How to register a company in Singapore 2024 Guide
Contact Piloto Asia today for seamless company registration and expert guidance tailored to your unique needs. Like a typical company, you just need to decide what type of legal entities you need to register. You’ll need to issue share certificates for each of the shareholders and a share register that lets ACRA know how much shares are allotted to these shareholders.
But if they choose to relocate, they need to obtain a Singapore immigration pass. The company registered in Singapore then becomes an offshore company because it operates in a jurisdiction outside where the beneficial owner resides. In comparison to other countries like China, opening a corporate bank account is also a simple process. Some corporate service providers such as us at Sleek offer matchmaking services with their network of bankers, making the process even smoother.
Register a company without relocating to Singapore
Your company needs to assign at least one shareholder, up to a limit of 50. Shareholders can be a natural person or entity and can be of any nationality. Singapore is one of the most business-friendly countries in the world. It’s no wonder even global companies like Dyson are moving their headquarters here.
Check for your eligibility for the respective schemes before registering your business with ACRA. If you choose to do so, you can expect a salary from the company. So, there is a distinction between being an owner and the local director of a company. The age-limit requirement for registering a Singapore company is the same for both local and foreign entrepreneurs.
Things to consider before registering:
One key requirement is to have a Singapore resident as a company director or authorised representative. If you don’t want an office space or aren’t resident in Singapore, your nominee director’s address can be submitted. You can keep all your relevant documents at this address, too.
Rather than setting up a company in Singapore in a hurry and starting your business activity, identify the most suitable business structure. Here compare the advantages and disadvantages of a private limited company, sole proprietorship, and an LLP before initiating the Singapore company registration process. A private limited company is limited by shares and has a separate legal entity from its shareholders. As a result, shareholders of a Singapore private limited company are not liable for its debts and losses beyond their amount of share capital.
Your Go-to Guide to Setting a Business in Singapore as a Foreigner
Or you can choose to start a company without moving to Singapore by appointing a local resident director. This fee includes both company registration and 1 year of our company secretary services. Our expert team will also help you to prepare any other documentation your company will need to get started and running. Our team will assist you with selecting a suitable bank for your company’s corporate bank account and make an introduction to the appropriate bank executives. If you are a foreigner interested in setting up a business in Singapore while you operate it from Overseas, you need to select at least 1 Director who is the citizen of Singapore. All other requirements for incorporation remain the same as that of setting up a local company.
- If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved.
- If you are ready to incorporate now, click the Get Started button.
- It’s an essential aspect of successfully doing business in Singapore.
Since Foreigners they are not allowed to self-register their company here, they need to consult local business registration providers to register or start a new business. As one of Asia’s high-income economy, Singapore has a number of requirements that needs to be complied in order to register a company or operate a business. The time it takes to register a company in Singapore is remarkably swift and efficient. In most cases, you can complete the entire registration process within a matter of hours or days. Singapore’s user-friendly online registration system has streamlined the procedure, allowing entrepreneurs to navigate through the necessary steps swiftly. If you do not have SingPass Login ID, it means, you cannot access the BizFile+ website to register your business online.
Certificate of Good Standing for Singapore Companies
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.
Ease of Capital Raising
And at corporate tax rates if the partner is a corporate body. Plus, there needs to be a detailed agreement on how profits are divided. The owner’s personal assets how to choose best accounting software are not protected from the company’s liabilities. This means if your business cannot pay its debts, creditors can go after your personal and business assets.
Sign incorporation documents
Once you have chosen the business structure, you must meet the following requirements. The Accounting & Corporate Regulatory Authority (ACRA) is the Company Registrar. ACRA sees that the process is as per the Companies Act, Chapter 50. The company name needs to be reserved, and the application is filed online.