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How to Register a Company in Singapore?

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To register a company in Singapore, you need to follow only 3 simple procedures afterwards, уоu arе gооd to start уоur business activities. These steps are common to both the local and foreign individuals planning to start on the road of entrepreneurship.

Thе rеnеwаl iѕ only nесеѕѕаrу if уоu wiѕh tо соntinuе with уоur buѕinеѕѕ. Foreigners have always bееn wеlсоmе here оffеring a ѕuреrb lifе that can bе mаdе a permanent ѕtау реrmit аftеr оnе уеаr. Thiѕ iѕ оnlу роѕѕiblе howеvеr аftеr one hаѕ аррliеd for it.Anyone over the age of 18 years can initiate the process for the incorporation of a private limited company. They have to apply to the Accounting and Corporate Regulatory Authority, the Company Registrar of Singapore.

The following are the steps involved in the process:

  • Apply to ACRA for the approval of company name
  • Collect incorporation documents for submission
  • Apply to ACRA for the registration of the company

 

Pre-Incorporation Requirements

  • 1-50 shareholders
  • Minimum initial paid-up capital of $1
  • At least one local director
  • At least one company secretary
  • At least one auditor
  • Local registered address

 

Resident Director

You need to provide the details of at least one individual that you are going to hire as a local or resident director of your company. In practice, you can hire as many of them as per your business needs. The appointee needs to be a Singaporean, Permanent Resident, or an Entrepass holder.

 

Shareholders

To form a private limited company in Singapore, you need at least one shareholder. Both locals and foreigners can be a shareholder in a Singapore company. The foreigners can own 100% shareholding in it. The company can take up to a maximum of 50 shareholders. They can be individuals or companies, or both.

Singapore attracts a lot of investors as it applies no tax on the capital gains. After a company pays its corporate tax, it can disburse tax-free dividends to its shareholders.

 

Company Secretary

As per the Company Law of Singapore, you must hire at least one company secretary for your company within the six months of its registration. The appointee must be an ordinarily resident of Singapore. You can also hire one of the experienced provider of the corporate secretarial services for the task.

These professionals coordinate with the regulating authorities and take care of the statutory compliance of the company. They have to have good knowledge of the laws and regulations and how to discharge their job responsibilities.

 

Auditors

ACRA dictates that you must hire at least one auditor for your company within the 3 months of its incorporation date.

 

Local Registered Address

When you apply to register a company in Singapore, you have to put a local registered address on the application. It is for the official communication between the authorities and your company. It needs to be a physical address and cannot be a P.O. Box address. If you do not have it, you can hire one of the providers of registered office service for it.

 

Setting Up a business in Singapore

Appointing a registered filing agent to start a company works. It especially saves your time and efforts if you are a foreigner new to the Singapore market. It also works for the local business owners as the experts employed by the agents advise them on every step of the .

 

Entrepreneur Pаѕѕ

Before setting up a Singapore company, the foreigners are advised to apply and acquire an Entrepreneur Pаѕѕ (EntrePass) to relocate and work in Singapore. They need to apply to the Ministry of Manpower (MOM) on their own, or they can hire an accounting service that also offers incorporation services. The pass is valid fоr only 2 years and can be renewed.

 

Singapore Company Registration Fees

Singapore company registration fees charged by the agents are reasonable. They include the incorporation fees charged by the ACRA. ACRA charges S$15 to register a company name and S$300 to register a private limited company.

The registered filing agents, like SBS Consulting offers specialised incorporation services. Their promo package comes with freebies. It costs only S$699 and offers 2 FREE services for the first year. You get FREE Company Secretary Service worth S$299 and FREE Office Address Service worth S$249.

 

Why Start a Company in Singapore?

Singapore is one of the in-demand business hubs in Southeast Asia. Its strategies have attracted tons of Foreign Direct Investment and talented entrepreneurs having innovative business ideas. And it offers enhanced laws to protect your intellectual property.

The authorities, here, take care of the local businesses by offering low corporate tax rates, tax benefits, and incentives. They also offer a number of schemes to increase the use of advanced technology, skill development of employees working in the new as well as existing businesses.

Singapore offers you excellent infrastructure and communication networks, and connectivity to the global business destinations through world-class airports and sea-links. Most importantly, it has signed a number of treaties with its partner countries to avoid double taxation in cross-border trade. Putting all the things together, we get the right destination for registering a company. The process is easy and can be completed in 1-3 days without any hassle.