Due to COVID-19 travel limitations, Singapore banks like OCBC and UOB, as well as fintech firms like WorldFirst and Wise, may now assist our customers in opening corporate bank accounts remotely. Each bank has its own set of account opening procedures and costs. When the value of your supplies exceeds or is likely to surpass S$ 1 million, you must register for GST as a business. You will be expected to complete quarterly returns based on a calendar year once you have registered. To register a business in Singapore, you must spend SG$315 in government costs for name verification and application.
You may refer to our article on deciding between the various business structures in Singapore for more information. Unlike sole-proprietors and partnerships, owners of companies have limited liability. Companies are separate and distinct legal entities from their owners.
Private Limited Companies and Its Shareholders Enjoy Limited Liability
The time it takes to register a company in Singapore is remarkably swift and efficient. 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. If you’re eager to open a Singapore company, it’s important to understand the role of shareholders in the registration process. You’ll need a minimum of one shareholder, while private companies can have up to 50. 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+.
- Similarly, the personal income tax rate remains very low, starting at 0% and progressively increasing to a maximum of 20% on income beyond SG$320,000.
- Read more about how to choose an ACRA-approved business name in our other article.
- Learn more about what you need to register your business, depending on the business structure you’ve chosen atStep 1.
- Some company registrations may need to be referred to other government authorities for further vetting in rare cases.
- It is important to note that in the case where there is only a sole director/shareholder, the same person cannot act as the company secretary.
Registration makes it easier for the public to find your business and transact with it. There are different requirements and supporting documents you will need, depending on your business structure. Limited liability does not apply to a sole proprietorship or partnership.
How do you check if a company name is available in Singapore?
Leading shipping firms, including Maersk, have reroutes vessels from the vital shipping lane, impacting global shipping routes and international trade. The US Navy’s interception of the assault countered the 23rd illegal attack by Houthi rebels on international shipping since November 19. The small boats, originating from Houthi-controlled areas in Yemen, attempted to board the Maersk Hangzhou, a the difference between cash transfers and in-kind benefits Singapore-registered, Danish-owned cargo ship, said US Central Command (Centcom). Explore how our Live Registry Connections and Automated UBO Engine can drive safe cross-border growth for your business. These numbers reflect the city-state’s commitment to promoting entrepreneurship and innovation, as well as its reputation as a business-friendly destination for newcomers from all over the world.
It’s easier to navigate banks and financial institutes’ bureaucracy when your business is a Private Limited Company. If you’re a group of 1 to 50 individuals who own part of the capital of a business at limited risk, then you can benefit from registering as a private limited company. Like sole proprietorship, partners have unlimited liability, so personal assets aren’t protected in debts and insolvency cases. Partners can be held liable for the actions of the other partners. In this case, Piloto Asia will be more than happy to assist international business owners looking to register and start a business here.
Incorporation Documents to Register Company in Singapore
The approval of the pass is subject to eligibility requirements and prevailing government policies. When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa. A Singapore company must appoint a company secretary who resides in Singapore. A company secretary is responsible for ensuring the company complies with its regulatory obligations and filings. When you incorporate your company through us, we will appoint a company secretary for your company.
The pre-requisites, information and supporting documents needed for the application to register the business will vary, depending on the business structure type. We advise you on everything from optimal corporate structure, capital investment, full foreign ownership, shareholder requirements and more. The relatively advantageous tax environment is another inducement for investors and businesses to locate in Singapore. Your newly formed company will now require the opening of a bank account. We have strong relationships with a number of local and international banks, and we can set up meetings and provide all necessary paperwork for you.
Upon company registration, you will receive an email notification that is valid for one year and can be renewed annually for SG$20.00. Furthermore, the Singaporean government liberally encourages entrepreneurs and startups through subsidies and rent deductions. The globe has been dealing with the COVID-19 pandemic since the beginning of 2020.