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Singapore is being favorable for lending to foreign investors, and especially having a simple regulatory system, tax incentives, a high-quality industrial real estate park, political stability, and the absence of corruption. Such factors make Singapore being an attractive destination for investment.
How to set up a company in Singapore?
To set up a company in Singapore, you need to submit the application to the Accounting & Corporate Regulatory Authority (ACRA) acts as the Company Registrar. They are in charge of supervision for company registration in Singapore regarding the Companies Act, Chapter 50. In order to submit it to ACRA, you need to have fulfilled documents and conditions as per the inquiries of ACRA.
How long does the procedure take?
In fact, that is a well-optimized process for Online company registration in Singapore. The foreign investors can finish the whole process in 3-5 working days without any hassle.
What are the types of Business Structure in Singapore?
According to Singapore laws, it is allowed to register the following types of businesses.
- Private Limited Company (Pte. Ltd.)
- Sole Proprietorship
- Limited Liability Partnership (LLP)
Rather than registering and starting your business activity in a hurry, identify the business structure most suitable for you.
Number of Owners/Members/Partners
- If you intend to be a sole business owner, registering a sole proprietorship may prove beneficial to you. You will be able to make all the business decisions.
- If you are two or more (up to 20) professionals/companies with a complementing set of skills, registering an LLP may prove beneficial for you.
- If you are a group of 1-50 individuals who own a part of the capital of the business at limited risk, registering a private limited company may work for you.
If you want to start small, work hard, and grow your business, starting a sole proprietorship and then converting it into a private limited company is an option open for you.
The business structure defines your liability. The liability of a sole proprietor and members in an LLP is unlimited. It puts their personal assets at risk. The liability of shareholders in a private limited company is limited to their investment in its shares. Shareholders’ personal assets are safe.
Income Tax Rates
- The Pte Ltd company pays corporate tax (0%-17%) on its taxable income. Its owners or the shareholders do not have to pay it.
- The owners of a sole proprietorship or a partnership have to pay personal income tax (0%-22%) on their income from their business.
Funding for Expansion
Banks, financial institutes, and investors find a private limited company more credible. It can easily raise capital for its growth or the expansion of its business activities. The credibility of a sole proprietorship depends on its proprietor, and that of LLP depends on its members. It is not easy for these businesses to find for their growth.
Key Requirements to Register a Company in Singapore
- Company name: Approved company name and registered with ACRA
- Director: Need at least one director who is either Singapore Citizen, Singapore Permanent Resident, or EntrePass holder
- Shareholders: Minimum of 1 and a maximum of 50 shareholders
- Registered Local Address: You need a local registered address in Singapore for the company office
- Company Secretary: Appoint at least one company secretary within six months from the registration date of the company
- Initial Paid-Up Capital: Minimum of S$1 in initial paid-up capital
3 Steps for Company Registration in Singapore
Step 1: Apply and get your company’s name approved by ACRA.
Step 2: Documents for Company Incorporation in Singapore
Step 3: Submit an application to ACRA. The process to incorporate a company in Singapore is online.
Why do you need to hire a local service company?
Actually, foreigners cannot self-register a new company because they need to fulfill the following requirements additionally to set up a company in Singapore:
- Employ local director (Singaporean, Permanent Resident, or EntrePass holder); and
- Hire a registered filing agent (accounting firm, law firm, or corporate secretarial firm) to complete the registration process for you.
Therefore, you need to hire a local business registration provider. With their expert knowledge, these professionals can direct you to the precise solutions for the Singapore company registration, saving valuable time and money.
Currently, we propose the Incorporation Service Fee is USD $1,922, which included full service for 1 year:
- Unlimited Company Secretary
- Nominee Director
- Registered address
- Company registration
- Bank account opening assistance
Accounting Services with USD$603 (A must-have with the Nominee director service. Covers 1 year of bookkeeping, accounting, and tax)
After the first year, we will charge the fee for (i) Company Secretary, (ii) Nominee Director, and (iii) Register address as per our quotation at that time.
For other services and quotations, please contact us for more information.
Last but not least, all documents shall be verified before submission to ensure everything will be done at one time.