How to Register a Company in Singapore Your Full 2024 Guide

A private limited company (Pte Ltd) is the most common type of company to open in Singapore. To register your business in Singapore, you must make sure that your proposed name is approved by ACRA. Usually, you will find out whether your proposed name has been approved or rejected within a day. You will need to understand the key differences between the structures and decide which is right for your business.

Public Limited Company in Singapore: Guide to Benefits and Registration

Nearly a third of the country’s workforce are foreigners and Singapore makes it easy for any foreign professionals to obtain work visas or permanent residence (PR) status. These policies include several forms of grants, tax incentives, and assistance schemes. Additionally, if your business falls within specific economic sectors, the government also subsidises labor costs for your new business. Singapore has an excellent international reputation as a stable jurisdiction with a robust financial infrastructure and a well-regulated economy. From government grants, accelerators, incubators, VCs, and banks, there are several ways to get access to capital at any stage of development. 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.

Can you set up a business without registering?

Proper preparation can significantly reduce the risk of delays and streamline the registration process. The best visa option for foreign entrepreneurs looking to move to Singapore and incorporate a company is the EntrePass, also known as the Entrepreneur Pass. This visa is specifically designed for foreign entrepreneurs who want to start a business in Singapore. It allows the entrepreneur to relocate to Singapore and operate their company. Additionally, the EntrePass offers flexibility and benefits such as the ability to bring family members to Singapore and the opportunity to apply for permanent residency in the future. Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP).

Designed for Singapore citizens and permanent residents of Singapore who do not need our local director and Employment Pass application filing service. You could even score up to 70% off your yearly accounting fees sample chart of accounts for a small company if you’re eligible. Overall, Singapore is a pretty great place for entrepreneurs.

How Long Does It Take To Register a Company in Singapore?

In most cases, you can complete the entire registration process within a matter of hours or days. Singapore’s user-friendly online registration system has streamlined the procedure, allowing entrepreneurs to navigate through the necessary steps swiftly. Osome is here to guide you through the registration process and provide nominee director and registered address services. 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.

1. Remember, your business needs to be a private limited one and incorporated before the EP application.
2. This was after trying to apply via the ACRA portal directly, which ended up being extremely difficult due to the poor UI/UX (not recommended for beginners).
3. 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.
4. Singaporean society is more conservative than what you may be used to.
5. Next, you need to register your company with the Singapore Company Regulator, known as The Accounting and Corporate Regulatory Authority (ACRA).

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. 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. MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies.

Once registered, you must comply with ongoing reporting and filing requirements. Opening a corporate bank account is an important task after incorporating your company in Singapore. Singapore isn’t just a property plant and equipment ppande definition hub for venture capital; it’s also got a government that loves innovation and entrepreneurship. They offer a range of grants, tax incentives, and assistance schemes.

Singapore could be your perfect launchpad if you’re considering setting up a business. It offers a business-friendly environment and a wealth of benefits. Registering a company in this dynamic, innovation-driven city-state comes with many benefits for you to turn your entrepreneurial dreams nonprofit accounting explanation into reality. If you’re not Singaporean and you want a hassle-free experience, you might want to consider hiring a qualified company secretary.. We’ll also ensure you know important deadlines throughout your financial year.