Setting Up a Local Company

Setting Up a Local Company

InCorp Global makes forming a corporation or registering your company in Singapore a breeze. Our business experts will guide you through each process step, including accounting and finance paperwork, leaving you with peace of mind and the confidence to kickstart your business initiatives. You must have at least one shareholder to register a Singapore company. Of course, you can have more than one such shareholder as well. The maximum number of shareholders for a Singapore private limited company is 50.

  • Do note that Housing Development Board (HDB) flats and private residential properties are intended for residential use, and there are conditions and guidelines that need to be followed.
  • When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa.
  • If you do not want to draft a company constitution from scratch, model Constitutions are available here.
  • ACRA wants to protect your interests and has wisely provided an online tool for your use.

The branch office must provide and create activities that are similar to those provided by the main office. The liability of limited partners is limited to the amount of contributions made to the partnership, and they do not actively participate in the management of the company. The Singapore government has implemented pro-growth and pro-innovation policies by exempting new businesses with revenues beyond a particular threshold period costs from paying taxes. Margherita Maspero is a marketing expert with ten years of experience in marketing strategy and brand development at international RegTech companies across Europe and Asia. A graduate of the University of Milan, Margherita holds a Master’s from University College London (UCL). The easiest and most convenient method is through the BizFile portal, which provides users with online access to the registry.

How the Singapore Service Sector Continues to Chart a Successful Path Beyond 2023

In addition, the company’s directors and stockholders can form it without having to travel to Singapore. Finally, there are no needless or difficult paperwork obligations for annual compliance. The first step of registering a local company is to choose a company name and submit a name application via ACRA’s online business registration and filing portal Bizfile+. The Ministry of Manpower (MOM) allows entrepreneurs to get an Employment Pass (EP) after incorporating a company in Singapore. Once approved, you’re good to start working in your new Singaporean company. Remember, your business needs to be a private limited one and incorporated before the EP application.

  • All you have to do is review and electronically sign the documents through our online portal.
  • In order to register a Singapore company, a local Singapore address must be provided as the registered address of the company.
  • It is a mandatory requirement for every company to hold its AGM every calendar year.

This means if your business cannot pay its debts, creditors can go after your personal and business assets. A private limited company (Pte Ltd) is the most common type of company to open in Singapore. The procedures for company registration are fully computerised by ACRA in Singapore. Notably, there are no capital gains or dividend taxes on Singapore companies. For more information, refer to our guide to corporate tax in Singapore.

Company Secretary

Registering a company in this dynamic, innovation-driven city-state comes with many benefits for you to turn your entrepreneurial dreams into reality. If you expect your annual turnover to exceed S$1 million, you must register for Goods & Services Tax (GST). ACRA mandates the inclusion of a Memorandum of Association in any Singapore company, which outlines crucial details such as share capital amounts and equity distribution. Take them seriously and ensure all the information is accurate. The ACRA will also need this information before you can register your company. The World Bank has listed Singapore as one of the most business-friendly countries for many years now.

Branch Office

So if you need a permit or license for your business, apply to and acquire it from the proper authorities before commencing your business activities. If required, ask for advice from your provider of services for company incorporation Singapore or visit the business license portal. Entrepreneurs wanting to register company in Singapore prefer a private limited company for its credibility, scalability and robustness.

Review and understand Singapore’s company registration requirements

Foreigners and locals over the age of 18 can register their Singapore companies easily. All Singapore companies must maintain their accounting books in order. They need to keep their general ledgers, accounts payable and account receivables, or fixed asset ledger and every other account on time. They must prepare and file their annual financial statements with authority in XBRL format.

Singaporeans, immigrants in Singapore like EP holders or Dependant Pass holders, and foreigners living abroad qualify to do so. With their expert knowledge of company formation Singapore, your agent saves you valuable time & money. They provide you with precise solutions for setting up a company in Singapore. Well, your business structure will depend on the following factors. Each business structure will have its own pros and cons, so it’s up to you to decide which one will meet your needs.

How to Register Your Company Name?

Alternatively, we can just supply you with the resolution to start your own bank account. Under the Business Registration Act, you must register your business with ACRA. You must select a business name and file an Application for Approval of a Business Name as well as an Application to Register a Business Firm.

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