Updated: Oct 5
Setting up a Company in Singapore
Setting up a company in Singapore is a relatively straightforward process, and the government has taken steps to make it as easy as possible for businesses to start up and operate.
Here are the basic steps involved:
Choose a business structure. The most common business structures in Singapore are the private limited company and the sole proprietorship. A private limited company is a separate legal entity from its owners, while a sole proprietorship is not.
Choose a company name. Your company name must be unique and not already in use by another company. You can check the availability of company names on the Accounting and Corporate Regulatory Authority (ACRA) website.
Appoint directors and a company secretary. Every company must have at least one director and a company secretary. The director can be a citizen, permanent resident, or EntrePass holder of Singapore. The company secretary must be a resident of Singapore.
Register your company with ACRA. You can register your company online through the BizFile+ portal. You will need to provide information such as your company name, business structure, directors and shareholders, and registered office address.
Open a corporate bank account. Once your company has been registered, you can open a corporate bank account. You will need to provide your company registration certificate and other supporting documents to the bank.
Once you have completed these steps, your company will be ready to start operating.
Foreigners setting up a company in Singapore
Foreigners can set up a company in Singapore without immigrating to the country. However, there are a few additional requirements that foreigners must meet, such as having a local resident director and a registered office address in Singapore.
Foreigners can also apply for an EntrePass, which is a work visa for entrepreneurs who want to start a business in Singapore. EntrePass holders are eligible for a number of benefits, such as tax breaks and access to government grants.
You can find information and resources on setting up a company in Singapore on the websites of ACRA and the Economic Development Board of Singapore (EDB).
Setting up a company in Singapore is a relatively straightforward process, and the government has taken steps to make it as easy as possible for businesses to start up and operate. If you are a foreigner looking to set up a company in Singapore, there are a few additional requirements that you must meet, but there are also a number of resources available to help you.
1. Company Incorporation form
2. Customer Due Diligence (CDD) form
3. PDPA Consent form
4. National registration identity card (in the case of a Singaporean) or a passport (in the case of a foreigner)
6. Business profiles from corporate registry in the case of a customer that is a body corporate or unincorporate. You should have the foreign company’s identity verified independently by a person responsible in that foreign jurisdiction for the regulation of these companies
You may obtain information on the identity of the client using:
(a) a structure chart (of the entity) provided by the client directly; or
(b) information available from the client’s annual reports.
Copies of identification documents of foreign customers should be certified to be true copies by notaries public, Commissioner of Oaths, or registered lawyers.
It usually takes a day to register a company in Singapore. It may take between 14 days to 2 months if the application needs to be referred to another agency for approval or review.
Every company must have at least one resident director in Singapore. This person can be a Singapore Citizen, Singapore Permanent Resident, Dependent Pass holder or an EntrePass holder. There must be at least one shareholder (can be a corporate body or an individual).
Getting Help Setting up your Company in Singapore
Bestar professional services firm can help you set up your company in Singapore. We can assist you with the entire process, from choosing a business structure to registering your company with ACRA.
Bestar is a reputable firm that can help you set up your company in Singapore. We offer a wide range of services, including:
Accounting and financial services
Corporate support services
HR and payroll services
Tax advisory and compliance
Bestar has a team of experienced professionals who can guide you through the entire company setup process and help you meet all of the necessary requirements. We can also help you to obtain any necessary licenses or permits.
If you are considering setting up a company in Singapore, contact Bestar for a consultation. We can help you to choose the right business structure for your needs and ensure that your company is set up correctly and efficiently.