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Offices| Aspect | Details |
|---|---|
| Cost of Setting Up a Company in Singapore | The cost of setting up a company in Singapore starts from $2999 |
| Timeline | Usually, company formation in Singapore takes around 5 to 7 business days. |
| Registration Benefits | Benefits of online company registration in Singapore include:
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| Types of Company | Types of company formation in Singapore include:
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| Documents Required | Documents required for company formation in Singapore include:
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| Top Businesses for Foreign Entrepreneurs | Some of the top businesses for foreign entrepreneurs applying for company registration in Singapore are:
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| Procedure for Company Registration in Singapore | The procedure for online company registration in Singapore includes the following steps:
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| How can we help you? |
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Let our Enterslice experts help you start a business in Singapore and offer endless growth opportunities for you.
Company registration in Singapore is an excellent choice for foreigners as it offers unparalleled advantages, including the opportunity to explore the country's strategic location, robust economy, and diverse consumer market. According to a recent report from the World Economic Forum, Singapore has the world’s most competitive startup economy features among the top 10 nations in terms of nominal per capital GDP growth.
The entrepreneurs stating their business journey in Singapore are regulated by investor-friendly policies facilitating trade, a stable economy, foreign exchange, and export-import activities. Furthermore, the country termed as Asian Tiger draws Singapore towards business-friendly and a technologically advanced global trade hub promoting business setup within the nation. Facing sleepless nights due to the complex process of foreign business setup in Singapore? Let our consultants at Enterslice help you start your Singaporean business.
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Setting up business structures in Singapore offers unique features, benefits, and flexibility to entrepreneurs looking to cater for their specific business needs. Have a look over the below-mentioned different types of structures for foreign business setup in Singapore:
A private limited company (Pte Ltd) is one of the most popular forms of business setup, which requires a minimum share capital of 1 Singapore Dollar (SGD). The business setup, having limited accountability for business debts and losses, allows a maximum of 20 individual shareholders with the right to own property. It is the most ideal business structure for foreigners.
A public limited company, also known as a limited liability company, is a type of business structure that facilitates the public trading of shares. Such companies are eligible to onboard over 50 shareholders. However, a public limited company is heavily regulated and must adhere to the rules of the Singapore Exchange and have a Board of Directors.
A sole proprietorship is a type of company registration in Singapore that is managed, administered, and controlled by a single owner. The owner is in charge of the daily operations and is wholly responsible for liabilities, obligations and debts.
A partnership is a business collaboration between two or more individuals who agree to share the profits and liabilities in an agreed-upon ratio. The business structure open to all Singaporean citizens, permanent residents, EntrePass, or foreign citizens allows partners to leverage the benefits of shared resources and expertise, boosting profitability in the long-run.
A limited liability partnership, i.e., LLP, blends the features of both a partnership and a company, safeguarding the personal liabilities of the partners from business debts and obligations. LLP further facilitates a flexible operational structure, making it an ideal company structure for professional service providers like consultants and law firms.
A branch office is a type of business setup operating as an extension of the parent company in Singapore. The non-Singapore based foreign entity lacking separate legal status has the leverage to hold and make use of the resources of the parent company. However, a branch office shares the liabilities with the parent company.
A representative office is a temporary business structure that lasts only for three years. The business setup signed based on a temporary agreement offers a temporary permit to conduct research and promote the marketing of goods and services in Singapore. However, it is further prohibited from engaging in commercial activities leading to revenue generation.
Subsidiary company is a parent corporation associate owned by external business entities. The shareholders having a work permit to register a subsidiary company in Singapore possess only a 10% share in the company. It is one of the structures for foreign business setup in Singapore.
Singapore is home to over 5,88,000 registered companies. Before starting a business in Singapore, understanding the process is essential. Given below are the steps for company incorporation in Singapore-
The applicants are initially required to decide on a best suited business structure for company incorporation in Singapore.
Next, the applicants are required to reserve a unique and suitable business/ trade name in accordance with the ACRA guidelines.
The next step requires the applicant to prepare and make submission of all the necessary documents, including identification proofs, the company constitution, and shareholder details. The applicants must further complete the KYC process for the shareholders and directors before onboarding them.
After preparation of the necessary documents, the applicants are further required to file an online application for company registration with the ACRA of Singapore.
After submitting the required documents and registration fees, ACRA issues a certificate of registration, officially incorporating the company in Singapore.
The process for company formation in Singapore takes around 5 to 7 working days, depending upon additional approvals and banking requirements, as discussed below:
It takes around 1 to 2 working days to obtain approval for the proposed name from ACRA.
The time to prepare and submit the company incorporation documents like company constitution, director, and shareholders details takes around 2 to 3 working days.
It takes around 1to 2 working days to process the incorporation application and documents, varying depending upon other approvals.
Once the documents are submitted successfully, ACRA usually validates and approves the registration within 2 to 3 working days.
The timeline for post-incorporation processes, such as opening a bank account, obtaining licenses and permits, and registering for tax purposes, varies.
The list of documents required for company formation in Singapore as listed below:
Approved company name as per the ACRA guidelines
Proof of local registered office address
Details of local director - ID proof and consent form
Details of shareholders - ID proof and share allocation
Company constitution, highlighting operational and governance structure
Passport copies and other valid ID proofs
Important particulars of director and corporate shareholders
Memorandum of Association (MoA)
Articles of Association (AoA)
Details of bank account
Copy of board resolution for company formation in Singapore
KYC documents to satisfy banking and government regulations
Necessary business licenses and permits
Other company documents (if any)
Yes, a non-resident or a foreign entrepreneur applying for an Entrepreneur Pass (EntrePass) is legally authorized to start a business in Singapore. The investor-friendly business environment of Singapore welcomes foreign investment, allowing 100% foreign ownership in sectors as specified under the Ministry of Manpower (MoM).
Foreign entrepreneurs can register local and foreign companies in Singapore, under the Accounting and Corporate Regulatory Authority (ACRA), the country’s national business regulator. Moreover, the Singaporeans, permanent residents (PRs), holders of employment pass, EntrePass, and Department Pass are also eligible to register a foreign company in Singapore.
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Online company registration in Singapore offers several benefits to entrepreneurs, making it an attractive destination for investment. The government's commitment through various business-friendly policies and lucrative incentives has helped Singapore establish a place amongst Asia's most preferred business destinations. The key benefits of company incorporation in Singapore include the following:
Company registration in Singapore offers competitive tax benefits like tax incentives and exemptions significantly affecting the growth of startups. Furthermore, low tax rates are an attractive alternative for businesses seeking entry into the Asian markets.
One of the most lucrative features of foreign business setup in Singapore is the tax-free dividend. The dividend paid to the shareholders is entirely tax-free, ensuring higher returns on investment. It further encourages businesses to reinvest the profits earned into its growth and expansion.
Singapore having 75 full and 8 limited tax treaties, is considered a tax haven for global entrepreneurs. The nation further imposes a double taxation policy, making it ideal for conducting worldwide trade and investment.
A haven for global entrepreneurs, online company registration in Singapore is easy and smooth. Its investor-friendly climate, streamlined regulations and simple registration processes simplify the ease of doing business in Singapore.
With 160+ banks, Singapore has a robust economy and financial infrastructure, essentially offering cost-effective financial solutions. Furthermore, the Singaporean markets support liquidity and facilitate easy business transactions and investments.
Entrepreneurs benefit from company formation in Singapore by leveraging its strong innovative culture. Singapore supports innovation and safeguards IP registrations, making it a primary hub for intellectual property in the region.
Singapore, which has a strategic geographical location situated at the crossroads of major trade routes makes it an ideal hub for company registration within and beyond the Asian boundaries.
The entrepreneurs seeking online company registration in Singapore have access to a highly skilled and well-educated workforce, having a strong emphasis on English proficiency.
Below mentioned are some of the key legal requirements for foreign business setup in Singapore:
The top industries best suited for foreign business setup in Singapore are as discussed below: :
Top 10 Industries for Company Formation in Singapore
10 Businesses Ideas for Company Incorporation in Singapore
The post-registration compliance management for companies seeking company formation in Singapore is as discussed below:
Enterslice which brings 10+ years of expertise secures a streamlined company formation in the business-friendly environment of Singapore. Connect with our professional consultants working to provide on-time approvals for your business setup in Singapore. The following are reasons why Enterslice should be your first choice for company registration in Singapore:
Have a look on the answers to the most asked questions:
The cost of company registration in Singapore varies depending on various factors, including the type of company, registration fees, and consultants' professional fees. It starts from a few hundred Singaporean Dollars (SGD) and may extend up to several thousand SGDs. However, there may be added costs involved if the process is delayed or there are discrepancies.
Depending on their distinct needs and business requirements, entrepreneurs can choose from different types of company registration in Singapore. The following are the different types of business structures for company registration in Singapore:
Company formation in Singapore requires businesses to adhere to multiple statutory obligations, such as filing annual returns with the Accounting and Corporate Regulatory Authority (ACRA). They must also fulfil taxation obligations, including filing corporate income tax returns with the Inland Revenue Authority of Singapore (IRAS). They must also maintain their records and update financial statements and transactions regularly.
Foreign entrepreneurs aiming for company incorporation in Singapore require an Employment Pass or an EntrePass to work and register a business legally there. However, they may require permits, such as a Food Shop License and Import/Export Permit, depending on the industry and sector of investment. Their business activity may demand obtaining additional licenses from concerned authorities.
Entrepreneurs who have completed the process of company formation in Singapore must adhere to specific regulatory requirements. For hassle-free operations, they must complete the payment and filing procedures within 14 days of registration.
Entrepreneurs who have completed the process of company formation in Singapore must adhere to specific regulatory requirements. For hassle-free operations, they must complete the payment and filing procedures within 14 days of registration.
While Permanent residency (PR) in Singapore is generally indefinite, entrepreneurs require a valid Re-Entry Permit (REP) to leave and re-enter Singapore. The REP has a validity of 5 years, and if it expires, the PR status ends automatically.
Company incorporation in Singapore offers various features that make it ideal for Asian investment destinations. Some of the key features include a highly competitive and business-friendly ecosystem, multiple types of company structures, and foreign ownership. The registration process is quick and streamlined, offering various tax advantages. Known as the Asian Tiger, Singapore has propelled rapid economic growth through its business-friendly policies and government support. Today, it reflects exemplary growth rooted in innovation, technology and the right investment.
Company registration in Singapore offers various benefits such as strategic location advantage, a global business hub, access to modern infrastructure and global markets. Entrepreneurs can also leverage its robust economy and strong legal system to benefit from registering and operating the business there.
Company registration in Singapore is a good investment idea as the country boasts a robust economy, modern infrastructure, low taxes, a skilled workforce, a business-friendly environment, and investor-friendly regulations. The country offers various lucrative benefits that position it as one of the most preferred business destinations in the world.
Company incorporation in Singapore is a stepwise process, where each step must be completed within the regulatory norms for hassle-free approvals and operations. Usually, the overall process takes 3 to 10 days; however, this timeline can change depending on the approval status and discrepancies, which may delay the final approval from the concerned authority.
Yes, company formation in Singapore allows foreign ownership, so foreigners can own 100% of the share in a business registered there. However, Singapore has restrictions on foreign investment in certain sectors and industries.
While Singapore as a whole offers various advantages, making it one of the most preferred business destinations in Asia. However, the top five Singaporean areas for investment include the following:
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