Bookkeeping
How to Register a Company in Singapore Your Full 2024 Guide
The best visa option for foreign entrepreneurs looking to move to Singapore and incorporate a company is the EntrePass, also known as the Entrepreneur Pass. This visa is specifically designed for foreign entrepreneurs who want to start a business in Singapore. It allows the entrepreneur to relocate to Singapore and operate their company.
Types of Business Entities for Foreigners
- If you’re starting a business in Singapore, the first question to consider is whether you need to register it.
- For all foreigners establishing businesses in Singapore, having a nominee director is essential due to regulations from the Accounting & Corporate Regulatory Authority (ACRA).
- To start and operate a business in Singapore, you must first choose your preferred business structure.
Designed for foreign entrepreneurs and foreign companies, this package covers all services that are necessary to incorporate and start a new Singapore company. 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. It is mandated by the Monetary Authority of Singapore (MAS) and other regulatory bodies to ensure that businesses comply with Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) regulations.
Can anyone from any country receive an Employment Pass?
While various options are available, the most popular structure for first-time businesses is a private limited company, known for its scalability and liability protection. You can get started with registration as soon as you’re ready to proceed. As a foreign entrepreneur, you’ll need to work with an approved Corporate Service Provider (CSP), like ours, to complete the registration process. A CSP can manage your application through BizFile+ and ensure compliance with Singapore’s legal requirements, such as appointing a local director.
You will need to understand the key differences between the structures and decide which is right for your business. Yes, it is mandatory to appoint a qualified company secretary within six months of incorporation. On top of tax exemptions, an incorporated company can further lower its taxable income by setting up benefits programs for its employees. Specific programs can be classified as business expenses such as leasing of vehicles, pensions, and retirement funds.
A shareholder agreement supplements the company constitution by adding specific regulations that it does not cover. Apart from the company constitution, another important legal document that is required as part of the incorporation process is that of a shareholder agreement. To register a business, the applicant must log into the BizFile+ website using his identification number and SingPass. Otherwise, the applicant may also engage the services of a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm) if the applicant does not have SingPass. According to the Singapore Companies Act, every company must appoint a qualified company secretary within 6 months of incorporation. The company secretary must be a natural person who is ordinarily resident in Singapore.
Work Visa Renewal
We spent a lot of time reviewing and considering who to work with in our Singaporean business incorporation and are so happy that we chose Jacqueline and her team. Their communication and execution are exemplary and their online platform so easy to navigate. We have now incorporated multiple companies with them and look forward to a prosperous and mutually beneficial ongoing relationship. Depending on the nature of your business activities, you may need to apply for specific business licenses to legally operate in Singapore. Only certain industries such as food and above the line below the line financial concept beverage, retail, healthcare, finance, and education have licensing requirements.
How to Register a Company in Singapore: Documents, Fees, Etc.
If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. Those who are interested in starting a Singapore business may select one of several business entities. Among these are the sole proprietorship, limited liability partnership, private limited company, and limited partnership. Foreigners have additional options such as the representative office, foreign branch, and foreign subsidiary. 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.
