As a foreigner, you need work visas to immigrate and work in Singapore. You need an EntrePass if they want to start your business and work for it as its local director. After opening a company in Singapore, obtain company business profile. It contains particulars of the company and can be obtained online by paying a small fee. It comes in PDF format and can be downloaded within an hour of the request.
- There are three ways foreigners can register a company in Singapore.
- Our partners include Airwallex, Fazz, Aspire and WorldFirst.
- All Singapore incorporated companies must file annual returns with ACRA so that the companies’ information is up to date on ACRA’s register.
- Only certain types of businesses are eligible for this scheme.
- Singapore is one of the best places in the world to start and grow a business.
- The company’s rubber stamp lends credibility to the company’s document.
Foreigners do not have it and it is not possible to complete the process of Singapore company registration without SingPass ID. You must hire an agent or company incorporation services provider for the task. You can open company in Singapore as a private limited company to manage your risk and tax benefits and exemptions.
As a business entity, you would need to take loans to carry out your business operations. Whenever you apply for a loan from a bank or a financial institution, you will have to give security to your creditor or lender. One such security is a charge over assets which is nothing but a form of security interest. Thus, whenever a new charge what is cause marketing is created, you are required to get it registered with ACRA. BizFile+ is an online platform managed by ACRA through which you as a business entity can file statutory documents and buy information on businesses registered in Singapore with ACRA. Thus, businesses can now get access to more than 300 electronic services with BizFile+.
Therefore, choose a suitable business name and make a name application through BizFile+. Thus, you need to login to BizFile+ and use SingPass to submit your application via ACRA’s BizFile+ and register as a business entity with ACRA. The online platform ensured that individuals were no longer required to physically go to ACRA’s service center. In other words, individuals seeking business registration in Singapore could now make the requisite submissions and applications via BizFile+ online. This is unless you have incorporated a company, as company registrations do not expire. Upon registering your business, you will be issued a business profile containing details of your business as well as a Unique Entity Number (UEN) (i.e. your business’ identification number).
Compliance for Singapore Companies
To customers and suppliers, a registered business appears more legitimate because information on your business can be searched and verified via ACRA. As a result, your business will find it easier to obtain financing and contracting on credit. Having a corporate account separates your personal finances from that of your business, keeping records clear and easy to manage. Visit GoBusiness’ website to get more information on license application for virtually any industry in Singapore.
- All the stakeholders in your company like directors, shareholders, and company secretary have 120 days from the data of name approval to login in BizFile+ and give their consent online.
- Then, you have to collect the 8% of GST from your clients and pay it to IRAS.
- If you’re unsure about whether your exempt from company registration, it’s worth double-checking.
- This fee includes both company registration and 1 year of our company secretary services.
- They do KYC interviews online using video conferencing and send couriers to exchange docs.
If you do not proceed to register the business or incorporate the company within this period, the reservation will expire and the name will be released for anyone to register. By law, companies are legal persons and have rights similar to natural born persons. It means, as individuals, local and foreign companies, too, can register a Singapore company. The parent companies can own 100% equity or shareholding in the new company. You may also have to update the electronic register of members for the private companies. Transfer of shares in a private limited Singapore company can be challenging.
Number of Owners/Members/Partners
These include submitting statutory documents online, reserving domain names, GST Registration, etc. However, certain types of business require approval from certain regulatory authorities before they can be registered. Such businesses include architecture, real estate and defence. Getting such approval may require an additional 14 working days to 2 months. It’s also good to prepare alternative names, in case your top choice gets snapped up while you’re still deciding whether to register or not.
Company secretary (Only applicable to companies)
Alternatively, you can become a legal resident in Singapore. This means you can set up a business on your own with no need for another director. The Singaporean authorities do, however, require at least one resident director.
e-Services for foreign business registration
However, the owner of the LLP needs to go into detailed agreements on how the profits will be divided. An LLP is typically established to carry a profession, such as attorneys, architects, etc. where two or more would like to join together and form a practice in their shared field. The 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 body corporate. Once you’ve saved your Guided Journey, follow the recommended steps to complete the process. You can also pause and continue your application any time on the GoBusiness Dashboard, and the status will be reflected under “My Submissions”. Ready to turn your business dreams into reality, but feeling daunted at the thought of incorporating your venture?
Ultimate guide: How to register a company in Singapore
Singapore has an excellent international reputation as a stable jurisdiction with a robust financial infrastructure and a well-regulated economy. From government grants, accelerators, incubators, VCs, and banks, there are several ways to get access to capital at any stage of development. The personal assets of the owner are not protected from the liabilities and business risks of the company. This means when your business is not able to pay back a particular debt, the creditors can go after your assets as well as those of the company. This type of business is straightforward but carries more risk for its owner since the owner will be personally liable for his/her company.
(B) Company Forms under the Companies (Filing of Documents) Regulations 2003 (“C(FOD)R”) & The Companies Regulations (“CR”)
Yes, foreigners can start and operate a business in Singapore. Not all businesses are required to register with The Accounting and Corporate Regulatory Authority (ACRA). Discover how the Foreign Worker Quota in Singapore impacts the hiring practices of companies across various industries. This essential policy measure maintains a balanced workforce and guides eligibility criteria for foreign labour.
Take your learning even further and read up on tips to creatively market your brand, or learn to manage your new business on the GoBusiness Dashboard. Upon successful registration of your new company, you will be issued a Unique Entity Number (UEN) which will be used in all your transactions with government agencies. This will direct you to the e-Adviser for Starting a Business, where you will be asked to enter details such as your selected business name, business structure, and activities. Your next step will be to reserve your business name with ACRA – the Accounting and Corporate Regulatory Authority⁵. First you’ll need to check the name you’ve selected is not already in use, which you can do through BizFile⁶. Tax reporting processes – and tax rates – are different for corporations and other larger business entities³.
The Financial Statements can be uploaded to BizFile+ once such statements are approved by the shareholders. Check if your company needs to submit financial statements along with the Annual Return. If so, you must prepare and verify these statements before filing the Annual Return. Singapore Personal Access or SingPass is a common password. Such a password permits you as a user to access or undertake transactions with the majority of government agencies online in an easy and secure way. Remember, you would need your SingPass to login to your BizFile+ account in case you are registering your company for the first time.