For YA 2020 onwards, 75% of the first S$100,000 of profits earned in Singapore for the first 3 years from a company’s incorporation are exempted from taxes. More information in our 5 minute Guide to Singapore’s Corporate Tax System. Approved company names will be held and secured for 60 days from the date of your application. If top budgeting software 2021 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. Unless the company has been exempted from audit you every company must appoint an auditor within 3 months of registration.
Get a Licensed Corporate Secretary and Director
After the fulfilment of incorporation requirements, the next step in the company registration in Singapore for foreigners is to choose the business structure. While a number of options exist, the most popular with foreign investors is the private limited company because of accrued benefits, including limited liability and tax efficiency. One important feature of Singapore business registration for foreigners is that foreign individuals can own their business without the requirement for local partners because Singapore allows for 100% foreign ownership. Indeed, it is this flexibility that has attracted most global businesses and entrepreneurs to Singapore.
This allows businesses to operate with limited liability for the partners. Some examples could be a person who runs a small convenience store in front of his or her house, an individual providing services like a freelancer, or even an artisan. Note that a sole proprietorship is not a separate legal entity from its individual owners, even if it is licensed and registered as a business or similar legal entity. This means there is unlimited liability to taxes and debts from the business and the individual who runs it. While a Singapore Private company can have two or more partners, it is limited by a maximum of 50 shareholders. A Public Company Limited can have more than the allowed amount of shareholders for a Private company and can raise capital from the public.
Do I need a local director to register a company in Singapore?
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.
- From government grants, accelerators, incubators, VCs, and banks, there are several ways to get access to capital at any stage of development.
- Yes but you’ll need to apply for a Letter of Consent (LOC) from MOM to run your business, after you have registered it with ACRA.
- In addition to the ocean of venture 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.
- This fee includes both company registration and 1 year of our company secretary services.
- Some examples could be a person who runs a small convenience store in front of his or her house, an individual providing services like a freelancer, or even an artisan.
- Sleek is a pre-approved PSG vendor, which means entrepreneurs can get some of our services subsidized by the government.
To officially start your business in Singapore, you must register it with the Accounting and Corporate Regulatory Authority (ACRA). You may submit an appeal if your name application has been rejected and/or you have a valid reason to use the name which is identical or prohibited. You will need to upload the supporting documents to support your name appeal. Yes, at least one director must be a Singaporean citizen, Permanent Resident, or hold an Employment Pass, EntrePass, or Dependent Pass. Understand the differences in doing business in Singapore versus the Philippines with this comprehensive guide by Sleek. In today’s world, the availability of lightning-fast internet communication infrastructure is crucial to the success of any new business.
Choosing the right business structure for your company registration
Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. The corporate secretary of Singapore is responsible for ensuring regulatory compliance and maintaining company records. 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.
What happens post company incorporation?
One of the key advantages for foreign companies in Singapore is the flexibility in ownership structure. Foreigners can own 100% of a Singapore company, which is an attractive feature for businesses looking to maintain full control over their operations. Additionally, Singapore has numerous free trade agreements and tax treaties, providing foreign companies in Singapore with access to international markets without the burden of double taxation. Once it has been approved, you are then free to enter Singapore and begin work at your new company.