A decade ago, when I embarked on my entrepreneurial journey, information wasn’t as accessible. I ended up paying a corporate service provider a hefty $2,000 to handle my company registration. Looking back, I realize that starting a company in Singapore, especially as a Singaporean, is a surprisingly straightforward process. These services are particularly useful for foreign entrepreneurs.
How Long Does It Take To Register a Company in Singapore?
Singaporean society is more conservative than what you may be used to. What’s an acceptable company name in London may accounting explained with brief history and modern job requirements be unacceptable in Singapore. So, if you are ready to make the leap, let’s look at setting up in Singapore with Osome’s complete guide. There is no minimum paid-up capital requirement for registration. Yes, at least one director must be a Singaporean citizen, Permanent Resident, or hold an Employment Pass, EntrePass, or Dependent Pass. All companies need to note the Inland Revenue Authority of Singapore’s (IRAS) compliance requirements too.
Local address
The company secretary keeps your business compliant with regulations and tax filings. It’s an essential aspect of successfully doing business in Singapore. One example is the Productivity Solutions Grant (PSG), which subsidizes the cost of digitally enhancing your business. Sleek is a pre-approved PSG vendor, which means entrepreneurs can get some of our services subsidized by the government. For example, eligible clients can get up to 70% off their yearly accounting fees. In a sole proprietorship, the personal assets of the owner are not protected from the liabilities and business risks of the company.
Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. Our packages include all essential services for opening your Singapore company, without bundling unnecessary services that may not be required. With its minimal requirements, it’s one of the easiest places globally to start a business, even bagging the #2 spot in the World Bank’s Doing Business rankings. If you expect your annual turnover to exceed S$1 million, you must register for Goods & Services Tax (GST). If you’re expecting less than that, you can skip this step.
- ACRA mandates the inclusion of a constitution in Singapore companies, which outlines crucial details such as share capital amounts and equity distribution.
- Designed for Singapore citizens and permanent residents of Singapore who do not need our local director and Employment Pass application filing service.
- We spent a lot of time reviewing and considering who to work with in our Singaporean business incorporation and are so happy that we chose Jacqueline and her team.
- Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1.
- With its minimal requirements, it’s one of the easiest places globally to start a business, even bagging the #2 spot in the World Bank’s Doing Business rankings.
How Long Does It Take to Register a Company in Singapore?
Finally, you’ll need to set up your corporate bank account. Here is a checklist of all essential requirements 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. Typical services provided by your corporate service provider may include annual company secretarial services, nominee local director, registered address, accounting, and tax filing. If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. Factors influencing the exact duration include the type of business entity you’re registeri ng and whetherall required documents are readily available.
So, any confusion over the quickbooks online accountant support phone number name will delay the process until it’s resolved. Profits are taxed at partners‘ personal income tax rates if the partner is an individual. And at corporate tax rates if the partner is a corporate body. Plus, there needs to be a detailed agreement on how profits are divided.
The Sleek platform and interface was also extremely user friendly. He (Oswyn) understood the urgency of setting up the account quickly and expedited the request, resulting in the entity being set up in less than 3 hours. Very professional, responsive, and setting up a company was extremely seamless. Highly recommend Sleek to all entrepreneurs and companies setting up in Singapore. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375.
This positive image can boost your relationships with customers, suppliers, and investors while opening doors to new business partnerships. Take them seriously and ensure all the information is accurate. You also must outline how the relationship between shareholders and the limited company will be conducted.
A secretarial service will flatten the learning curve of running Singapore companies. The corporate service providers will keep you compliant without running the admin yourself. This vibrant city-state offers numerous opportunities for entrepreneurs. To kickstart your venture, it’s essential to understand what’s needed for Singapore companies‘ formation. By the end, you’ll clearly understand the steps involved, helping you embark on your business journey confidently. To help expedite the company incorporation, plan ahead by ensuring that all your documents are in order and that you checking account definition have addressed any potential issues beforehand.