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. This guide will detail all the essential company registration requirements and walk you through each step of registering a Singapore company online. Costs can change over time, so staying updated on the latest requirements and fees is essential for accurate financial planning. Most likely, the business structure you need is that of a private limited (Ltd.) company. You will need to register for GST if you expect your company’s annual turnover to be more than S$1 million.

Foreigners registering a business in Singapore

Once you have submitted the necessary information about company structure and stakeholders, our compliance team will check and assess the identities and backgrounds of all company stakeholders. This Know Your Customer (KYC) process is an important component of the company incorporation process in Singapore. A common route horizontal analysis formula for many businesses to take is to use a company secretarial service.

We have offered at a glance the various business structure options available to entrepreneurs and foreign companies below. To delve deeper into these options, feel free to read our guide Types of Business Entities in Singapore. Every business must appoint a company secretary residing in Singapore.

What are the ongoing compliance requirements after company registration?

1. If you’re starting a business in Singapore, the first question to consider is whether you need to register it.
2. Filing the incorporation application is the final step in the process of setting up your company in Singapore.
3. An LLP is typically established to carry a profession, such as attorneys, architects, etc. where two or more would like to join together and form a practice in their shared field.
4. On the other hand, Singapore digital banks generally offer remote account opening.

Otherwise, if you don’t have a resident director, you can use what’s known as a nominee director. For instance, if you plan to trade overseas or accept foreign currency, you’ll need a different business account for your Singapore company. Prepare all the necessary documents required to establish a company. This includes drafting and finalising your company constitution and completing any other required forms. Obtain approval from ACRA (Accounting and Corporate Regulatory Authority) for both your company’s address and its name.

Step by step guide to register a company in Singapore

Shareholders of Singapore companies can benefit from 0% tax on dividends and 0% tax on capital gains. For YA 2020 onwards, 75% of the first S$100,000 of profits earned in Singapore for the first 3 years from a company’s incorporation are exempted from taxes. More information in our 5 minute Guide to Singapore’s Corporate Tax System. Requires a minimum of two partners at all times, or the company will be dissolved as well as lacks ease of transfer of ownership. Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator.

To operate a business in Singapore, you need a local address. ACRA has set requirements on what sort of company address is needed. Singaporean law requires your company to have at least one director to reside there.

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. This is perfectly acceptable to ACRA; you don’t need a premise if you don’t want one. The purpose of this address is to receive official communications, notices from the authorities, and legal papers.

A secretarial service will flatten the learning curve of running Singapore companies. The corporate service providers will keep you compliant without running the admin yourself. This vibrant city-state offers numerous opportunities for entrepreneurs. To kickstart your venture, it’s essential to understand what’s needed for Singapore companies’ formation. By the end, you’ll clearly understand the steps involved, helping you embark on your business journey confidently. To help expedite the company incorporation, plan ahead by ensuring that all your documents are in order and that you have addressed any potential issues beforehand.

This person can be your authorized representative that manages your business. The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. You must provide an address when registering your business with ACRA. You must inform ACRA of any address 8 top free accounting and bookkeeping software apps for 2022 change within 40 days of registration.

In comparison to other types of companies in Singapore, a Private Limited Company (Pte Ltd) is the most scalable, advanced, and flexible business structure for Singapore companies. It is also the most common and preferred type of business compared to limited liability partnership (LLP) or sole proprietorship (SP). It can have a maximum of 50 shareholders, offering benefits like corporate tax exemptions and access to various government schemes and incentives for business growth. Shareholders of a private limited company can be other companies, ppp loan or employee retention credit individuals, or a mixture of both. A private limited company in Singapore, often denoted as “Pte Ltd,” is a separate legal entity with limited liability. The time it takes to register a company is remarkably swift and efficient.