How To Register a Company in Singapore Complete Guide

By the end, you’ll clearly understand the steps involved, helping you embark on your business journey confidently. Only Singapore citizens, permanent residents, and

foreigners with a Dependent’s Pass, Overseas Network & Expertise (ONE) Pass, or Letter of Consent can register an SP business. A private limited company (Pte Ltd) is the most common type of company to open in Singapore. Registration makes it easier for the public to find your business and transact with it. There are different requirements and supporting documents you will need, depending on your business structure.

Opening a corporate bank account is an important task after incorporating your company in Singapore. The procedures for company registration are fully computerised by ACRA in Singapore. In order to register a Singapore company, a local Singapore address must be provided as the registered address of the company.

What Should I Do After a Successful Singapore Company Registration?

ACRA even provides a model structure on their website, which you can use as a template to streamline and what is cost of goods manufactured cogm expedite the registration process. Prepare all the necessary documents required to establish a company. This includes drafting and finalising your company constitution and completing any other required forms.

Other people will then be able to reserve the company name if they coincide with yours. You need to know several things as a business owner when it comes to company registration in Singapore. Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1. 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.

Company registration – additional considerations for foreigners

Additionally, if your business falls within current ratio formula specific economic sectors, the government also subsidises labor costs for your new business. You may need to travel in order to set up a corporate bank account, depending on the bank you choose. Check out our short guide on how to open a Singapore bank account. MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies. Requires a minimum of two partners at all times, or the company will be dissolved as well as lacks ease of transfer of ownership.

Advantages of Registering a Company in Singapore

1. On top of tax exemptions, an incorporated company can further lower its taxable income by setting up benefits programs for its employees.
2. They enjoy a corporate tax rate of 9% for profits up to S$300,000 and is capped at 17% if it’s higher than S$300,000.
3. It determines how the business is governed, its legal status, and the extent of personal liability.

After your company has been incorporated, you can apply for an Employment Pass under the new company. The approval of the pass is subject to eligibility requirements and prevailing government policies. When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa. 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.

Some corporate service providers such as us at Sleek offer matchmaking services with their network of bankers, making the process even smoother. Singapore banks also offer excellent Letters of Credit (LC) support to Singapore companies engaging in international trading. This consolidated financial statements means that the liability of a PLC is separate from its shareholders and directors. This means that PLCs can go into contractual transactions and carry out activities such as acquiring assets.

When it comes to registering your Singapore companies, we advise against registering as a sole proprietor unless the company needs to register as one. Are you a foreign entrepreneur looking to establish your presence in Singapore? With Piloto Asia, registering your company and owning 100% equity is not just possible, it’s straightforward and efficient. Whether you plan to operate from Singapore or manage your business remotely, we’ve got you covered.

A limited liability partnership allows a company to operate and function as a partnership while giving it the status of a separate legal entity from its partners. It’s usually used by businesses such as attorneys and architects, where two or more partners want to form a practice. If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. 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.

For more information, you may refer to our article on registration and compliance fees for Singapore companies. The official certificate of incorporation can be purchased via BizFile+ for a fee of S$50. Read more about how to choose an ACRA-approved business name in our other article.