You can also choose to start a company without moving to Singapore by appointing a local resident director. The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore. 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.
- Highly recommend Sleek to all entrepreneurs and companies setting up in Singapore.
- Common business structures are Private Limited Companies (similar to Limited Liability Companies in other jurisdictions), Sole Proprietorships, and General Partnerships.
- This type of business is straightforward but carries more risk for its owner since the owner will be personally liable for his/her company.
- Usually, you will find out whether your proposed name has been approved or rejected within a day.
What happens post company incorporation?
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. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. You must inform ACRA of any address change within 40 days of registration. Learn about the different business structures and find out which one best suits your business. Limited liability does not apply to a sole proprietorship or partnership.
What happens after company registration?
Assuming all the documents are found in place after the application comes in, one could expect approval to come through in a day or two. Once the incorporation gets processed, foreigners can apply for an Employment Pass or Entrepreneur Pass that allows them to work and stay in Singapore. In comparison to other countries like China, opening a corporate bank account is also a simple process.
Do I need to be present in Singapore to register a company?
It is also the most common and preferred type of business compared to limited liability partnership (LLP) or sole proprietorship (SP). A corporate secretary, also known as a company secretary, is required by the Companies Act of 1967. Section 171 requires all companies in Singapore to appoint a corporate secretary whose main duty is to ensure that the company complies with Singapore’s laws. When the company is incorporated, Company Secretary can be left blank initially. However, the Company Secretary must be appointed within 6 months of incorporation. Singapore Company Formation team is a world leading corporate services provider, supporting entrepreneurs, investors, and business owners worldwide with company registration, banking, tax, and more corporate services.
Company registration in Singapore for foreigners is smooth and proposed to attract foreign participation in businesses. Whether an individual entrepreneur or a big corporation, Singapore has provided a friendly platform in which you can register your business. Naming your company and its verification to meet Singapore’s requirements is the initial step in the company registration in Singapore for foreigners. Once you have a name in mind, you need to get it approved via the portal of ACRA. If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. You can hire a company secretary firm like Sleek who can help with the entire business registration how to efficiently manage capex capital project management software process and also provide services such as nominee director and as well as a local registered address in Singapore.
Singapore Corporate Tax System
It determines how the business is governed, its legal status, and the extent of personal liability. The right structure ensures compliance, minimizes risks, and maximizes operational efficiency, influencing the company’s long-term success. Worth noting is the fact that Singapore’s regulatory environment supports business growth in many ways, and company registration in Singapore for foreigners acts like a gateway to entering lucrative markets in the region. 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. More information on the eligibility requirements and application process here.
As a matter of fact, a number of foreign investors have established foreign companies in Singapore through the country’s stable legal system, strong financial markets, and multi-talented pool. The best visa option for foreign entrepreneurs looking to move to Singapore and incorporate a company is the EntrePass, also known as the Entrepreneur Pass. This visa is specifically designed for foreign entrepreneurs who want to start a business in Singapore. It allows the entrepreneur to relocate to Singapore and operate their company. To be eligible for the EntrePass, applicants must fulfill certain criteria, such as having a viable business plan, possessing relevant qualifications or experience, and demonstrating a track record of successful entrepreneurship. Additionally, the EntrePass offers flexibility and benefits such as the ability to bring family members to Singapore and the opportunity to apply for permanent residency in the future.