How To Register a Company In Singapore in 5 Easy Steps: Complete Guide

Incorporate your company and get an Osome corporate secretary to ensure you comply with laws and regulations from the get-go. The World Bank has listed Singapore as one of the most business-friendly countries for many years now. If you still have doubts about how to register a business how to get upc barcodes in Singapore, ACRA is an entity that can point you in the right direction. Visit GoBusiness’ website to get more information on license application for virtually any industry in Singapore. This also means that most new businesses have no urgent need to appoint an auditor.

• Once you have decided on your business activities, it is worth checking whether they require licensing.
• They will have to work within the framework and act in the best interest of the company.
• Singapore’s liberal immigration laws also allow businesses to easily hire employees from any country, which can lower the company’s operating costs.
• Incorporating a company in Singapore is fast, easy, and free from unnecessary red-tape.

It’s usually used by businesses such as attorneys and architects, where two or more partners want to form a practice. Nowadays, the account opening process is so streamlined that you may not even need to deal with a human. Some banks offer online submission and instant approval, so check if they do have such a service. Though not immediately needed, you have to appoint a company secretary within six months of incorporation. The person you appoint must be a natural person residing in Singapore. If your company only has one director, that director cannot be appointed as the company secretary.

I Am Not A Singaporean Resident; What Must I Know For My Singapore Company Formation?

Apart from this basic cost, you may have to pay for hiring services like Nominee Director, Company Secretary, Registered & Office Address. If the expected annual turnover of your new company is more than S$1 million, you must register it for GST. Then, you have to collect the 9% of GST from your clients and pay it to IRAS. To register your company name online visit BizFile+, a web portal maintained by ACRA. If you need help with how to open company in Singapore, here is a checklist of crucial requirements. Here is a list of incorporation documents you must submit to ACRA.

Such an account is necessary for your business’ financial transactions. Immediately after you register company in Singapore, all its shareholders must meet. Factors influencing the exact duration include the type of business entity you’re registering and whether all required documents are readily available. Overall, the efficiency of the Singapore company registration process is a testament to its commitment to fostering a conducive environment for businesses to thrive.

Requirements for Registering a Company in Singapore

For Singapore companies, the registered office in Singapore must be both operational and accessible to the public during normal office hours. Private limited companies in Singapore are very efficient tax entities. They enjoy a corporate tax rate of 9% for profits up to S$300,000 and is capped at 17% if it’s higher than S$300,000. Sole proprietors and partnerships will have to pay a personal income tax of up to 22% on their business income. If a foreign company wants to set up their business in Singapore, they can have the option of registering as a Singapore subsidiary office, representative office, and branch office.

But you must consider it carefully, as it will dictate how your business is governed. Having a corporate account separates your personal finances from that of your business, keeping records clear and easy to manage. You can also appoint one of your friend or a family member (over 18 years old) as the local director. They will have to work within the framework and act in the best interest of the company.

Registered Office Address

Singaporeans, immigrants in Singapore like EP holders or Dependant Pass holders, and foreigners living abroad qualify to do so. After opening a company in Singapore, obtain company business profile. It contains particulars of the company and can be obtained online by paying a small fee. It comes in PDF format and can be downloaded within an hour of the request.

What this means is that because you’re registered as a sole proprietor, your liability is unlimited. If the owner can’t pay the business debt incurred, the creditors will come after your personal assets. Example creditors include banks, utility providers, suppliers etc.

Share Capital/Paid-up Capital

However, if your risk is minimal, you should better consult an expert. They may suggest you go with a sole proprietorship or an LLP instead of Pte Ltd company registration Singapore. If you want to start small, work hard, and grow your business. Then, you should start your business registration Singapore with a sole proprietorship.