperwork certifying your company’s legitimacy after the registration is complete. During the process of business registration, it is important that you provide us with complete information and identification documents to prevent any delay in compliance approval. Additional documents may be requested by the compliance team for further verification. The girls basketball company name reservation typically takes approximately 20 minutes. Private limited companies find it easier to raise capital to expand the company or bring in new shareholders or by issuing more shares to the existing shareholders. LLP’s are meant for professional service providers such as accountants, architects, and law firms where two or more professionals build a joint practice in their field.
Decide corporate structure and collect supporting documents
A Pte Ltd company is an LLC (limited liability company) where shares are held by 50 individuals or less. These shares cannot be publicly traded and are only available to other members of the company. After registering your company in Singapore, there’s more to do to ensure your business thrives. From opening a corporate bank account to securing necessary business licenses and understanding GST requirements, the journey is just beginning. Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP). This kind of entity combines features of companies and partnerships.
This type of registration eliminates the need for you to locate to Singapore. Foreigners who look for setting up their business in Singapore look for a hassle-free process that is devoid of corruption and red-tapism. The Singapore government has made the registering process for foreigners simple. These services are particularly useful for foreign entrepreneurs. A secretarial service will flatten the learning curve of running a Singapore company.
Obtain the necessary business licenses
It is the most common type of business compared to limited liability partnership (LLP) or sole proprietorship (SP). Our Foreigner Incorporation Package designed for foreign entrepreneurs and foreign companies is the most popular option. The cost of the first-year service bundle is S$3,100, inclusive of official government fees.
How to check if a company is registered in Singapore?
Incorporating in Singapore is a strong choice when deciding where to base yourself. A stable economy, a strong workforce, and business-friendly tax policies let you get up and running sooner- so you can spend less time tangled in admin and more time growing your business. In today’s world, the availability of lightning-fast internet communication infrastructure is crucial to the success of any new business. The telecommunication infrastructure of Singapore covers the entire country, with near zero blackouts or downtime. The talent pool is highly educated, literate, and English-speaking, minimizing communication difficulties between offices. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375.