A Comprehensive Guide For Foreigners
Singapore stands as a premier global business hub, attracting entrepreneurs worldwide. If you want to start a business here, knowing how to register a company in Singapore is very important. This guide explains the process step by step for foreign individuals and companies. Singapore’s business-friendly rules and strong legal system make company registration in Singapore a smart choice. We will show you each step so you can get started easily.
Key Requirements for Foreign Entrepreneurs
Before you begin the company registration in Singapore process, you must meet some rules. These rules help you follow Singapore’s laws.
Appoint a Resident Director:
You need at least one director who lives in Singapore. This person can be a Singapore citizen, Permanent Resident, or an EntrePass holder.Provide a Local Registered Address:
Every company must have a real address in Singapore. This is for government contact and legal notices.
Essential Appointments and Roles
Every company must appoint a qualified company secretary within six months of starting. The secretary must live in Singapore. Their job is to help the company follow the law and file the right paperwork.
You also need at least one shareholder. This can be a person or a company. Singapore allows 100% foreign ownership, so shareholders do not need to be Singaporeans.
These steps are all part of Singapore company registration.
Step-by-Step Guide to Company Registration in Singapore
Follow these easy steps for a smooth and legal company setup in Singapore.
Preparation
You need a shareholder, a local address, and a resident director. Also, only S$1 is required for paid-up capital.
Because some names may be similar to existing ones, avoid names that copy others. Once approved, your name is reserved for 120 days.
In addition, prepare your company address, share information, and constitution.
You’ll get your company number and documents after approval. As a result, keep these documents safe.
Application & Appointment
In addition, check that both meet all requirements.
After any change, update the register within two days.
After Registration
Therefore, set this up early.
Register for GST if your turnover is above S$1 million.
For example, food, finance, and healthcare have extra rules. Always check if you need a licence and apply early.
Always meet deadlines for AGMs and annual returns. As a result, your business stays in good standing.
Company registration in Singapore is just the beginning. After registering, your business must meet ongoing compliance needs. These include filing your financial statements and tax returns every year with ACRA and the Inland Revenue Authority of Singapore (IRAS).
In addition, you must keep your records and statutory registers accurate and up to date. This is required by law, and it helps your business avoid penalties.
Because compliance can be complex, many companies choose a corporate service provider to help manage these tasks. As a result, your business will stay in good standing and you will have peace of mind for the long term.
Navigating how to register a company in Singapore can be easy if you have the right support. When you understand the main requirements and follow the steps, foreign entrepreneurs can set up companies smoothly.
Singapore’s friendly business environment, along with efficient processes, makes it a great place to start your next business. Therefore, working with experts helps ensure a smooth company registration in Singapore experience and ongoing compliance.