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A Complete Guide on How to Register a Company in Singapore From the UK

  • Published: 18 December 2024
  • 13 min read
  • Starting a Company
A Complete Guide on How to Register a Company in Singapore From the UK
  • Heather Cameron

    Business Writer

    From expert guidance and helpful accounting tips to insights on the latest trends in fintech, Heather is here to empower entrepreneurs and small business owners in Singapore with great content. With a background in digital marketing spanning eight years, she has experience writing for various industries and audiences. As Osome’s copywriter, she’s here to inform and inspire our readers with great storytelling.

Want to register a company in Singapore from the UK? This guide explains the entire process. We’ll help you understand the requirements, choose the right business structure, and complete the registration smoothly.

Key Takeaways

  • Registering a company in Singapore from the UK offers access to a stable economy and investor-friendly environment, making it attractive for business growth.
  • Key requirements for business registration include having a local director, a company secretary, at least one shareholder, and preparation of essential documents.
  • Post-registration compliance involves regular filings with ACRA and IRAS, including annual returns and financial statements, to maintain good standing and avoid penalties.

Understanding Company Registration in Singapore From the UK

Registering a company in Singapore provides access to a robust financial system and a stable economy, promoting investor confidence. Singapore is recognised as one of the world’s most business-friendly environments, offering a host of benefits for Singapore companies, including enhanced credibility and expanded business opportunities. This makes it an attractive location for a company's registration, especially for entrepreneurs from the UK looking to tap into the Asian market.

Tip

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Before delving into specifics, grasping the company incorporation process is essential. Singapore’s business environment, with its stable economy and supportive government, simplifies the registration process. However, understanding the various business types and key requirements is necessary for smooth navigation.

Types of business structures

In Singapore, businesses can choose from various structures, such as private limited companies, sole proprietorships, and limited liability partnerships. A private limited company is the most common structure, allowing up to 50 shareholders, providing liability protection, and operating as a separate legal entity, which is attractive for a new business. This means the company’s debts and liabilities are separate from the assets of its shareholders, making it an attractive option for many entrepreneurs.

Other business types include sole proprietorships and limited liability partnerships (LLPs). A sole proprietorship is the simplest form of business structure, where one individual owns and operates the business, assuming unlimited liability, unlike a private limited company, which offers liability protection.

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In contrast, LLPs offer personal asset protection for partners against business debts, distinguishing them from traditional partnerships. Depending on your business activities and goals, choosing the right structure is critical for long-term success.

Key requirements for company registration

To complete your Singapore company registration, certain key requirements must be met:

  1. At least one director must be a resident, either a Singapore citizen or a permanent resident.
  2. A company must appoint at least one shareholder.
  3. A secretary must be appointed within six months of company incorporation. This secretary must be a local resident and cannot serve as the sole director.

The minimum initial paid-up capital to start a business in Singapore is just SGD 1, though higher amounts may enhance the credibility of a new company in the market. Essential documents for company registration include the standard Singapore company constitution, identification details of shareholders and directors, and proof of the company's registered address, which cannot be a residential address.

Meeting these requirements will streamline the registration process, whether you are setting up a private limited company, limited liability partnership, or simply securing a registered Singapore address, and help avoid delays.

Step-by-Step Guide to Registering a Company in Singapore From the UK

With the environment and requirements understood, the step-by-step process of registering a company in Singapore from the UK involves choosing a business name, preparing documents, and submitting your application to ACRA. Carefully following these steps ensures a smooth registration process.

After successfully registering, businesses receive a company business profile from ACRA, which is essential for both the parent company and foreign parent company looking to manage operations in Singapore. This business profile is crucial for various post-registration activities, whether for a parent company or subsidiary, including opening a corporate bank account and registering for Goods and Services Tax (GST).

Each step will be detailed below.

Choosing the right business name

A unique and appropriate business name represents your brand identity and sets you apart in the market. Check its availability through ACRA’s online services. The name reservation can be completed in a few hours, with official registration taking one to two days.

Conduct market research to ensure your business's name aligns with your brand and industry. A well-chosen name helps establish a strong market presence and contributes to long-term growth.

Preparing necessary documents

Document preparation is a critical step in company registration in Singapore, and seeking help from a corporate service provider can simplify the process, especially for foreign companies looking to expand into the region. Key documents include the company’s constitution, identification details of directors, and shareholder information. Additionally, you will need the approved company name application and descriptions of business activities.

Accurate and complete documents facilitate a smooth registration, whether forming a limited liability partnership or ensuring your business profile reflects the correct information. Seeking assistance from a corporate service provider or a corporate secretarial firm can help prepare and review these documents. Proper documentation is essential for successful incorporation.

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Submitting your application to ACRA

Submit the application electronically through ACRA’s online platform, BizFile+. This is the sole method for incorporation in Singapore, ensuring a streamlined process. Ensure all provided information is accurate and complete.

Incomplete applications may extend the process up to 60 days. Double-check all details before submission to avoid delays.

After submission, all appointed officers must endorse their roles within 60 days to prevent the application from lapsing.

Post-Registration Steps

Upon successful registration, Singapore companies receive a Certificate of Incorporation, which can also be purchased from ACRA, and a business file (‘Bizfile’). Every Singapore company must comply with the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS) to maintain its registration. Adhering to these legal and regulatory obligations is crucial for ongoing compliance and smooth business operations.

Singapore companies must also adhere to specific ongoing compliance obligations, primarily involving regular filings with ACRA and IRAS. This includes holding Annual General Meetings (AGMs), filing Annual Returns, and preparing annual financial statements and tax returns.

Let’s explore the key post-registration steps in detail.

Opening a corporate bank account

After incorporation, opening a corporate bank account is essential for managing finances, paying expenses, and receiving payments for a newly registered company, and corporate service providers can assist in selecting the best bank for your business. You will need the Certificate of Incorporation and Bizfile. While a Certificate of Incorporation is often required, it's not always mandatory to open a corporate bank account in Hong Kong. The specific requirements can vary depending on the bank.

A corporate bank account enhances business credibility and helps maintain clear financial records. Choose a bank account with a bank that's tailored to your business entity's needs to ensure smooth financial operations.

Registering for GST

GST registration is mandatory if taxable turnover for the last four quarters exceeds S$1 million. Businesses can voluntarily register for GST even if turnover is below S$1 million but should evaluate the cost-benefit of doing so. If your company does not make local taxable sales and supplies, it is advisable to refrain from voluntarily registering for GST. Submit the GST registration application online via the IRAS portal, including supporting documents.

Registering for GST allows businesses to charge GST on goods and services, providing additional revenue. It also enables the business to claim GST incurred on purchases, reducing overall expenses.

Timely GST registration is crucial for compliance and effective financial management.

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Ensuring IRAS compliance

Compliance with IRAS is essential for avoiding penalties and maintaining good standing with authorities. Regularly review financial records and seek professional advice to meet compliance requirements.

The Inland Revenue Authority of Singapore (IRAS) requires companies to file annual income tax returns, regardless of their income level. Singaporean companies must also keep accurate records of their financial transactions to ensure compliance with IRAS regulations. This includes maintaining proper documentation of income, expenses, and other financial activities.

Proper financial management, including understanding tax exemptions, capital gains rules, and reporting taxable income, along with IRAS compliance, are key to long-term business success.

Visa Options for Foreign Entrepreneurs From the UK

Singapore offers various long-term visa options for foreign entrepreneurs, allowing them to establish and operate businesses in the country. These entrepreneurs can choose from the Employment Pass and the Entrepreneur Pass (EntrePass), each catering to different business needs and profiles.

These visa options provide the legal framework for these entrepreneurs to operate their businesses effectively within Singapore’s dynamic economic environment. Understanding the requirements and benefits of each visa type is essential for making an informed decision.

Let’s explore the details of these visa options.

Employment Pass

The Employment Pass is designed for foreign professionals, managers, and executives who wish to work in Singapore. To qualify for the EP, applicants must have a job offer from a Singapore-registered company, meet the minimum salary requirement (starting from S$6,000 per month, progressively increasing based on age and experience), and must fulfil the requirements of the Complementarity Assessment Framework (COMPASS).

The Employment Pass provides a straightforward pathway for foreign professionals to work and live in Singapore. It also offers the flexibility to bring family members, making it an attractive option for those looking to relocate. Meeting all eligibility criteria is key to a successful application.

Entrepreneur Pass (EntrePass)

The EntrePass is specifically designed for entrepreneurs from abroad looking to start and operate a business entity in Singapore. To qualify for the EntrePass, applicants must provide a viable business plan and demonstrate relevant experience or qualifications. This visa is targeted at entrepreneurs with innovative business ideas or venture-backed enterprises.

The EntrePass provides an option to relocate the family to Singapore only after the first year of holding the pass and upon fulfilment of requirements such as annual total business spend, the raising of capital, etc. This makes it an attractive option for entrepreneurs looking to establish a long-term presence in Singapore.

Ongoing Compliance and Filing Requirements

Ongoing compliance involves regular filings with ACRA and IRAS, holding AGMs, and submitting annual financial statements and tax returns. Adherence to these requirements is crucial for maintaining good standing and avoiding penalties.

After registering a Singapore company, it is essential to ensure compliance with various regulatory requirements. This includes appointing a company secretary within six months of incorporation who will help manage compliance and documentation. Companies must also file their Estimated Chargeable Income with IRAS within three months of their financial year’s end.

Annual filing requirements

Companies in Singapore must submit their Annual Return to ACRA within 30 days of holding their Annual General Meeting (AGM). The Annual Return includes key information such as the company name, registration number, principal activities, and details of directors and shareholders. The process of annual filing takes place 7 months from the close of the financial year-end. Certain small companies are exempt from attaching financial statements to their Annual Return if they meet specific criteria.

Since 2014, financial statements must be filed in XBRL format, which is required by the Singapore government for enhanced financial reporting. Failure to hold an AGM can result in fines for both the company and its directors under the Singapore Companies Act.

Timely and accurate filings are essential for compliance and avoiding additional fees.

Role of a qualified company secretary

A qualified company secretary is essential for ensuring that a company meets its compliance obligations and properly manages necessary documentation. The company secretary plays a crucial role in managing compliance and ensuring regulatory adherence for the business. A registered company must appoint this secretary within six months of incorporation.

The company secretary is responsible for maintaining official documents, conducting meetings, and ensuring statutory compliance. This includes preparing and submitting filings to ACRA and IRAS, helping to avoid penalties for non-compliance.

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Advantages of Registering a Company in Singapore From the UK

Registering a company in Singapore offers numerous advantages, making it an attractive option for UK entrepreneurs. Singapore is renowned for its stable economy and favourable business environment, providing a secure foundation for company growth. The ease of incorporation and the strong legal framework enhance credibility and trust among clients and partners, further boosting business prospects.

Additionally, incorporating a Singapore business provides benefits such as liability protection, allowing owners to separate personal assets from business obligations. This legal structure helps mitigate risks, making it easier to attract investors and secure financing, as it operates as a separate legal entity.

Let’s explore some specific advantages in more detail.

Tax benefits and incentives

One of the major advantages of registering a Singapore company is the attractive tax benefits and incentives. New startups can benefit from a start-up tax exemption scheme (SUTE), offering significant reductions on chargeable income for the first three years. If the company does not qualify for the SUTE, IRAS will automatically give the company a partial tax exemption (PTE).

Moreover, Singapore offers a low corporate tax rate of 17%, with the potential for even lower effective rates through various tax incentives, making it highly attractive for foreign companies and a subsidiary company setting up operations. These tax incentives help reduce business expenses and increase profitability, making Singapore an ideal location for growth and expansion.

Supportive government policies

The Singaporean government offers a variety of supportive policies, such as the Productivity Solutions Grant, aimed at fostering entrepreneurship, setting up a branch office, and expanding business in Singapore. The Enterprise Financing Scheme provides substantial trade financing options to businesses, facilitating access to loans for operational and expansion needs. These financing options enable businesses to effectively manage cash flow and invest in growth initiatives.

Such supportive policies create a conducive environment for businesses to thrive. The combination of robust financial infrastructure and government support makes Singapore an attractive destination for entrepreneurs looking to establish and grow their businesses.

Strategic location and connectivity

Singapore’s geographic position serves as a gateway to Asia, enhancing trade opportunities and connectivity with major global markets. The country’s advanced infrastructure, including a world-class port and airport, facilitates efficient logistics and transport for businesses. This strategic location allows businesses to access a wide range of regional markets within a six-hour flight.

The financial infrastructure in Singapore further supports business operations, making it an ideal hub for international trading and business activities. These strategic advantages enable businesses to expand their reach and tap into new markets, driving growth and profitability.

Cost and Timeframe for Company Registration From the UK

Understanding the costs and timeframe involved in registering a company is essential for planning and budgeting. The Singapore company registration process is known for being quick and efficient, often completed in less than an hour if all necessary documents are in order. The process involves a clear sequence of steps, including name selection, document preparation, and submission to the corporate regulatory authority. This systematic approach ensures compliance with local regulations and facilitates a smooth registration process.

Here’s a breakdown of registration costs and time required.

Registration costs

The total cost for registering a company in Singapore includes a fee for name reservation and a registration fee. The fee for applying for a company name is SGD 15, while the minimum registration fee is S$315. These costs are relatively low compared to other global business hubs, making Singapore an affordable destination for company incorporation.

It is important to factor in additional costs, such as yearly accounting fees and other business expenses when planning your budget. Proper financial planning ensures that you are well-prepared to manage the costs associated with maintaining and growing your Singapore business.

Time required for registration

The easy company registration process in Singapore allows a private limited company (PTE LTD company) to be set up in one day if all necessary documents are in order. This quick turnaround is one of the key advantages of registering a Singapore company, allowing businesses to start operations without unnecessary delays.

Accurate and complete documentation is vital for Singapore company formation, especially for a new business where securing business licenses and a business license are required to comply with local regulations. By following the outlined steps and meeting all requirements, you can efficiently complete the registration and begin your business journey.

Tip

Ready to start your business in Singapore? Osome offers streamlined company registration services to help you get up and running quickly. We'll handle the legalities and ensure your company is compliant with all regulations. Don't hesitate to contact us today to learn more!

Summary

Registering a company in Singapore from the UK offers numerous benefits, including a stable economy, a favourable business environment, and a strategic location. By understanding each different business structure, key registration requirements, and post-registration steps, you can navigate Singapore company registration with ease. The supportive government policies, tax incentives, and efficient registration process make Singapore an attractive destination for entrepreneurs looking to expand their businesses.

In conclusion, Singapore provides a robust platform for growth and success. By following the steps outlined in this guide and ensuring compliance with local regulations, you can establish and operate a thriving business in Singapore. Whether you’re starting a new venture or expanding an existing one, the opportunities in Singapore are plentiful and promising.

Heather CameronBusiness Writer

From expert guidance and helpful accounting tips to insights on the latest trends in fintech, Heather is here to empower entrepreneurs and small business owners in Singapore with great content. With a background in digital marketing spanning eight years, she has experience writing for various industries and audiences. As Osome’s copywriter, she’s here to inform and inspire our readers with great storytelling.

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FAQ

  • Is it easy to set up a company in Singapore?

    Setting up a Singapore company is straightforward, particularly when establishing a sole proprietorship, which is simple to operate. However, one should be aware that the owner's assets may be at risk in case of debts or legal issues.

  • Can I register a company in Singapore online?

    Yes, you can register online through the ACRA portal, but you will need a SingPass to complete the application.

  • Can foreigners register a company in Singapore?

    Yes, foreigners can register a Singapore company and own 100% of the business by filing the necessary incorporation papers with the Accounting and Corporate Regulatory Authority (ACRA).

  • How much does it cost to register a company in Singapore?

    The cost to register a company in Singapore is S$315, with an additional S$15 for the business name application fee. This makes it a reasonable investment for those looking to establish a business.

  • What are the key requirements for registering a company in Singapore?

    The key requirements for registering a Singapore company include having at least one resident director, one shareholder, a qualified company secretary, a registered office address, and a minimum paid-up capital of SGD 1. Meeting these criteria is essential for successful registration.

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