How to register a company in Singapore 2024 Guide

register a company in singapore

Then, you should start your business registration Singapore with a sole proprietorship. This is a great option, especially if you do not know how far your business will take you. Singapore company registration process is simple and free of red tape. The government also encourages the incorporation of company by offering various tax exemptions and schemes to startups. It is why new entrepreneurs tend to favour an ACRA register company. InCorp also provides other company incorporation services, such as a registered business address, company secretary, and nominee director assistance.

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Your private limited company must have a registered address in Singapore. Box; all your statutory documents should be kept at this address. Company registration entails the submission of a company constitution (previously known as Memorandum and Articles of Association) to ACRA. This document is usually reviewed by lawyers as part of the incorporation process. For businesses with a view to growth, a company would be the most suitable business structure. You may refer to our article on deciding between the various business structures in Singapore for more information.

register a company in singapore

Annual Filing Requirements

  1. All companies need to note the Inland Revenue Authority of Singapore’s (IRAS) compliance requirements too.
  2. It also involves more work to wind up a company – it can take 5 months for the company to be removed from the register.
  3. For example, if you plan to incorporate a real estate agency, your application will be referred to the Council for Estate Agencies (CEA).
  4. Hold your first AGM within 18 months from the date of incorporation of company.
  5. Be prepared to provide detailed information on your company’s activities, shareholders, beneficial owners, and anticipated banking needs.

Banks like DBS, OCBC, and UOB offer corporate accounts with features like internet banking, multi-currency support, credit cards, and trade financing. Contributions to funds like CPF and MediSave for citizens/PR employees must be made. Work passes must be secured for foreign employees before they can start https://www.quickbooks-payroll.org/ working. Work permits allow companies to hire foreign workers from approved countries for basic skilled jobs like construction, domestic work, manufacturing, etc. The M&A allowance scheme supports corporate restructuring by allowing qualifying costs from M&A deals to be deducted from taxable income.

Ongoing Formalities & Filing Requirements

Note that you may only start a private limited company for this route. You must also hire a registered filing agent to help you file your company setup application. After you incorporate a business in Singapore, you can relocate to the city-state by obtaining an EP. You can engage the services of a registered filing agent such as InCorp to submit your EP application on your behalf. For professionals in shared fields, a Limited Liability Partnership (LLP) might be a viable business structure. An LLP is a business structure that merges the flexibility of operating as a partnership with the advantages of limited liability, akin to that of a corporation.

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Every business must appoint a company secretary residing in Singapore. The company secretary keeps your business compliant with regulations and tax filings. It’s an essential aspect of successfully doing business in Singapore. If you’re eager to open a Singapore company, it’s important to understand the role of shareholders in the registration process.

Business Accreditations

register a company in singapore

Singapore companies are allowed to have 100% local or foreign ownership. New shares can be issued or existing shares can be transferred to another person after the company has gone through the incorporation process. A copy of your company’s constitution must be submitted when applying to incorporate your company. If you do not wish to create your own constitution, you may choose to adopt the applicable Model Constitution below. Our experience with Singapore Corporate Services has been absolutely outstanding. We spent a lot of time reviewing and considering who to work with in our Singaporean business registration and are so happy that we chose Jacqueline and her team.

The registered address does not need to be your place of business operations. You can have your office located in Queenstown while your factory is in the Southern Islands. A company is obligated to establish a constitution upon incorporation.

In most cases, you can complete the entire registration process within a matter of hours or days. Singapore’s user-friendly online registration system has streamlined the procedure, allowing entrepreneurs to navigate through the necessary steps swiftly. MOM also offers an EntrePass for foreign entrepreneurs with venture-backed or tech-innovative businesses, open to all nationalities. If the company is registered, it should be under six months old when applying for EntrePass.

Once you have chosen your company name, address and have your constitution ready for submission, you can proceed 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. However, companies have many more compliance requirements as compared to https://www.online-accounting.net/accounting-profit-accounting-profit-formula/ sole-proprietors and partnerships. It also involves more work to wind up a company – it can take 5 months for the company to be removed from the register. 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.

If you are hiring for a private limited company, make sure that the appointee is qualified and well versed with the tenets of the company Act. Foreigners the balance sheet can register a company without immigrating to Singapore. Afterwards, they can go back and direct their company from their native country.

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. For Singapore companies, the registered office in Singapore must be both operational and accessible to the public during normal office hours.

Once the company name is approved, ACRA will reserve it for your use for 60 days from the date of application. If you cannot, we will ask ACRA for an extension of another 60 days by filing a request on your behalf. The process for company registration Singapore is straightforward.

Your business is also more likely to be taken seriously by bankers, suppliers, clients, and other professionals. The credibility of businesses registered as sole proprietorships or partnerships will depend entirely on their members, making it difficult to secure capital for growth. A partnership structure addresses the sole proprietorship’s limited ability to expand. The time it takes to register a company in Singapore is remarkably swift and efficient.

After hiring us, submit your incorporation and KYC documents to us. We will then initiate the Singapore company registration process on ACRA’s website. We understand that it can be a daunting task for foreigners looking to register a company in Singapore. At InCorp, our team of corporate service professionals are here to guide you through every step of the way.

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