You might even get labour cost subsidies if your business is in specific economic sectors. MOM also 5 things only tiny house living can teach you offers an EntrePass for foreign entrepreneurs with venture-backed or tech-innovative businesses, open to all nationalities. If the company is registered, it should be under six months old when applying for EntrePass. If you’re eager to open a Singapore company, it’s important to understand the role of shareholders in the registration process. You’ll need a minimum of one shareholder, while private companies can have up to 50.
The owner’s personal assets are not protected from the company’s liabilities. This means if your business cannot pay its debts, creditors can go after your personal and business assets. A Pte Ltd company has less than 50 shareholders, and its shares are inaccessible to the public. Shareholders can be individuals, companies, or a mixture of both. The ACRA will also need this information before you can register your company.
Private Limited Company (PTE LTD)
Understand the differences in doing business in Singapore versus the Philippines with this comprehensive guide by Sleek. Business is best when it’s done face-to-face – and with a base in Singapore, there are several key emerging markets like Indonesia, Malaysia, and the Philippines a few hours’ plane ride away. Singapore is an international hub with a prime location in South East Asia. Sometimes referred to as ‘entry-level Asia’ or ‘Asia lite’ by expats (and currently rated as the #1 city in Asia for quality of life), it’s a country where east meets west. Unless the company has been exempted from audit you every company must appoint an auditor within 3 months of registration.
What are the documents needed for foreigners to incorporate a company?
Ensure that the proposed name meets ACRA’s guidelines and that the address complies with local regulations. Every limited company that opens in Singapore must register with The Accounting and Corporate Regulatory Authority (ACRA). They are the national regulator of Singapore’s Companies Act. You risk a fine or even prison time if you don’t register with them (and it’s kinda hard to run a business from a prison cell). Annual filing of tax returns, annual general meetings, maintaining accounting records, and updating changes in company particulars.
They must engage a local representative or corporate secretary with a SingPass account. If you’re a foreigner residing in Singapore, you might need an EntrePass. If you’re not residing here, you’ll need a local authorized representative or director. The application fee for sole proprietorships and partnerships, LP and LLP is $100.
Common Tasks After Company Registration in Singapore
Typically 1-2 days if all documents are in order and approved by the Accounting and Corporate Regulatory Authority (ACRA). In today’s world, the availability of lightning-fast internet communication infrastructure is crucial to the success of any new business. The telecommunication infrastructure of Singapore covers the entire country, with near zero blackouts or downtime. The talent pool is highly educated, literate, and English-speaking, minimizing communication difficulties between offices.
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 cost of debt such as attorneys and architects, where two or more partners want to form a practice. In comparison to other countries like China, opening a corporate bank account is also a simple process. 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.
- Every business must appoint a company secretary residing in Singapore.
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- You also must outline how the relationship between shareholders and the limited company will be conducted.
Singapore Company Registration Packages
While Singapore provides a range of legal entities suitable for both private entrepreneurs and foreign companies, setting up a Private Limited Company is by far the most preferred choice. This option provides scalability, enhanced credibility, access to funding, limited liability protection, attractive tax benefits, perpetual succession, and robust governance standards. See here for what you need to know about annual tax filing in Singapore.
Singaporeans are also strongly advised accountability resources to utilize the services of a CSP to facilitate the registration process. To start and operate a business in Singapore, you must first choose your preferred business structure. Next, you need to register your company with the Singapore Company Regulator, known as The Accounting and Corporate Regulatory Authority (ACRA). ACRA, a statutory board under Singapore’s Ministry of Finance, serves as the national regulator for business entities, public accountants, and corporate service providers in Singapore.
It’s also legal to issue shares without first receiving money from shareholders. Or simply wait until you have the capital before issuing shares. The financial barrier to entry for company formation in Singapore is low. Separate business and personal finances with our assistance. Your company’s name must be approved before you apply to ACRA.