🇸🇬 Essential Guide: Setting Up a Company in Singapore (Quick & Easy)

🇸🇬 Essential Guide: Setting Up a Company in Singapore (Quick & Easy) | Bestar

Singapore Company Setup Guide

🇸🇬 Essential Guide: Setting Up a Company in Singapore (Quick & Easy)

Singapore is consistently ranked as one of the best places globally to start a business, thanks to its pro-business policies, attractive tax rates, and straightforward incorporation process. The government has streamlined the process, making it highly efficient for both local and foreign entrepreneurs.

If you're looking to establish your presence in Asia, here is a comprehensive, step-by-step guide to company setup in Singapore.

Key Steps to Register Your Singapore Company

Setting up a private limited company (Pte Ltd)—the most common and recommended structure—typically involves these five essential steps:

1. Choose a Business Structure

• Private Limited Company (Pte Ltd): This is the most popular choice as it is a separate legal entity from its owners, offering limited liability protection. Profits are taxed at the corporate level.

• Sole Proprietorship: Simple to set up, but the owner and the business are legally one and the same. The owner is personally responsible for all business debts.

2. Select and Reserve Your Company Name

• Your chosen company name must be unique and not identical or similar to an existing business.

• Check the availability and reserve your name on the Accounting and Corporate Regulatory Authority (ACRA) website via the BizFile+ portal.

3. Appoint Key Personnel

Every Singapore company must meet minimum statutory requirements for its officers:

• Director: Must have at least one resident director. This can be a Singapore Citizen, Permanent Resident, Dependent Pass holder, or an EntrePass holder.

• Shareholder: Must have at least one shareholder (can be an individual or a corporate body, and the director can also be the shareholder).

• Company Secretary: Must appoint a qualified company secretary within 6 months of incorporation. The secretary must be a resident of Singapore.

• Registered Office Address: A local physical address in Singapore (P.O. boxes are not allowed).

4. Register Your Company with ACRA

• The entire registration process is conducted online through the ACRA BizFile+ portal.

• You will need to submit details including your proposed company name, business structure, directors, shareholders, company secretary, and the registered office address.

• Timeframe: Registration can often be completed in as little as a day if all documents are in order. If your business activity requires specific agency approvals (e.g., finance or education), the process may take between 14 days and two months.

5. Open a Corporate Bank Account

• Once ACRA issues the Certificate of Incorporation and your company's Business Profile, you can proceed to open a corporate bank account with any major local or international bank in Singapore.

• Banks will require your company registration documents and may need the presence of the directors/signatories for the account opening.

🌐 Special Requirements for Foreigners

Singapore actively encourages foreign investment. Non-residents can own 100% of a Singapore company without needing to immigrate.

• Local Resident Director: Foreign entrepreneurs must appoint a local resident director to meet the statutory requirement. A professional corporate service provider can often act as a nominee director to fulfill this need.

• Registered Office: You must maintain a valid registered office address in Singapore.

• EntrePass: If you intend to relocate to Singapore to actively run your business, you can apply for the EntrePass, a work visa for entrepreneurs. Holders may be eligible for benefits like certain tax breaks and access to government support schemes.

✅ Essential Incorporation Documents (For Due Diligence)

To ensure a smooth and compliant setup, you (or your professional service provider) will need to gather the following due diligence (CDD) information:

Individual Director/Shareholder	Corporate Shareholder
National Registration Identity Card (Singaporean) or Passport (Foreigner)	Business Profile from its corporate registry
Proof of residential address	Structure chart of the entity
Completed Company Incorporation Form	Annual reports (if required)
Completed PDPA Consent Form	Independent identity verification of the foreign company by a regulated professional in its jurisdiction

Note on Foreign Documents: Copies of foreign identification documents (passports) are generally required to be certified true copies by a Notary Public, Commissioner of Oaths, or a qualified lawyer.

🤝 Get Expert Assistance with Company Setup

🇸🇬 Essential Guide: Setting Up a Company in Singapore (Quick & Easy)

Setting up a business in a new jurisdiction can be complex, especially concerning compliance and regulatory requirements.

Bestar Professional Services Firm specializes in assisting both local and international clients with efficient and compliant company incorporation in Singapore.

Bestar's Comprehensive Services Include:

• Company Incorporation & Business Registration: Handling the full application process with ACRA.

• Corporate Secretarial Services: Ensuring compliance with ongoing statutory requirements, including providing a resident Company Secretary.

• Accounting & Tax Advisory: Managing your corporate tax and compliance obligations from day one.

• HR & Payroll Services: Streamlining your workforce administration.

• Nominee Director Services: Providing a qualified local resident director if required for foreign-owned entities.

Why Choose Bestar? With a team of experienced professionals, Bestar ensures your company setup is handled correctly, efficiently, and in full compliance with Singapore law, allowing you to focus on growing your business.

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