Singapore is the world’s best business environment for the 15th consecutive year. The city-state is more than just a worldwide hub for trade, financial services, and cutting-edge technology; conducting business here is smoother than in other countries. The ease of establishing a corporation in Singapore attracts firms eager to start and expand their presence throughout Asia.
The Singapore company registration process is easy and devoid of excessive red tape. The government also stimulates the formation of companies by providing various tax breaks and subsidies to entrepreneurs. This is why new companies tend to prefer an ACRA-registered firm.
In this article, we will discuss how to register company in Singapore for foreigners. So, aspiring entrepreneurs can easily manage the complexity of this process and effectively establish their enterprises.
How to Register a Company in Singapore ACRA
Singapore Company Registration is forming a legal organization or business in Singapore. It enables individuals or enterprises to establish and operate firms in compliance with Singapore’s norms and laws. The Accounting and Corporate Regulatory Authority (ACRA), Singapore’s government agency in corporate regulation, often facilitates the registration procedure.
Accounting and ACRA Singapore is the national regulatory organization that regulates businesses and public accountants. Its responsibilities are extensive, encompassing corporate governance, compliance, and transparency.
Step 1: Choose the Proper Business Structure
Choosing the right business structure in Singapore is critical since it affects liability, taxation, and regulatory requirements. It governs how the company is run, its legal position, and the level of personal accountability. The correct structure assures compliance, reduces risks, and increases operational efficiency, all contributing to the company’s long-term success.
Here are some categories of company entities that the Accounting and Corporate Regulatory Authority (ACRA) provides.
Private Limited Companies (Pte Ltd)
A private limited company in Singapore, often known as a “Pte Ltd,” is a separate legal entity with limited liability.
It can have a maximum of 50 shareholders and provides benefits such as corporate tax breaks and access to different government schemes and incentives for business expansion. Shareholders in a private limited corporation can be other businesses, individuals, or a combination of both.
A Private Limited Company (Pte Ltd) is the most scalable, modern, and adaptable corporate structure compared to other Singapore firms. It is also the most popular and favoured type of business compared to limited liability partnerships (LLP) and sole proprietorships.
Sole Proprietorships (SP)
This business is simple, but it entails higher risk for the owner because the owner is personally liable for his or her company.
Legally, a sole proprietorship is not a separate entity, which means that the owner – a human or a legal body – and the firm are considered one.
If you want to start small, work hard, and scale your business. Then, you should register company in Singapore sole proprietorship. This is an excellent alternative, especially if unsure where your business will lead you. Later on, you can turn it into a private limited company.
Limited Liability Partnerships (LLP)
An LLP is a legal entity owned by at least two partners, individuals, or corporations and exists independently of its partners.
An LLP is often formed to carry out a profession, such as attorneys or architects, in which two or more people want to join forces and build a practice in their common speciality. LLPs are not eligible to receive government loans. The corporation must always have at least two partners, or it will be dissolved, and ownership transfer will be difficult.
Step 2: Reserve a Company Name
Next, choose a company name. ACRA Singapore advises against using names identical to registered enterprises, vulgar or abusive, and prohibited by the Minister of Finance. You can utilize ACRA Register Company Name, BizFile+, to check if your preferred business name is still available. You can perform a Singapore company registry search to verify the registration status and details of any business operating within the country.
When you’ve finalized your proposed business name, follow these steps to reserve it:
- Prepare the contact information for business owners and a description of your company’s activities.
- Login to ACRA BizFile+ with your SingPass or CorpPass credentials.
- Go to “Start a Business” and choose “Application for a New Business Name.” Fill out the needed information and submit it.
- Pay the SGD 15 reservation fee using the payment method offered.
- Wait for ACRA’s feedback.
Once accepted, your company’s name will be reserved for 120 days, allowing you to proceed with the registration process. If your application is refused, change your name and submit a new application.
Identify Your Shareholders, Directors and Company Secretary
As a last phase, determine who will occupy these critical positions. This ensures that your firm is correctly constituted and meets Singapore’s legal requirements for company registration.
Shareholders
Shareholders are the owners of a Singapore corporation. They invest money in the company by purchasing shares, and in exchange, they receive a percentage of the earnings. Shareholders can be Singaporeans, foreigners, or businesses.
The Annual General Meeting (AGM) allows shareholders to vote on crucial company concerns such as appointing directors and approving financial accounts.
Directors
Shareholders appoint directors during general company meetings. They oversee the company’s operations and have the authority to make strategic choices on its behalf. They help prepare and present the company’s financial statements. Each corporation must have at least one director living in Singapore.
Company Secretary
The company secretary is the primary compliance officer and liaison between shareholders and directors. Their primary role is to guarantee that the company complies with legal and regulatory obligations.
Corporate secretaries are responsible for administrative activities such as maintaining corporate records, filing yearly reports, and organizing annual general meetings. A company secretary must be a Singapore resident, and businesses must select one within six months after incorporation.
Step 3: Prepare the Documents
According to ACRA laws, your Agent or Singapore company registration services provider is responsible for identifying, collecting, and verifying the information of your company’s intended shareholders and directors.
Here’s a list of all the documents you must send to ACRA:
- The company name is registered with ACRA.
- A summary of company operations and SSIC codes
- Details of the company’s Singapore registered address
- Particulars of shareholders
- Details about the directors
- Information on the company secretary
In addition:
- Foreign individual entrepreneurs must submit a copy of their passport and residence address evidence (overseas).
- Foreign companies must submit Memorandums and Articles of Association.
- Singapore residents must produce a copy of their Singapore ID card.
Prepare the necessary documents in English to ensure an efficient and easy registration. If your documents are not in English, hire a reputable translation agency.
Please remember that more documents may be required depending on your selected entity.
Step 4: Register Your Company on BizFile
BizFile+ is ACRA’s business registration service. If registering your own firm, you must use BizFile+ to incorporate it, as ACRA does not accept in-person applications. A general outline of the process for forming a business in Singapore is provided below. It is worth noting that they may differ slightly based on the business type:
- Click on eServices. Choose the sort of business you want to register from the menu on the left. Then select “Start a New Business.”
- Log in with your SingPass or CorpPass account.
- You’ll see a checklist page. At the bottom, insert the transaction number from the approved name application.
- Choose the duration of your registration (one year or three years). Enter your company’s commencement date and provide information about its activities.
- Type in your business address.
- Enter all shareholders’ and directors’ names, ID numbers, and contact details.
- You will be prompted to share capital details based on your company type. Enter your main currency and select Shares Payable.
- Select Shareholder Details to allot shares to all shareholders.
- Check all of your information on the Preview screen and confirm. Otherwise, exit Preview and make the necessary modifications.
- Click Make Payment and select your payment option.
- Finally, you will see the acknowledgement page
Step 5: Open a Corporate Bank Account in Singapore
Opening a corporate bank account is simple once a company is registered in Singapore. Select a bank that can meet your business needs and acquire the required paperwork, such as the Certificate of Incorporation and the government IDs of partners, directors, and shareholders.
Most banks require a face-to-face meeting to complete the procedure, but fintech companies provide a quick and easy option to open a business account.
Why Register Your Company in Singapore?
Unlike global corporate hubs such as New York or London, Singapore is positioned in the heart of Southeast Asia. This location and business-friendly legislation produce a thriving atmosphere for aspiring entrepreneurs. Here are several compelling reasons to register your corporation in Singapore.
- Strategic Location: Easy access to regional markets, making it a global economic hub.
- Political Stability: Known for political stability and solid governance.
- Robust Legal System: Ensures fairness and transparency in economic transactions.
- Ease of Doing Business: High rankings due to efficient regulatory systems and a business-friendly climate.
- Tax Advantages: Low corporate tax rates with various tax breaks and exemptions.
- Access to Global Talent: Diverse and skilled workforce from around the world.
- Intellectual Property Protection: Strong laws and commitment to preserving intellectual property rights.
- Double Taxation Treaties: Reduces tax burden for multinational enterprises.
- Global Financial Hub: Advanced banking and financial services for global trade and investment.
- Liberal Immigration Rules: Flexible rules for recruiting and retaining international talent.
These factors make Singapore an appealing and competitive location for company formation, particularly for enterprises seeking a stable and business-friendly climate with global reach.
Timeline and Cost of Singapore Company Registration
The timescale can range from a few hours to days. Registering a corporation in Singapore entails reserving a name, which usually takes a few hours, and then completing the registration process with ACRA, which generally takes 1-2 days.
A name reservation costs SGD 15, whereas the registration fee is SGD 300. If you use professional services, you may incur additional fees. There is no minimum capital required.
Consider the cost of renting office space, which requires an actual location. Miscellaneous costs may be incurred based on special business requirements. Actual costs may vary. Therefore, speak with a professional service provider or business counselor for a more precise estimate tailored to your specific needs.
Do you need help with registration or creating a bank account? Allow OneVisa to guide you through a simple company registration process!
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