Business
HOW TO REGISTER A COMPANY IN SINGAPORE: A COMPLETE FOUNDER’S GUIDE
Global Banking & Finance Review®
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Singapore is known as one of the best business-friendly places. It offers low company rates, sound legal protection, and direct access to the rapidly growing markets of Southeast Asia.
Nevertheless, there is more to submitting paperwork when starting a company in Singapore. You must select the proper structure and ensure compliance once it is launched. The following is a practical and progressive checklist that will take you through it easily.
The majority of entrepreneurs opt to use a Private Limited Company (Pte Ltd) when it comes to company incorporation in Asia. It is its own legal entity, makes you personally liable, and can receive tax breaks and startup grants.
The alternatives are:
Pte Ltd is ideal when you are thinking of taking investment or recruiting employees. Here are some of its benefits:
A business structurecan significantly impact your liability, tax obligations, and growth potential. A corporate secretarial company like Ouzhouconsulting can help assess your objectives and suggest the most suitable structure for your specific needs.
Before you register your business in Singapore, you need to fulfill a few essential requirements. These will make your business legal in all aspects, and you will successfully incorporate your business with the Accounting and Corporate Regulatory Authority.
Registration of a Private Limited Company in Singapore changes will require:
As a foreign founder, you can be a non-resident, but you cannot be a non-local director. Thankfully, you can either appoint a nominee or utilize a local director service, which is prevalent and legitimate.
After meeting the above requirements, you will need to book your Company name via the Singapore online company registration site called BizFile, which is operated by ACRA (Accounting and Corporate Regulatory Authority). Ensure that your name:
You have to pay an incorporation fee of S$315. This includes name reservation and registration. Once this has been approved, you will be able to start with registration, which will normally take 1-3 working days, provided that all the documents are in place.
If you are a foreigner, you are required to appoint a registered filing agent to do the processing. It could be a corporate secretarial company or a law company.
Once you have incorporated your company, you will want to open a local business bank account. The majority of the banks in Singapore (such as DBS, OCBC, and UOB) need:
Foreigners can also use online banks such as Aspire, Airwallex, or Wise. Keep in mind that not all banks offer online meetings. So it's essential to check beforehand when opening an account remotely. This step can be simplified through a local contact or a consulting firm.
After getting started, you will have to:
Compliance (even ignored in an unintentional way) can result in a fine or blacklisting. It is the reason why numerous founders collaborate with service providers who manage accounting, secretarial, and filing tasks in the background.
Setting up a company in Singapore is one of the most seamless operations in Asia. However, it needs some planning and local knowledge. Many entrepreneurs, particularly foreigners, prefer to engage a corporate service provider. Such firms deal with:
This will keep you on the right side of the law.
A Private Limited Company (Pte Ltd) is a legal entity that limits the liability of its shareholders to the amount they have invested. It is a popular choice for entrepreneurs in Singapore.
A company secretary is a professional responsible for ensuring that a company complies with legal and regulatory requirements. They manage corporate governance and maintain company records.
A shareholder is an individual or entity that owns shares in a company. They have a financial interest in the company and may receive dividends based on the company's performance.
Goods and Services Tax (GST) registration is required for businesses in Singapore with annual revenues exceeding S$1 million. It allows companies to charge GST on their sales and claim input tax.
The Accounting and Corporate Regulatory Authority (ACRA) is the regulatory body in Singapore responsible for overseeing business registration, corporate governance, and compliance for companies.
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