This type of business is straightforward but carries more risk for its owner since the owner will be personally liable for his/her company. Get more information on the documents required and the process of applying for an EntrePass here. MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies. Get them all answered with a free consultation on business structure and compliance in Singapore.

This is a legal requirement; the role is critical to your business. It requires various certifications and involves a lot of responsibility. Namely, the particulars of your company directors and secretary and your Memorandum of Understanding and Association. Most likely, the company structure you need is that of a private limited (Ltd.) company.

If you need to extend the name reservation for another 60 days, you may do so by filing an extension just before the initial hold expires. There are three ways foreigners can accounting for project transactions chapter r20b. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375. Learn about the different business structures and find out which one best suits your business. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you.

Incorporation for foreigners

A fee of approximately S$50 is applicable and the hard copy can be collected from the office of ACRA the next working day. If so, the name approval may be delayed by a few days or weeks. With its minimal requirements, it’s one of the easiest places globally to kickstart a business, even bagging the #2 spot in the World Bank’s Doing Business rankings. You could even score up to 70% off your yearly accounting fees if you’re eligible.

• The business and its director are considered as a single entity.
• It’s also legal to issue shares without first receiving money from shareholders.
• It is important to note that in the case where there is only a sole director/shareholder, the same person cannot act as the company secretary.
• Singapore is one of the most business-friendly countries in the world.

The email notification will include the company registration number and is treated as the official certificate of incorporation in Singapore. Once the fee has been paid, the company will be set up within 15 minutes. Should the application be sent for a review for approval, in the instance where the intention of the company is to set up a school, the set-up process could take from 14 days to 2 months. The procedures for company registration is fully computerised by ACRA in Singapore. There is no limit on the number of local or foreign directors that a Singapore company may appoint.

How to start a business in Singapore?

Public companies are listed on the Singapore Exchange (SGX) and typically have more than 50 members. Private companies are not listed on SGX and have a maximum limit of 50 members. To incorporate business in Singapore, you must have at least one director who resides in Singapore. This person may be a citizen, permanent resident, or someone who holds a valid employment pass or dependent’s pass. There are no limits to the number of local or foreign directors a company can have, and a director need not be a shareholder.

How long does it take to register a Singapore Company?

However, the owner of the LLP needs to go into detailed agreements on how the profits will be divided. Legally, a sole proprietorship is not a standalone entity, which means that the owner – whether an individual or a legal entity – and the business are considered as one. Alternatively, you may also appoint a registered filing agent to submit the application on your behalf. Reserve your business name and register your business entity on GoBusiness with guidance from the e-Adviser. If you do this, you do not need to apply on ACRA’s BizFile+. After registering your company, you may need to incur certain fees in order to maintain it and ensure regulatory compliance.

Step 2: Register a business name

To get set up, you will need to complete a few essential (and compulsory) steps. Upon successful payment, an email on the guide for product download will be sent to you within 15 minutes. Alternatively, if the purchase is done via Singpass, you can login at ACRA BizFile+ portal, click on Messages to access the above same email message. Download for purchased product will expire 7 days from date of purchase, no further extension can be made. If you still have doubts about how to register a business in Singapore, ACRA is an entity that can point you in the right direction.

We receive your correspondence, scan and forward them to you. Once you have all your documents together, a company can be incorporated within one to three business days, as long as you have all of your documentation ready and ACRA does not cause any delays. Read more about the differences between sole proprietorship and a private limited company here. A business name is the name your business will use to operate. Before registering your business with ACRA, you need to register your business name. You can submit your new business name application via BizFile+.

InCorp Supports Firmus Capital in Setting Up the Firmus Opportunity Fund Variable Capital Company (VCC)

A comprehensive shareholder agreement allows for a smooth management of the company and minimises disputes between various business parties in the company. An approved name will be reserved for 60 days from the date of application. You can extend the name for another 60 days by filing an extension request just before the expiry date. Read more about how to choose an ACRA-approved business name in our other article. To set up a Singapore company, the proposed name for the company must first be approved.

Singapore banks also offer excellent Letters of Credit (LC) support to Singapore companies engaging in international trading. To register your business in Singapore, you must make sure that your proposed name is approved by ACRA. Usually, you will find out whether your proposed name has been approved or rejected within a day.

The applicant needs to choose a suitable name and submit it electronically through ACRA’s BizFile+ system for approval. The incorporation will proceed once the approval is received. Company officers and its members have free access to all of the company’s registers (excluding Register of Business / Company Documents). To be eligible for the fee waiver, please login to BizFile+ and purchase these registers from ACRA iShop. We’ve put together all of the documents and details you need to figure out before you open a company. You’ll have to employ a Nominee Director, a Corporate Secretary, and maintain a local office.

And, depending on what activities your company is involved in, you might need to apply for a business license. All companies need to note the Inland Revenue Authority of Singapore’s (IRAS) compliance requirements too. A private limited company is characterized by (a) having less than 50 shareholders, and (b) not having its shares accessible to the public. Shareholders of a private limited company can be other companies, individuals, or a mixture of both. The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore. If you don’t have an EP, you can hire a visa agent like Sleek to submit the EP application on your behalf.