Making the right business structure for your company is just as crucial as making any other decision. If you have the correct business structure in place, your firm will run more smoothly and achieve its objectives. If you are planning to register a company in Singapore, then this article will provide you all the details.
Singapore is the world’s second-most-business-friendly city-state. Singapore never fails to impress when it comes to operating a business. If you want to increase your worldwide reach, Singapore is now the finest spot to launch a business. Singapore is ranked second in the Ease of Doing Business Report 2020, which serves as a benchmark for foreigners and locals interested in opening a business in Singapore. Under Singaporean legislation, foreign corporate entities or foreign individuals are not permitted to register as firms.
They must hire a local professional business to register their corporation in Singapore. Due to its strong yet inviting investment and trade regulations, Singapore is recognized as one of the best places in the world to do business. A business’s proprietors must register their company. In Singapore, forming a business is simple and inexpensive.
How long does it take to set up a company in Singapore?
The time it takes to register a new business can range from a few hours to several days. When dealing with a company secretary, the timeline is mostly decided by how quickly each shareholder and director can deliver their personal papers for verification, such as proof of identification and residence address, to the company secretary.
How to Register a company in Singapore: A Complete Guide
Company name: In the event that your first pick isn’t available, it is recommend having a shortlist of three options.
1 or more directors: Directors must be at least 18 years old and have never been barred from holding a directorship in Singapore or elsewhere.
1 or more resident directors: At all times, you’ll need at least one director who lives in the area. This is someone who is a Singapore citizen, Permanent Resident, or holder of an Entre Pass visa at the time of company registration.
Between 1 – 50 shareholders: A shareholder might be a person or a legal entity such as a trust or another corporation. Singapore allows enterprises to be owned entirely by foreigners.
Paid-up capital: A company’s minimum paid-up/share capital to register in Singapore is S$1. The share capital of a company can be increased at any time after it has been registered.
A registered address in Singapore: The address supplied for the company must be in Singapore. A physical address is required; a P.O. Box will not be accepted.
Company secretary: Every business must have a corporate secretary. This person will assist the board of directors in preparing and filing all essential papers in order to maintain the company compliant.
Auditor: Unless the company has been exempted from audit (which is the situation for most start-ups), every company must employ an auditor within three months of registration.
Other helpful things to keep in mind when registering a company:
Company Name: Aside from the obvious strategic and brand importance, there are a few other factors to consider when naming your business.
Tax Incentives: Many new businesses in Singapore are eligible for attractive tax breaks and exemptions. This is one of the main reasons why entrepreneurs from all over the world seek to establish their business in Singapore.
Business Activity Classification: Every business in Singapore must choose an SSIC code to define their planned business activity at the time of incorporation. SSIC codes are used by the government for statistical purposes, and some of them require special permissions.
Licenses & Permits: Some SSIC codes, company names, and commercial activities are prohibited and need the submission of an application for a License before they can operate. The good news is that Singapore has established a business license portal with the goal of providing a user-friendly and speedy licensing process.
Insurances: When beginning a business in Singapore, it’s critical to consider what insurances you’ll require. You will be able to conduct your business with peace of mind if you have such protection in place.
Required documents when registering a business in Singapore
To form a business in Singapore, you must file with ACRA Singapore (the Accounting and Corporate Regulatory Authority), which is in charge of company registration. You will need to give the following information:
- Company name
- Brief description of activities & SSIC Code
- Details of shareholders and KY information
- Details of directors and KYC information
- Registered Singaporean Business Address
- Share capital details
- The company’s constitution
Foreigners who want to incorporate a company in Singapore should additionally consider the following:
- To establish up in Singapore, you’ll need to employ assistance. You will need to employ a professional to file on your behalf to register your Singapore business.
- To incorporate your business, you don’t need to travel or obtain a visa. You do not need to seek a special travel visa if you intend to incorporate your Singapore firm but do not intend to migrate. You can run your business from anywhere in the world, and you can come to Singapore on a short-term visiting visa to handle business matters.
- It’s possible that you’ll have to hire a director who isn’t a nominee. Even if no one from your organization plans to relocate to Singapore, you must still meet the local director requirement.
Timeline for registering your company
A company can be incorporated in one to three business days once you have all of your documents together, as long as you have all of your documentation available and ACRA does not create any delays. Continue reading to learn how to form a corporation in Singapore via ACRA.
ACRA- The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Singapore Government’s Ministry of Finance. The Accounting and Corporate Regulatory Authority (ACRA) is Singapore’s national regulator for commercial entities, public accountants, and corporate service providers.
To know more, please visit our article: https://www.thepostcity.com/benefits-of-having-a-singapore-pr-permanent-resident/
What happens post-incorporation?
- A Certificate of Incorporation is issued to you. ACRA will send you an email confirmation of your company’s registration. This is your official Singapore Company Incorporation Certificate, which contains your company registration number.
- ACRA will also provide a free business profile for your new business. The company’s identity card is the corporate profile.
- You will be able to open a corporate bank account with any of the banks in Singapore after you have successfully registered your Singapore firm.
- You may also need to apply for business licenses, depending on the activities that your company will be performing. You’ll finish this step after you’ve registered your firm and before you start doing business.
How much does it cost to register a company in Singapore?
Fees for registration of businesses
For sole proprietors, partnerships and LLPs, the registration fees for a 1-year registration is $115 while the registration fees for a 3-year registration is $175. For a company, it is a standard incorporation fee of $315 which includes the registration of a business name
Can a single person start a company?
