Company Registration & Accounting Services
Get your company incorporated online in Singapore with our team of consultants who will guide you through the whole process.
Our Company Formation Services
End to End Support for Solopreneur to register a company in Singapore
Scale your Business with a team in Singapore as a Microentrepreneur
Foreign Companies planning to Setup an Entity in Singapore
4 Steps to Setup a Company In Singapore
1. Initial Requirements
To establish a Singaporean company, you must have a minimum of one shareholder, who can either be an individual or another corporation. It’s worth noting that you can have multiple shareholders if needed. However, please be aware that the maximum limit for shareholders in a Singapore private limited company is set at 50. It’s important to highlight that Singapore permits 100% foreign shareholding, which means that all shareholders can be foreign nationals or entities.
You have the flexibility to establish your Singaporean company with a minimal capital of just 1 Singapore dollar. Furthermore, should the need arise, you can augment this capital by infusing additional funds and subsequently informing the company registrar.
Both Singapore-resident and foreign-resident individuals are eligible to serve as directors for a Singaporean company, provided that there is a mandatory presence of at least one director who is a Singapore resident. It’s important to note that corporate directors are not allowed; in other words, the directorship must be held by an individual. In situations where you lack a Singapore-resident person to fulfill the director’s role, you have the option to utilize our nominee director service to meet this requirement. For additional information, please refer to our available local director options for foreign-owned companies.
To operate as a Singaporean company, it is mandatory to designate a company secretary who is a resident of Singapore. The company secretary holds the crucial responsibility of ensuring the company’s adherence to its regulatory duties and the timely submission of necessary filings. When you choose our services for incorporating your company, we will take care of the appointment of a company secretary on your company’s behalf.
For a Singaporean company, it is mandatory to maintain a registered address within Singapore. This registered address serves as the location where all statutory documents of the company must be stored and made available.
Foreign individuals seeking incorporation in Singapore require the assistance of a certified agency. We streamline this process by digitally collecting and organizing all your documents, then sending you the application for electronic signature. Here’s a breakdown of the procedure:
Initiate identity verification, which includes MyInfo Verification for Singapore Permanent Residents. All company directors and shareholders must undergo this process to maintain compliance.
Furnish evidence of your residential address and pertinent company details, such as the share structure for your company’s constitution.
We collaborate with reputable Singaporean banks and payment service providers that offer the convenience of remotely opening a business bank account online. While we facilitate the introduction and presentation of your case to these banks, it’s important to understand that we cannot guarantee the approval of your business account. The final decision always rests with the banks.
Each bank has its unique procedure for opening an account without the necessity of visiting a physical branch. Typically, they conduct Know Your Customer (KYC) interviews through online video conferencing and arrange for couriers to exchange required documents.
The submission of various tax reports throughout the year is a requisite for operating a business in Singapore. Our dedicated accounting team is here to streamline this process for you. They will meticulously organize your documents, compile the necessary reports, and ensure they are filed accurately and punctually. Additionally, we provide guidance on exemption options available to foreign business owners in Singapore.
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Frequently Asked Questions
This might vary depending on the professional service provider you engage, as the procedures carried out by each provider could differ. Typically, you will be required to provide a notarised identification and address proof of all potential officers of the company, such as the director(s) and shareholder(s). If the shareholder is a corporate entity, the business registration certificate, M&AA, shareholder list and other corporate related documents will be required.
To form a company in Singapore, you must address the following three things. Choose the right business structure, register your company with ACRA (Accounting & Corporate Regulatory Authority) to legally establish your company’s existence and set up a corporate bank account, if necessary.
After you choose the name of your company, you should decide on the type of company you intend to establish.
The types include:
Private company limited by shares
Exempt private company
Public company limited by guarantee
Public company limited by shares
Unlimited exempt private company
Unlimited private company
Unlimited public company
Then you should decide the end date of your financial year and determine what needs to be filed every year. Besides, it is crucial to appoint secretaries, company directors, and other key staff (ie an auditor within the first 3 months of incorporation) as you organize the shareholders and share capital within your business. You will also have to provide the constitution and registered office address.
Private Limited Company: Private limited companies have less than 50 shareholders and their shares should not be accessible to the public. A private limited company has the most flexible business structure. It is a separate legal entity from its shareholders and directors. It enjoys limited liability, shareholders are not liable for debts that are more than the agreed shared capital. You will need to open a corporate bank account for this reason. You can also freely transfer the ownership of the company.
Sole Proprietorship: Sole Proprietorship fundamentally means there are no partners in the business where the owner can earn all the profits but also bear a higher risk if anything happens. The sole proprietorship is not a separate legal entity from the business owner and all the debts of the business are the personal responsibility of the owner due to its unlimited liability. To register as a sole proprietor in Singapore, you must be a Singapore citizen, Singapore resident, or entrepreneur passport holder.
Limited Liability Partnerships(LLP): LLP lets companies operate as partnerships while benefiting from the advantages of a private limited company. LLP is a separate legal entity and partners are not responsible for any loss or liability arising from the business.
Yes! With all the attractive tax benefits, centralised location and business-friendly government policies, Singapore is one of the top countries in Asia for foreign directors or entrepreneurs to expand their business or to newly incorporate one.
With an Employment Pass, foreign entrepreneurs can start their company registration process in Singapore. The Employment Pass (EP) permits foreign executives, managers and individuals to work in Singapore. You are advised to complete your company registration prior to applying for your EP and note that your application is subject to the authorities’ approval.
To avoid any uncertainty or hassle, foreigners should hire a corporate secretary firm like Premia TNC to gain help with the incorporation process on top of other company formation services.
There are many business-friendly tax benefits to encourage company registration in Singapore. These are the tax advantages that entrepreneurs enjoy in Singapore:
1. Newly incorporated companies get exempted from 75% of their first 3 years of tax filing for their first corporate profits of S$100,000.
2. There is a further tax exemption of 50% taxable income of up to S$100,000. New companies registered are also entitled to the further partial tax exemption of the 8.5% tax rate on taxable income up to S$100,000 per year.
3. Shareholders of companies in Singapore can enjoy zero tax for both capital gains and dividends.
4. Singapore has signed the Double Taxation Avoidance Agreements (DTA) with more than 50 countries including Canada, China, France, Japan and the UK.
Foreign entrepreneurs are obliged to engage with a professional corporate service firm to register on their behalf since a foreign company or an individual cannot self-register their company. If you would like to become the company’s local director, you need to obtain either an Entrepreneur Pass or an Employment Pass.
You can set up a company in an hour once we obtain all the necessary information from you. It also depends on the availability and service hours of local authorities, i.e. they are not available after business hours or on weekends.
Although a registered address is required for company incorporation in Singapore, it does not need to be your actual office.
Yes, you can be a director of a company if you are above 18 years old, whether you are a Singaporean, Singapore PR or a foreigner. Also, you may appoint more than 1 director for your company. Every company must appoint at least 1 local resident director with Singapore citizenship or permanent residency. If they are not a Singapore resident, the director must hold an Employment Pass or Entrepreneur Pass. Contact us now to engage our company incorporation services.
ACRA ( Accounting & Corporate Regulatory Authority ) is the government agency of company registration, financial reporting and corporate services in Singapore.