We’ve all heard that Singapore is a dream place for company formation. Now that we have talked about the incorporation details, let’s look at the business opportunities themselves. Here is a short list of industries flourishing in Singapore for you to assess the opportunities.
- Our accountants are certified by ISCA
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Our clients opt for private limited companies — they meet most entrepreneurs’ needs and the procedure is fast.
We help both locals and foreigners with company formation. There’s no need to be present in Singapore to start a business here — we can register a company and help open business account remotely.
Let’s get ready to register your
1. Pick a company name
The first step in the company registration process is to make sure that the name you’ve chosen is available. For that you need to send a query to ACRA, Accounting and Corporate Regulatory Authority in Singapore, an organisation that oversees all local businesses.
Name-checking with ACRA costs S$15, but we carry out the search online for free. Just type in the company name you have in mind and see if you can use it.
2. Choose business activity type
Singapore assigns a code to every type of business. Standard Industrial Classification, or simply SSIC, identifies to the government whether you’re a hot-dog stand or a tech startup. SSIC can affect things like whether you need a license or qualify for tax exemptions. When you register a company, you need to choose a code that describes your business. Use our free tool to see what code suits you best.
What does the incorporation cost depend on?
We specialize in the formation of private limited companies. For foreigners there’s a legal requirement to hire local directors — so the incorporation costs more. For foreigners eager to relocate we’ve created packages that include visa application.
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What are the requirements?
To register a business in Singapore you need to have a local address, a corporate secretary, a resident director. Paid up capital starts at $1.
What does the process look like?
We check that the company name you’ve chosen is available. You send us your IC or passport copy, details on directors and shareholders. We prepare all the necessary documents, send them to you for electronic signature, and submit them to ACRA(a government entity that registers companies). On your end, it’s just a message thread in a secure chat. Once a UEN has been issued, your company is operational.
How long does incorporation take?
Once all the documents are ready, it usually takes us less than an hour to incorporate a company. It mostly depends on when you are comfortable with providing all the details, as well as the service hours of the authorities. Our record stands at 38 minutes and we keep getting better.
Do I need a company address?
Yes, all Singaporean companies must have a local registered address. It goes on all legal documents. If you don’t have an office address, use our service. We handle your incoming letters, scan and store them in your Osome account so you have easy access to all your documents. You can also use your residential address as your company address if your business is not going to disturb your neighbours. You might need additional approval from authorities for this.
What’s Corporate Secretary?
A corporate secretary is a person responsible for all necessary documents required by law. For example, issuing company resolutions, managing regulatory filings and maintaining company books. Every Singapore business must have one. This critical role requires various certifications and involves a lot of responsibility.
Who can be a director?
Anybody above 18 years old: Singapore locals or foreigners. You can have as many directors as you want, or it could be just you.
What does the process look like?
We check that the company name you’ve chosen is available. You send us your IC or passport copy, details on directors and shareholders. We prepare all the necessary documents, send them to you for electronic signature, and submit them to ACRA (a government entity that registers companies). On your end, it’s just a message thread in a secure chat. Once a UEN has been issued, your company is operational.
Do I need a company address?
Yes, all Singaporean companies must have a local registered address. It goes on all legal documents. If you don’t have an office address, use our service. We handle your incoming letters, scan and store them in your Osome account so you have easy access to all your documents.
Who is a Nominee Director?
A nominee formally holds a director’s position, without any actual decision-making powers or authority to run the company. His only obligations are to act in the interests of the company and in compliance with the law.
Do I need a resident director (Nominee Director)?
Your company can have as many directors as you want, but at least one needs to be local. If you do not have someone who can play the role, hire a nominee director. For example, there can be two directors: you and the nominee. If you apply for Employment Pass from your new company, you only need the nominee service while you wait for it (about 6 months). After that, you can be the only director.
What is an Employment Pass?
It’s a type of working visa issued per specific company so it can invite foreign professionals, managers, executives, and technicians. It allows you to work exclusively for that company, live and bring your family to Singapore. It’s valid for 1 or 2 years and can be renewed afterwards.
Can I transfer an Employment Pass or Dependant’s Pass I have to my new company?
No, EPs/DPs are issued per one specific company. You can only work for the employer that sponsors your visa. So after you’ve incorporated, your new business has to apply for your new EP. Do it seamlessly: there’s no need to cancel your old EP before you get the new one.
How long does the company registration take?
Once all the documents are ready, it usually takes us less than an hour to register a company. It mostly depends on when you are comfortable with providing all the details, as well as the service hours of the authorities. Our record stands at 38 minutes and we keep getting better.
Can I move to Singapore if I open a business there?
Sure. There’s a special type of visa called Employment Pass you can receive within about 6 months. In order to qualify you need to pay yourself a salary of about S$6,000, especially if you plan to bring family under Dependant Passes.
What are the requirements to get an Employment Pass?
This is an employment visa so your professional qualities and fit with the company will be evaluated. We will file your CV with relevant professional experience, education data and the company profile to get the visa. The most important factor is your fixed salary amount that the company commits to paying you. It needs to be no less than S$6,000, especially if you want to bring immediate family under Dependant Passes.
Why shall I opt for company incorporation in Singapore?
Located in Southeast Asia, Singapore gives you access to the expanding markets of the Asia-Pacific region. The taxes are low, the quality of life is high, and the legislation favors foreign businesses.
What do I need to do before I start my company formation in Singapore?
OK, here is a little guide on how to prepare for using a company formation service in Singapore. There are things to decide on before submitting the papers, let us go through them:
- You need to choose a company name, which we send to ACRA for approval.
- You need a paid-up capital; $S1 is enough.
- Setting up a company in Singapore requires a local address: a real place in the city-state to receive official letters. If you don’t have one, you can use ours: we notify you about your correspondence, scan, and send it to you.
- You must find a Corporate Secretary: a person certified under various regulations responsible for lodging and filing in time all necessary documents required by law. You can choose between the Essential and Unlimited packages: the former covers the regular activities, such as Annual General Meeting preparation, and the latter includes all and any resolutions such as change of directors, company address, share structure, etc.
- You provide the list of directors, their IDs and contact data. A foreigner can’t run a business in Singapore if his company has no resident directors. Hiring a local nominee solves the problem. Having him, you can become a director yourself or appoint another executive from abroad.
- You decide on the share structure and send us the list of the shareholders. There can be 1–50, both individuals or companies.
- We use all the information you provide to design your company’s Constitution.
What documents do I need to prepare?
We’ll ask you for this information:
- Company name
- Directors’ particulars
- Shareholders’ particulars
We’ll provide the following:
- Corporate Secretary particulars
- Nominee Director particulars (if required)
- Local address (if required)
- Company Constitution
How long does it all take?
Once all the documents are ready, it normally takes less than an hour to incorporate a company in Singapore. It mostly depends on when you are comfortable with providing all the details, as well as the service hours of the authorities. Our record stands at 38 minutes and we keep getting better.