Starting a business in Singapore is a challenging yet exciting proposition. While the law in Singapore is very business friendly, there are lots of legalities and red tape that need attending to, which means you need the experts from Vakilsearch on the job.
We handle company registration in Singapore, including legal compliances, paperwork, and post-registration tax filing.
Based on the entity type our experts assist you in business name approval and document submission for your UEN
Register Company in Singapore for Foreigner - An Overview
Singapore is now the best place to start a business if you want to expand your worldwide reach. Because of its robust yet friendly investment and trade regulations, Singapore is recognised as one of the best countries in the world to do business. Company registration is required for the company's owners. New company registration in Singapore is simple and inexpensive.
Singapore is placed second in the Ease of Doing Business Report 2020, which serves as a benchmark for foreigners and locals interested in forming a company in Singapore. According to Singaporean legislation, foreign corporate entities or foreign individuals are not permitted to register as a business in Singapore. For New company registration in Singapore, they must use a local expert business.
Types of Singapore Business Entities
The following is a basic rundown of the many forms of business entities in singapore company formation:
Private limited company
Limited liability company
Subsidiary company
Branch office
Representative office
Private Limited Company Formation in Singapore
A private limited company in Singapore has a different legal position from its owners and directors, who have limited accountability for the business's debts and losses. The owner of this business entity has the right to own property.
Limited Liability Partnership Registration in Singapore
A limited liability partnership combines the benefits of a private limited company and a partnership to provide you the maximum freedom while keeping your legal entity independent from your partners.
Minimum Setup Requirements:
A minimum of two partners is required
A full-time resident manager
A registered address
Setting up Subsidiary Company in Singapore
A subsidiary company is a private limited company that is owned by an external business entity. This external corporate entity may possess 10% of the company. Setting up company in Singapore enjoys the same benefits as a Singapore-based private limited company.
To Register your business in Singapore you can either apply for a Singapore work permit and relocate to Singapore, or you can appoint a nominee director and administer your business from outside.
Minimum Setup Requirements:
A single individual/corporate shareholder
A resident director is required
A company secretary
Paid-up capital of one dollar
A registered address
Company's Branch Office Formation in Singapore
A branch office is a non-Singapore-based growth of a foreign corporate entity. Because it is a non-resident, it is not eligible for tax exemptions like other Singapore private limited companies. To Register your business in Singapore you must apply for a Singapore company incorporation employment pass if your company desires to move or send staff to Singapore to conduct business.
Minimum Setup Requirements:
A corporate shareholder
A local agent
A registered address
Business Representative Office in Singapore
A representative office is a temporary structure that cannot last for more than three years. Setting up company in Singapore permits foreign corporations to temporarily move to Singapore to explore and interact with local distributors as well as analyse the market. To relocate, you'll need a Singapore incorporation employment pass.
Minimum Setup Requirements:
For Singapore company registration from India, sales turnover must be greater than $250,000.
Must have been in business for at least three years
For Singapore company registration from India, the proposed R.O. personnel must be not more than five employees.
What are the Documents Required to Register Your Business in Singapore?
For registering your company in Singapore, we will require the following documents from your end.
Company name
Brief description of business activities
Shareholders
Particulars
Directors’ particulars
Registered address
Company secretary particulars
Memorandum of Association(MOA)
Articles of Association (AOA).
Note:
On-Residents (Foreigners) - Copy of passport, overseas residential address proof, and other KYC details such as a bank reference letter, business profile, etc.
Singapore Residents - Copy of Singapore identity card.
Key Factors of Company Registration In Singapore
Liability/Legal Entity
One of the most important factors to consider when choosing an organisational form is the liability structure. It is beneficial for both the business owner and the firm if the two are legally different entities. This will provide for a limit on what/who is responsible for any company indebtedness.
Ability to Grow
A long-term goal for every business is to continue to grow, thus owners must assess which organisational structure will allow them to broaden their horizons and enter new markets or products/services.
Cost of Setting Up
If the business is a startup, it's important to consider the amount of capital available to register in Singapore.
How Can Vakilsearch Assist?
When forming a company in Singapore, it's important to choose the right business structure. Thousands of businesses like yours, have chosen Vakilsearch to be a company in Singapore and break into a new market, and our team up with the InCorp Group will give you the best company registration experience a foreign company could hope for in Singapore. With service standards that are client-centred, reliable, and ethical, we will always be here to guide and support you.
Our goal is to remove the barriers to interacting with traditional financial institutions and government agencies, such as paperwork and bureaucracy.
We believe in making things easier for small businesses so that they may focus on building their business rather than being overwhelmed by administrative responsibilities
Our skilled partners manage everything for you in a timely and efficient manner.
FAQ's on Register a Company in Singapore
Yes, you can use an Indian driving license in Singapore, but only for a short period. If you plan to drive in Singapore for more than a year, you need to convert your Indian license to a Singapore driving license.
Yes, Indians who want to work in Singapore need a work permit or employment pass. The type of permit you need depends on the job and your qualifications.
The time to get a business license in Singapore can vary. Generally, it takes about 1-2 weeks. But it can take longer if extra checks are needed.
Get in touch with a Vakilsearch expert to know more!.
Residents are eligible for a number of personal exemptions and are subject to progressive tax rates ranging from 0% to 22% (24% as of the year of assessment 2024)
Individuals who are non-residents are not eligible for any personal exemptions and must pay tax at a fixed rate of 22% (24% starting in the year of assessment 2024)
Non-residents are given a break by having their employment income taxed at the highest of a flat rate of 15% or the graduated resident rates with personal exemptions. Directors who are not residents are not eligible for this exception.
Yes, an Indian company can open a branch office in Singapore, subject to compliance with the regulations and requirements of the Singapore government. The company must register with the Accounting and Corporate Regulatory Authority (ACRA) and obtain necessary permits and licences to operate in Singapore.
A number of Indian start-ups, like Flipkart, have established holding companies in Singapore to take advantage of more funding options.
The Double Tax Avoidance Agreement (DTAA) between Singapore and India prevents Singapore and India from taxing citizens of both countries twice on their income.
A Singaporean, Singapore Permanent Resident, or a Singapore Employment Pass holder can register a Singapore company. If a foreigner wishes to set up a company incorporation singapore, they will require a resident director who has one of the above residential statuses in Singapore.
It takes one day to set up a company in Singapore with ACRA.
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