Starting a Business in Singapore
Beginning a new adventure in Singapore can be exhilarating. The promise of new beginnings, the chance to live out your dream and build a business empire of your own, exploring your full potential and the possibilities that await you are all part of the exciting journey which comes with starting a business in Singapore.
If you’re worried about starting a business in country you’re not familiar with, especially if you’re a foreign investor, you don’t have to be because with the right guide like the one we have provided below, you’ll be ready to get started in no time.
What You Should Know Before Registering a Company in Singapore
Before you register a company in Singapore, you would need to ensure that you’ve prepared your company to fulfil the following requirements:
- You have a minimum of one resident director which must be at least 18-years of age and has never been declared bankrupt or charged with malpractice.
- You have at least a minimum of 1 shareholder (you may appoint up to 50 shareholders).
- Your company name is approved before you incorporate.
- You must have a local, physical address in Singapore registered to your company (no PO Boxes are allowed).
- A qualified resident company secretary will be appointed within 6 months of your incorporation date.
- You are ready to pay the minimum of S$1 paid-up capital to register your company.
Companies which are registered in Singapore will have the privilege of benefitting from Singapore’s attractive tax exemptions and incentive systems. Singapore has one of the best corporate tax rates in the world, which explains why many investors are clamouring to get a foothold in the country.
As A Foreign Investor, Is There Anything Else I Need to Know About Starting a Business in Singapore?
Yes, there is. If you’re a non-Singapore resident, here’s what you need to know:
- If you plan to relocate to Singapore to run your business, you will be required to obtain either an Employment Pass or an Entrepreneur Pass. This will allow you to act as the local resident director of your company.
- You do not need to have a Singapore work visa to incorporate a company in Singapore.
- If you are not based in Singapore, you will need to hire a local director to fulfil the minimum one resident director requirement.
- You will need to engage the services of a professional firm to register your company under Singaporean law.
What Documents Will I Need to Register My Company?
To start a business in Singapore, you will need to prepare the following documents for incorporation:
- Business plan/brief description of business activities
- Company name which has been approved
- Particulars of your shareholders and directors
- A registered physical address in Singapore
- The details of your company secretary
- Copy of your Singapore identity card (for Singaporean residents)
Additionally, for non-residents, you will need to provide the following documentation:
- A copy of your passport
- Proof of your overseas residential address
Let us guide you on your journey so you can start your business in Singapore in no time. 3E Accounting are the experts when it comes to incorporation, with years of experience and highly capable staff on our team, we will guide you every step of the way so you can handle your incorporation process with confidence. Contact us at 3E Accounting today and get started on your business journey.