We support over 7000 businesses in Singapore , and would be thrilled to help you with your business needs. Once you have all your documents together, a company can be incorporated within one to three business days, as long as you have all of your documentation ready and ACRA does not cause any delays. This fee includes both company registration and 1 year of our company secretary services. Our expert team will also help you to prepare any other documentation your company will need to get started and running. Choosing the right business structure in Singapore is crucial as it impacts liability, taxation, and regulatory obligations. It determines how the business is governed, its legal status, and the extent of personal liability.
You must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration. You will need to understand 2021 entrepreneur scholarship offered by approveme com the key differences between the structures and decide which is right for your business.
And, depending on what activities your company is involved in, you might need to apply for a business license. If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. You can hire a company secretary firm like Sleek who can help with the entire business registration process and also provide services such as nominee director and as well as a local registered address in Singapore.
Register your business
Check out our short guide on how to open a Singapore bank account. Once you’ve saved your Guided Journey, follow the recommended steps to complete the process. You can also pause and continue your application any time on the GoBusiness Dashboard, and the status will be reflected under “My Submissions”. You can also find out how the Start-up Guide has helped other business owners to take the first step in establishing their venture. Yes but you’ll need to apply for a Letter of Consent (LOC) from MOM to run your business, after you have registered it with ACRA.
- It can have a maximum of 50 shareholders, offering benefits like corporate tax exemptions and access to various government schemes and incentives for business growth.
- Additionally, if your business falls within specific economic sectors, the government also subsidises labor costs for your new business.
- Incorporating in Singapore is a strong choice when deciding where to base yourself.
- If you’re relocating to Singapore to start a company, you can register your company only if you have the relevant work visas.
Choosing the right business structure for your company registration
More information on the eligibility requirements and application process here. On top of tax exemptions, an incorporated company can further lower its taxable income by setting up benefits programs for its employees. Specific programs can be classified as business expenses such as leasing of vehicles, pensions, and retirement funds. For a hassle-free experience, timely filings, and expert support you might want to consider hiring a professional company secretary, like Sleek!
Resources for new business owners and directors
Yes, it is mandatory to appoint a qualified company secretary within six months of incorporation. Incorporating in Singapore is a strong choice when deciding where to base yourself. A stable economy, a strong workforce, and business-friendly tax policies let you get up and running sooner- so you can spend less time tangled in admin and more time growing your business. Shareholders of Singapore companies can benefit from 0% tax on dividends and 0% tax on capital gains. One of the basic requirements of opening a company in Singapore is that one of the company directors or authorized representatives is a resident of Singapore.
If you’re a first time entrepreneur, check out the Start-up Guide which will take you through an overview of the process of registering three matching set your small business, and six steps you can take to get started. Learn more about the benefits of registering a business, and get an estimate of the cost of establishing and running your own business in Singapore with the Setup Cost Calculator. Once you have officially incorporated your Singapore business, the Companies Act requires specific annual filing requirements to be made. Check out our guide on the annual filing requirements for companies established in Singapore.
Once it has been approved, you are then free to enter Singapore and begin work at your new company. Note that your Singapore business has to be incorporated before you can apply for an EP. To register your business in Singapore, you must make sure that your proposed name is approved by ACRA.
Very professional, responsive, and setting up a company was extremely seamless. Highly recommend Sleek to all entrepreneurs and companies setting up in Singapore. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375. Requires a minimum of two partners at all times, or the company will be dissolved as well as lacks ease of transfer of ownership.
It can have a maximum of 50 shareholders, offering benefits like corporate tax exemptions and access to various government schemes and incentives for business budget business growth. Shareholders of a private limited company can be other companies, individuals, or a mixture of both. In comparison to other types of companies in Singapore, a Private Limited Company (Pte Ltd) is the most scalable, advanced, and flexible business structure for Singapore companies. It is also the most common and preferred type of business compared to limited liability partnership (LLP) or sole proprietorship (SP). If your business venture falls under other business structures, head on over to BizFile+ to register your business name directly, or appoint a registered filing agent, such as a law firm, to submit an online application.
