As against other business structures, the registration of a business as a company also confers other significant benefits, e.g. the relative ease of raising capital as well as ownership transferability. You may refer to our article on deciding between the various business structures in Singapore for more information. Once the incorporation documents are ready and signed, we will register the company with Singapore’s company registrar, Accounting and Corporate Regulatory Authority (ACRA). The Singapore company registration process is conducted online and in most cases it takes less than an hour. You must have at least one shareholder to register a Singapore company. Of course, you can have more than one such shareholder as well.
Should the application be sent for a review for approval, in the instance where the intention of the company is to set up a school, the set-up process could take from 14 days to 2 months. Our team will assist you with selecting a suitable bank for https://www.kelleysbookkeeping.com/ your company’s corporate bank account and make an introduction to the appropriate bank executives. In 2022, amendments to the Supreme Court of Judicature Act 1969 were made to vest the SICC with jurisdiction to hear insolvency related matters.
Depending on the type of business and business structure, it usually takes 1 working day. The Accounting and Corporate Regulatory Authority (ACRA) will start processing once the name application fee is paid and will be completed within 15 minutes. However, for more complex businesses, it may take up to 2 months if there is a need to be referred to another agency for approval or review.
Obtain Business License
Some licenses have certain conditions that have to be met, such as a minimum paid-up capital, professional qualifications, etc. One key requirement is to have a Singapore resident as a company director or authorised representative. This is a legal requirement; the role is critical to your business, and Singapore companies cannot operate without one. It requires various certifications and involves many responsibilities. Singaporean law requires at least one company director to reside there. That person can be a foreign national or a Singaporean citizen.
Once you have officially incorporated your Singapore business, the Companies Act requires specific annual filing requirements to be made. See here for what you need to know about annual https://www.quick-bookkeeping.net/ tax filing in Singapore. These services are particularly useful for foreign entrepreneurs. A secretarial service will flatten the learning curve of running a Singapore company.
The Ministry of Manpower (MOM) allows entrepreneurs to get an Employment Pass (EP) after incorporating a company in Singapore. Once approved, you’re good to start working in your new Singaporean https://www.online-accounting.net/ company. Remember, your business needs to be a private limited one and incorporated before the EP application. Piloto Asia recommends companies to register as a private limited company.
Private Limited Company (Pte. Ltd.)
After successfully incorporating a company in Singapore, it’s time to consider the next crucial steps. The company name needs to be reserved, and the application is filed online. If the proposed company name does not conflict with any existing names and does not fall into the category of undesirable names, it will be approved and reserved for 60 days. For this article, we have focused on how to start a private company in Singapore, which is usually the first choice of foreign investors. Singapore has consistently been recognised among the world’s best places to do business and remains among the top choices for business investors. Compared to other countries considered as business hubs, Singapore offers one of the easiest and quickest processes of business registration, which attracts investors to start a business in Singapore.
- Keep a step ahead of your key competitors and benchmark against them.
- Private limited companies in Singapore are very efficient tax entities.
- If your application is referred to the Minister, the application approval can take up to two months.
- Selecting the right business structure is crucial for a successful company registration in Singapore.
The procedures for company registration are fully computerised by ACRA in Singapore. Notably, there are no capital gains or dividend taxes on Singapore companies. For more information, refer to our guide to corporate tax in Singapore. If you wish to use residential address as business address, you are advised to check with respective authority.
To register a business, the applicant must log into the BizFile+ website using his identification number and SingPass. Otherwise, the applicant may also engage the services of a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm) if the applicant does not have SingPass. You will also need to decide on who will be your shareholders and their stake in the company. A minimum of one shareholder (a local or a foreign person or corporation) is required. For a more sophisticated company structure, you may need to think about different classes of shares, but for a simple and straightforward structure, you will likely issue ordinary shares only.
ACRA will usually approve your application within one to three days. When everything is in order, the company registrar will send an e-mail confirming that your company has successfully been incorporated. Should you wish to obtain a physical certificate, the company registrar will charge you at SGD 50, and it takes approximately between 3-5 working days.
How to register a company in Singapore: Step-by-step guide.
You and other members have limited liability if the company fails. Investors are more likely to buy shares from a company where there is a separation between business assets and personal assets. Banks in Singapore also prefer to lend money to limited companies than any of the other business structures. Starting as a sole proprietorship is possible for you even if you plan to convert to a private limited company. It is an option provided to you by the ACRA, so you don’t have to worry about establishing the structure when you register the business. Our Foreigner Incorporation Package designed for foreign entrepreneurs and foreign companies is the most popular option.
Get verified shareholding information of any private company registered in Singapore.
Partners can be held liable for the actions of the other partners. A partnership structure addresses the sole proprietorship’s limited ability to expand. A partnership is made up of two or more people who co-own the business and has no legal existence separate from the partner, meaning a partnership can be dissolved through death, retirement, and incapacity of a partner, and insolvency.
As a key logistics hub, Singapore boasts the efficient, award-winning Changi International Airport, making regional business a breeze. With more than 400 direct flights, key markets like Indonesia, Malaysia, and the Philippines are just a hop away. Singapore, fondly called ‘Asia Lite’ by expats, is a fantastic place to open a company. It’s a vibrant international hub where East meets West, and it’s rated the #1 city in Asia for quality of life. If you expect your annual turnover to exceed S$1 million, you must register for Goods & Services Tax (GST).
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