For many reasons, Singapore is one of the best places to set up and operate a business. Yet, registering a business can be difficult and time-consuming for foreigners, especially if they’re new to Singapore’s business world.
If you share the same sentiment and are looking for a guide on the basics of Singapore company incorporation, the points below will help understand the processes.
Requirements For Registering A Foreign Business In Singapore
In laying your plans to start a business in Singapore, first, you should be getting familiar with the requirements. To incorporate a business, make sure that your business met all the conditions below:
- A Company Manager: You must have at least one resident manager. A resident manager refers to an individual who is a Singaporean citizen, a legal citizen of Singapore, or an Entre Pass/Employment Pass/Dependent Pass holder with LOC.
- At Least One Shareholder: At least one shareholder is needed for a foreign entity to register a business in Singapore. A business’ shareholding can either be fully international or entirely local.
- Paid-up capital of at least $1
- A Physical Local Address
- A corporate secretary
Cost To Register A Company In Singapore
After knowing the requirements, it’s logical to be aware of the costs associated with registering your company in Singapore. As a general rule, non-residents or foreign nationals cannot register a Singapore business. It means that they must appoint a registered processing agent for it.
Along with that, the cost associated is broken down as follows:
- Application for a business name is S$15 (Reserved for 60 days, for any extensions extra fees applies)
- The Business registration fee is S$300
Steps For Business Registration
After securing the requirements and allocating for the costs, you can proceed to process the incorporation of your business. To answer your question on how to register a company in Singapore, here are the steps you can follow:
- Fill up the Singapore business registration form.
- Review your documents to ensure that all the necessary data are available.
- Register the business name.
- Make sure that all required documents are ready.
- Attach your signature to all incorporation documents
- Incorporate the company with the Accounting and Corporate Regulatory Authority (ACRA).
- Open a business bank account. Make sure that you have the business resolution and other supporting documents.
- Submit your application and wait for the approval.
A Few Other Essential Notes
Suppose you’re planning to expand your on-going business. You can open a branch company. For this matter, you can consult with an agent to help you incorporate your business in Singapore.
You can ask the Economic Development Board in Singapore for help to ensure a profitable business space. You can come across many location choices there.
Furthermore, to help start-up businesses, Singapore has several cash grant programs. On top of that, you can also ask for help from some government entities like Standards, Productivity, Innovation Board, and International Enterprise Singapore. The use of these programs is open to foreigners.
More importantly, while you do business in Singapore, you must follow regulations and authority requirements. Make sure to follow by all means the laws of ACRA, and IRAS (Inland Revenue Authority of Singapore).
Where To Find Help In Registering Your Business In Singapore?
Singapore simplifies the rules for foreigners in setting up a business. With that, you should not get distracted from your purpose in registering a company in Singapore.
At 3E Accounting Singapore, we advise our clients to incorporate the most suitable type of business for their purposes. After all, choosing the type of business to register is a crucial decision in Singapore. It can influence taxes for new business entities. Connect with professionals that know about how business is done. Contact us today and find ease in registering your business.