Open Company Singapore

Open Company Singapore | Bestar

Opening a Company in Singapore Guide

The Definitive Guide to Opening a Company in Singapore

Thinking of starting a business? Singapore is a fantastic place to do it. The city-state is consistently ranked as one of the best places in the world to do business, thanks to its stable economy, pro-business policies, and attractive tax system. But navigating the incorporation process can feel daunting. This guide will walk you through the key steps to open a company in Singapore, from legal requirements to essential post-incorporation tasks.

Why Choose Singapore? 🇸🇬

Singapore's appeal to entrepreneurs is multifaceted. Its business-friendly environment and strategic location at the heart of Southeast Asia make it a gateway to regional markets. The legal and political landscape is stable and transparent, providing a secure foundation for business operations.

A key draw for many is the tax system. Singapore has a flat corporate income tax rate of just 17% and offers generous tax exemptions and incentives, especially for new companies. This includes the Start-up Tax Exemption (SUTE) scheme, which can significantly reduce your tax burden in the first few years.

Essential Requirements for Company Incorporation

To register a Private Limited Company (Pte Ltd), the most common business structure in Singapore, you must meet the following minimum requirements:

• Company Name: Must be unique and approved by the Accounting and Corporate Regulatory Authority (ACRA).

  
  

• Shareholders: A minimum of one shareholder, which can be an individual or a corporate entity. Singapore allows for 100% foreign ownership.

  
  

• Resident Director: At least one director must be a Singapore citizen, a Permanent Resident (PR), or a holder of a valid work pass (such as an Employment Pass or EntrePass). If you don't have a local contact, you can use a nominee director service.

  
  

• Company Secretary: You must appoint a qualified, Singapore-resident company secretary within six months of incorporation.

  
  

• Registered Office Address: A physical address in Singapore is mandatory (P.O. boxes are not allowed). You can use a virtual office address if you don't have a physical one.

  
  

• Paid-up Capital: The minimum paid-up capital is just S$1.

The Incorporation Process: Step-by-Step

The process is swift and can be completed in just a few days if all documents are in order.

Step 1: Choose and Reserve Your Company Name

First, you'll need to check the availability of your desired company name on ACRA's BizFile+ portal. The name must not be identical to an existing business, and it should not contain restricted words or be vulgar. Once approved, the name is reserved for 120 days.

Step 2: Prepare the Necessary Documents

Gather the required information and documents, including:

• Approved company name

• Registered office address

• Shareholder and director details (ID/passport copies, residential addresses)

• Company Constitution (previously known as the Memorandum and Articles of Association).

Step 3: File with ACRA

All company registrations must be filed electronically through the BizFile+ portal. If you are a foreigner, you are legally required to engage a registered filing agent (e.g., a corporate secretarial firm) to submit the application on your behalf.

Step 4: Pay Fees and Receive Approval

The registration fees are S15forthenameapplicationandS300 for the incorporation itself. The process is remarkably fast; most standard applications are approved within one to three business days. Once approved, you'll receive your Unique Entity Number (UEN) and the company's Business Profile.

Post-Incorporation Checklist ✔️

Your journey doesn't end with incorporation. To be fully operational and compliant, you'll need to:

• Open a Corporate Bank Account: Provide your company's Business Profile and UEN to a local or international bank to open a business account.

  
  

• Appoint a Company Secretary: Appoint a qualified company secretary within six months of incorporation to handle ongoing compliance matters.

  
  

• Register for GST (if applicable): If your company's annual turnover is expected to exceed S$1 million, you must register for Goods and Services Tax (GST).

  
  

• Apply for Business Licenses: Depending on your industry (e.g., F&B, education, finance), you may need specific licenses or permits from various government agencies before you can begin operations.

The Role of a Corporate Secretarial Service

For many, especially foreign entrepreneurs, engaging a corporate secretarial service provider is the most efficient and reliable path. These firms can act as your registered filing agent, nominee director, and company secretary. They handle the entire incorporation process and ensure ongoing compliance, freeing you to focus on growing your business.

Ready to start? With its clear regulations, low taxes, and strong support system, Singapore is an ideal place to launch your next venture.

How Bestar Can Help You Seamlessly Open a Company in Singapore

Starting a business in a new country can be complex, especially with legal and administrative requirements to navigate. This is where a trusted corporate service provider like Bestar comes in. Bestar is a Singapore-based firm specializing in a wide range of services designed to help local and foreign entrepreneurs establish and manage their businesses with ease and confidence.

By acting as your one-stop solution, Bestar takes the administrative burden off your shoulders, allowing you to focus on what you do best: building your business.

How Bestar Simplifies the Company Incorporation Process

The process of company registration in Singapore, while efficient, has specific legal requirements that can be challenging for foreigners to meet on their own. Bestar's services are tailored to address these challenges directly.

1. End-to-End Company Incorporation Services

Bestar provides comprehensive Singapore company registration services that cover every step of the process. They handle everything from checking and reserving your desired company name to preparing and filing all necessary documents with the Accounting and Corporate Regulatory Authority (ACRA). This ensures a smooth and quick incorporation, often completed within a few business days.

2. Fulfilling Mandatory Legal Requirements

Under Singapore law, a company must meet certain criteria, particularly if the owners are foreign. Bestar offers solutions to fulfill these statutory obligations:

• Nominee Director Service: If you are a foreign individual and do not have a resident director, Bestar can provide a qualified and compliant nominee director. This is a crucial service that allows you to meet the legal requirement without having to relocate to Singapore.

  
  

• Company Secretary: Every company in Singapore must appoint a resident company secretary within six months of incorporation. Bestar's experienced team can serve as your official company secretary, managing all statutory records and ensuring timely filings with ACRA.

  
  

• Registered Office Address: A physical registered office address is mandatory. Bestar provides a registered office address service, giving your company a professional and compliant presence in Singapore without the need for a physical office space.

Beyond Incorporation: A Full Suite of Corporate Services

Bestar's support doesn't stop after your company is registered. They offer a full spectrum of ongoing corporate services to help you maintain compliance and grow your business.

• Corporate Secretarial Services: This is an essential part of ongoing compliance. Bestar’s corporate secretarial team handles annual filings, resolutions, and minute-keeping, ensuring your company remains in good standing with ACRA.

  
  

• Accounting & Bookkeeping: Accurate financial records are vital. Bestar provides professional accounting and bookkeeping services, preparing financial statements and managing your accounts so you can focus on core business operations.

  
  

• Tax Advisory & Compliance: Singapore's tax system, while favorable, requires expert navigation. Bestar offers tax services that include corporate tax planning and filing, helping you optimize your tax position and remain compliant with the Inland Revenue Authority of Singapore (IRAS).

  
  

• HR & Payroll Services: Managing payroll and human resources can be time-consuming. Bestar provides efficient payroll outsourcing services, including calculating salaries, CPF contributions, and other statutory deductions.

  
  

• Visa & Immigration Services: For entrepreneurs looking to relocate to Singapore, Bestar offers assistance with Employment Pass (EP) and other work pass applications, streamlining the process of moving and living in Singapore.

By partnering with a reliable firm like Bestar, you gain a strategic partner who understands the local business landscape and is dedicated to helping you succeed in one of the world's most dynamic economies.

Request for Proposal