How to Register a Company in Singapore: Documents, Fees, Etc
After your company has been incorporated, you can apply for an Employment Pass under the new company. The approval of the pass is subject to eligibility requirements and prevailing government policies. When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa. Designed for foreign entrepreneurs and foreign companies, this package covers all income tax calculator services that are necessary to incorporate and start a new Singapore company.
Why Choose Singapore for Company Incorporation?
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.
MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies. In addition to Singapore citizens and permanent residents, only foreigners with a Dependant’s Pass, Overseas Networks & Expertise (ONE) Pass or Letter of Consent are allowed to register a sole proprietorship. 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. All applications are usually processed and approved within 15 minutes of the payment of application fee.
It’s one of the easiest places to start a company in the world – it’s currently ranked #2 in the World Bank’s Doing Business rankings. These policies include several forms of grants, tax incentives, and assistance schemes. Additionally, if your business falls within specific economic sectors, the government also subsidises labor costs for your new business. In addition to the ocean of venture how to calculate marginal cost capital pouring into Singapore, the Singapore government has also adopted several very pro-innovation and entrepreneur-friendly policies in a bid to attract foreign startups.
What are the ongoing compliance requirements after company registration?
The company secretary must be a natural person who is ordinarily resident in Singapore. There is no limit on the number of local or foreign directors that a Singapore company may appoint. Directors must be at least 18 years of age and must not have been a bankrupt or convicted of any malpractice in the past. It is a flexible structure, but it does not have a separate legal identity, meaning the partnership itself cannot own assets or sue.
How long does it take to register a Singapore Company?
- The cost of registering a Singapore company includes a government fee of SGD 315, along with the service fees from your chosen corporate service provider in Singapore.
- 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.
- A private limited company in Singapore, often denoted as “Pte Ltd,” is a separate legal entity with limited liability.
The email notification will include basic company details such as the company registration number. The shareholder agreement is a document that spells out the rules and regulations on how the company is to be managed, including that of the relations between various parties such as the shareholders, directors and managers. A shareholder agreement supplements the company constitution by adding specific regulations that it does not cover. Once you have chosen your company name, address and have your constitution ready for submission, you can proceed how to convert cash basis to accrual basis accounting to fill in the other details required on BizFile+. Other key information includes company shares details, as well as the particulars of the directors and company officers. Singapore-registered companies enjoy very attractive tax exemptions and incentives.
Limited Liability Partnership (LLP)
It serves as a low-risk entry strategy for companies considering long-term investment and operations in the vibrant Singaporean economy. Foreign company setup in Singapore often begins with establishing a Representative Office. Known for its simplicity in establishment and management, this business structure is designed for a single individual who assumes unlimited liability as the business and owner are legally indistinguishable. This is often the first step for individuals wondering how to start a company in Singapore. ACRA offers a smooth and user-friendly process for online company setup in Singapore through its BizFile+ portal.