Setting Up a Company in Singapore

Singapore is a prime location in the Asia Pacific for conducting business, offering solid trademark IP protection, an attractive corporate tax framework, superb connectivity, a strategic geographical position close to major emerging markets, and extensive trade agreements with over 100 regions worldwide.

Due to these exceptional achievements, Singapore is the perfect place to establish a new company, open a subsidiary, or set up a branch or representative office in Asia.

It must be noted that ACRA Singapore – the Accounting & Corporate Regulatory Authority of Singapore, mandates that all Singapore companies must be registered under the country’s Companies Act and abide by its rules and regulations.

Requirements for Starting a Company in Singapore:_

Minimum:

1 Shareholder

1 Resident Director

1 Resident Director

1 Company Secretary

Local registered addressLocal

Registered Address

1$ Paid-up Capital.

The timeframe for this process varies depending on the company’s structure and complexity, as well as the completeness of the required documents, but the Singapore government has worked tirelessly to streamline the process.

One of the key requirements is that you must also have at least one director who is a Singapore citizen, a permanent resident, or an employment pass holder. If you are not a permanent resident or work pass holder, you can still fulfil the local director requirement by appointing a nominee director or authorised representative who must be a locally resident individual in Singapore.

This is because the city-state does not allow a foreign individual or entity to register their company independently. This is also where a corporate secretarial firm can come in handy, assisting in meeting these requirements and paving the way for your successful company registration.

Additionally, it is mandatory for a company registered in Singapore by a foreigner to maintain the company’s registered address within the country.

Registering Your Company with ACRA Singapore (Accounting Corporate Regulatory Authority)

Once all required documents are ready, you can proceed to formally register your company with ACRA Singapore. The online registration procedure through BizFile+ is efficient and straightforward. It includes the following steps:

- Application for a new company name

- Submission of company incorporation documents

- Payment of registration fees

- Issuance of Certificate of Incorporation

- By following these steps, you can successfully incorporate your company.

Typically, the online registration process lasts around 15 minutes. However, if your application needs to be referred to another government agency for approval, it might take up to 60 days.

Selecting the Ideal Business Structure

Once you grasp the registration requirements, you can explore the various business structures that Singapore offers to find the best fit for your entrepreneurial vision.

The types of business structures in Singapore include:

- Private Limited Company (most common)

- Limited Partnership

- Limited Liability Partnership (LLP)

- Sole Proprietorship

- Company Limited by Guarantee

- Variable Capital Company (VCC)

- Representative Office

- Branch Office/Foreign Branch

Each of these structures presents unique advantages and disadvantages, depending on the nature of your business plans and personal preferences. A well-crafted business profile can help you make the right decision.

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