In other cases, the regulatory authority may only get involved in approving your registration after it has been submitted to ACRA. The application itself may only take about 15 minutes to complete. More information on the wealth of donald trump Scheme and application procedures can be found here. You can use your flat to run the administrative functions of a business and hire up to two non-resident employees. This would be a separate legal entity which would similarly allow you to limit your liabilities. A partnership does not have to file its accounts or have them audited.
Ongoing Compliance for Singapore Companies
These fiscal advantages significantly enhance the appeal of setting up a business in Singapore due to the friendly incorporation climate it offers regarding taxes. To minimize the burden of double-taxation on foreign-derived income, Singapore has established Avoidance of Double Taxation Agreements along with Unilateral Tax Credits for its businesses. The prevailing corporate tax rate stands at an appealing 17%, and companies benefit from there being no taxation on capital gains. Banks may ask for additional documents based on specific requirements, and approval for a business bank account is not guaranteed. Opening a corporate bank account in Singapore is crucial for separating business and personal finances. According to local laws, individuals or corporate entities who hold the position of company secretary must possess appropriate qualifications.
- Since this adds complexity and offers no liability protection, most foreigners instead choose to register a Private Limited company.
- From preparing the necessary documents to registering your company with ACRA and securing essential licenses and permits, we ensure a smooth and hassle-free setup.
- Share a few details about your business, and we’ll help you navigate your setup and expansion in Singapore.
- Using disruptive technology to boost your business
These professional agents are familiar with Bizfile and Singapore’s business registration requirements, so they can help ensure that your application is complete and compliant. If you do not have a Singpass, you must partner with a third-party filing agent or professional company incorporation service to register the company on your behalf. Every registered business in Singapore must have an actual office address to receive official correspondence from government authorities. The results will show whether the business name, or a similar one, is registered, along with the company’s status. Choosing a type of business entity for your company is extremely important, as it affects your registration requirements and your company’s operations. Our package includes everything you need, including a registered local address and a local director.
How Long It Takes to Incorporate a Company
If you do not intend to rent any office space, you can consider registering your home address as your business address under the Home Office Scheme. You should run an online Google search to find out if your proposed name is already being used by a currently registered business, or if it is extremely similar to the name of such a business. If you intend to expand your business and would like to raise capital more easily in the future, you may wish to incorporate a Singapore company.
Registering a Business in Singapore: Do I Need to and How?
Commonly covered services within these fees include preparation of documents, provision of a company secretary, nominee directorship, and supply of a registered address for the company. Whether you’re a local founder or a foreign entrepreneur, registering a business here is one of the most straightforward and efficient processes in Asia — if you know what to prepare. After partnerships introduction registering your company, the next important step is opening a business or corporate account. GST-registered businesses are required to charge and account for a 9% GST rate on all sales of goods and services in Singapore unless exempted. This document certifies that the company is registered with ACRA in Singapore and may be required when opening a corporate bank account or engaging with government agencies. Every company must have a local registered address, which cannot be a PO Box.
Thanks to Bizfile+’s intuitive interface, applying for your company name is straightforward and expeditious. Choosing a distinctive and pertinent company name is important as it reflects your brand’s essence and identity. Once these prerequisites are met, you can typically finalize the entire registration within approximately three days. Starting a company in Singapore has now become quite streamlined thanks to the well-organized infrastructure set up for those who will undertake it.
You’ll tick off that you have met the requirements and best expense tracker apps of 2021 the relevant parties’ consent. The form typically requires you to specify who the local resident director is. Names, IDs, addresses, and share allocation for each. Remember, only SGD 1 minimum is required, so many startups just start with SGD 1 or SGD 100 and can always issue more shares later.
You gain a partner who understands the challenges of running a company as a foreign founder. It’s simple to set up a company in Singapore as a foreigner. File corporate tax with IRAS This makes compliance easier and helps ensure your company is set up correctly from the start. Your company will still need at least one local director who is a citizen, Permanent Resident, or work pass holder living in Singapore.
Tips for Minimizing Registration Costs
Similarly, if you carry on business with one or more other individuals, you would be exempted from registration if the name of the firm is the full name of all the individuals. If you intend to carry on your business as an individual under only your full name, you are exempted from registration. No, you do not need to visit Singapore to register your company. Jacqueline has been in the corporate services industry for over 25 years.
- Many foreigners find it beneficial to work with a corporate service provider because they also handle essentials like a nominee director, company secretary, and registered address.
- So, you can start your business operations in Singapore in compliance with local laws and regulations.
- While the account opening process and eligibility requirements typically vary by account plan and bank, major banks in Singapore usually require a Singpass, UEN, and Tax Identification Number (TIN).
- Moreover, a branch office in Singapore usually has higher operating costs, as there are audit requirements.
- By entering the name or registration number of a business, details like its operational status, registration number, and the nature of its activities are readily available.
Sole proprietorships and partnerships must renew their business registration before the expiry date or up to 60 days prior. Directors must appoint an auditor within three months of incorporation unless the company qualifies for an exemption as a small company. Typically, ACRA automatically generates a 9-10 digit UEN for newly incorporated companies. An email with instructions on how to download the free Business Profile will be sent to the email address of the person who filed the registration. It contains details such as the company name, Unique Entity Number (UEN), and business activities. Once your application is submitted and approved, the appointed officers, including the directors, shareholders, and company secretary, will receive an email requesting their endorsement.
A company secretary must be a natural person whose primary residence is in Singapore. A company secretary is responsible for core compliance tasks and can offer valuable guidance on early decisions. Even though the appointment is not immediately required, it’s included here in the registration steps because it’s strongly recommended to find one early. However, you must appoint one within six months from the date of incorporation. The minimum paid-up capital for incorporating a company in Singapore is SGD 1, and it can be issued with or without full payment from shareholders.
Steps to Register a Company in Singapore: A Quick Summary
Local residents are also encouraged to work with a CSP to incorporate their company and ensure ongoing compliance with regulatory requirements. Foreigners are required to engage the services of a licensed Corporate Service Provider (CSP) to register a company in Singapore. After incorporation, open a corporate bank account in Singapore. A PDF document that serves as the certificate of incorporation and contains details of your company’s registration information. Once approved – congratulations, your business is officially registered! Virtual Office services can provide a prestigious business address, mail handling, and other administrative support.
What is a registered office address in Singapore and why do you need it?
If you’re managing a small business, these services can help you stay on track and save time if they meet your budget. Using a company incorporation service isn’t limited to those without a Singpass. Pay the company registration fee using a credit or debit card (Visa, Mastercard®, or American Express), PayPal, Apple Pay, or Google Pay. Enter the transaction number of the approved business name application, then proceed to the next step.
If you have a Singpass, then you can register a company by yourself by following these steps. Deciding on the FYE is essential, as this information is required when filling out the company registration form. The Financial Year-End (FYE) is the final day of your company’s accounting period. Having this support from the start helps keep your company organised and on track from day one. Unlike when registering a company in Hong Kong, you are not required to have a company secretary at the time of registering a company in Singapore.
Apart from complying with the legal regulations, registering your business is also beneficial. Before carrying on a business in Singapore, that business must first be registered. Under section 5 of the Business Names Registration Act (BNRA), all types of businesses except those exempted (see below) must be registered with the Accounting and Corporate Regulatory Authority (ACRA).
Nominee Director
Yes, foreigners can register a company in Singapore, but the requirements differ slightly from locals. As an alternative, you can use a virtual office address as your registered business address when setting up your company. Yes, all companies must have a registered business address in Singapore. If you are planning to start a business, our on the ground business incorporation experts will handle the entire registration process on your behalf. Utilizing a registered filing agent can help mitigate the chances of overlooking critical legal due dates.