You can do it yourself on Bizfile or use Sleek to handle the entire process, including your company secretary and registered address, for a faster and fully compliant setup. Every company must have a local registered address, which cannot be a PO Box. Our package includes everything you need, including a registered local address and a local director.
Choosing a type of business entity for your company is extremely important, as it affects your registration requirements and your company’s operations. In fact, over 53,000 new business entities were registered in 2024, an average of more than 4,400 new companies formed every month. Local residents are also encouraged to work with a CSP to incorporate their company and ensure ongoing compliance with regulatory requirements. Many service providers offer registered address services if you don’t have your own office space. This allows foreign entrepreneurs to meet the local directorship requirement while retaining full ownership and control of the company.
By the end, you’ll clearly understand the steps involved, helping you embark on your business journey confidently. This guide will walk you through the key regulatory requirements. Separate business and personal finances with our assistance.
- The Executive Centre provides various Singapore Virtual Office solutions, featuring premium business addresses in the CBD.
- When setting up your company, you need to choose the type of company structure that best suits your needs.
- Once you’ve checked that the name you have in mind is not taken, you can proceed to register it.
- The annual returns must be filed within 7 months after the end of the company’s financial year.
- That’s why I’ve created this guide to provide practical, step-by-step instructions to make your Singapore company setup as smooth as possible.
Type in any company name you have in mind and see if it’s available with our free tool So, any confusion over the name will delay the process until it’s resolved. Your company’s name must be approved before you apply to ACRA. What’s an acceptable company name in London may be unacceptable in Singapore. The final thing to be aware of is that your business name cannot be ‘undesirable’.
For Foreign Companies
Having these incorporation documents Singapore prepared in advance speeds the process and ensures compliance with ACRA’s ACRA requirements. Singapore company registration is a popular choice for entrepreneurs due to its streamlined setup process, attractive tax incentives, and transparent, robust legal framework. Your company must have a registered office address in Singapore. To operate a business in Singapore, you need a local company address.
Appointing an Auditor
Singapore allows 100% foreign ownership, meaning all shareholders can be foreign nationals. Likewise, they are legally accountable for the company’s actions. This includes Singapore citizens, Permanent Residents (PR), and holders of expanded accounting equation: definition formula how it works an EntrePass or Employment Pass (EP) who have a permanent address in Singapore. In that case, the process can take 14 days to 2 months.
ACRA BizFile
However, similar to Hong Kong, Singapore operates a territorial tax system which means foreign-sources income is generally not liable to tax unless it is remitted into the country. The Inland Revenue Authority of Singapore (IRAS) oversees corporate taxes and enterprise disbursement schemes. Lastly, let’s understand how taxes work for your company in Singapore.
Determine the business structure and collect supporting documents
These professional agents are familiar with Bizfile and Singapore’s business registration requirements, so they can help ensure that your application is complete and compliant. If you do not have a Singpass, you must partner with a third-party filing agent or professional company incorporation service to register the company on your behalf. Pay the company registration fee using a credit or debit card (Visa, Mastercard®, or American Express), PayPal, Apple Pay, or Google Pay.
Step 2: Define Your Company Structure
Approval usually takes a few business days. Fees are S$15 for name reservation and S$300 for incorporation (total S$315). It looks simple at first, but many get stuck on paperwork, SSIC codes and ACRA compliance. Company registration is often the first step for founders and freelancers ready to get serious. Statrys offers multi-currency payment services with a human touch.
17% corporate tax rate with various incentives This guide focuses on Private Limited Company registration, the most popular business structure. Your liability is limited to your shareholding in the company. Fees start from S$100 for sole proprietorships and S$300 for private limited companies.
Compliance after company registration includes maintaining accurate financial records and submitting timely reports. However, if foreign directors or licensing requirements are involved, it’s wise to build in some extra buffer time. In most cases, the company registration timeline in Singapore takes just a few days. If all documents are accurate and the company name is approved, ACRA typically approves the registration within 1 to 3 working days. For scalability, credibility, investor appeal, and to reap the benefits of Singapore company registration, a Private Limited Company is often the best structure.
However, if your name includes certain words or falls under specific business categories, your application may need to be further reviewed by a government agency. In most cases, your company name will be approved immediately. You will then need to make a payment of SGD 15 to complete the process. If your proposed company name includes certain words, like “legal” or “school”, it will need approval from specific government authorities.
A common route for many businesses to take is to use a company secretarial service. The appointment is a legal requirement; the role is critical to your business, and companies in Singapore cannot operate without one. A corporate secretary is responsible for all necessary documents required by law. Every business must appoint a company secretary residing in Singapore. As long as the business director legally resides in Singapore, they can help you fulfil this requirement.
Efficient Legal System
However, you must appoint at least one local resident director as required by the Companies Act. If you are a non-resident looking into starting a business in Singapore as a foreigner, you can do so without needing Singaporean partners. The country welcomes foreign ownership, allowing 100% foreign shareholding for most business types. Partnering with a trusted provider like BBCIncorp can simplify the process and set your business up for long-term success.
- Starting a company in Singapore is easier when you have an experienced team by your side.
- Over 63,000 companies are registered in Singapore every year.
- It offers limited liability and a separate legal identity.
- The entire company registration process can be completed in just 1-2 business days, and 99% of applications are processed through the online platform BizFile+.
- A private limited company (Pte. Ltd.) is the most common type of company to open in Singapore.
Remember, these documents are all legal declarations. ACRA requires you to provide and sign a few key documents. So now that you have a company name, it’s time to put pen to paper to make things official and form a company in Singapore!
If you’re registering a company in Singapore and don’t have a local director, you can engage a nominee director service. With BBCIncorp, you gain a reliable partner committed to helping you navigate the Singapore company registration process with confidence and clarity. Failing to comply risks enforcement actions such as fines, compliance notices, or disqualification of company directors—highlighting the importance of Singapore business compliance. These essential tasks define what to do after registering a company and form the core of post-incorporation Singapore compliance responsibilities.
We’re all about sharing that life-changing advice to businesses and entrepreneurs around the how to calculate net operating income world. Fulfill annual reporting requirements with outsourced accounting and auditing activities Register your business with digital first-solutions and industry expertise
If you’re managing a small business, these services can help you stay on track and save time if they meet your budget. Generally, you should log in as an individual, since the business user option is generally meant for corporate service providers or entities managing filings on behalf of other businesses. If you have a Singpass, then you can register a company by yourself by following fixed costs: definition formula & examples these steps. Deciding on your company’s Financial Year End (FYE) is also important because it sets the deadlines for your mandatory annual filings and tax submissions. The company’s sole director cannot also serve as its company secretary. A company secretary is responsible for core compliance tasks and can offer valuable guidance on early decisions.
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