It’s also legal to issue shares without first receiving money from shareholders. Or simply wait until you have the capital before issuing shares. Of course, if you are planning to relocate to Singapore full-time legally, you can do it all yourself. Otherwise, if you don’t have a resident director, you can use what’s known as a nominee director.
Enjoy Tax Benefits and Incentives
If the forms are foreign, they’ll need to be officially translated. Learn about the different business structures and find out which one best suits your business. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you. Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. Plus, Singaporean companies have a great reputation in the region. This positive image can boost your relationships with customers, suppliers, and accounting investors while opening doors to new business partnerships.
Local address
Foreigners are required to engage the services of an approved Corporate Service Provider (CSP) to register a company in Singapore. Singaporeans are also strongly advised to utilize the services of a CSP to facilitate the registration process. To start and operate a business in Singapore, you must first choose your preferred business structure. Next, you need to register your company with the Singapore Company Regulator, known as The Accounting and Corporate Regulatory Authority (ACRA).
Registering the company
- All companies need to note the Inland Revenue Authority of Singapore’s (IRAS) compliance requirements too.
- A PLC is outside the scope of our services since the PLC structure is for large businesses.
- 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.
- Accounting and Corporate Regulatory Authority will want this detail before you can register your business.
The limited partners’ liabilities are limited to their initial investment in the partnership, be it capital or property. But drop shipping sales tax limited partners cannot participate in the business management process. This makes it difficult for companies like us to recommend to our clients. Like sole proprietorship, partnerships are ideal only for specific situations. But a lot of entrepreneurs are unaware of this specific financial risk.
Public Company Limited by Guarantee
It’s an essential aspect of successfully doing business in Singapore. The owner’s personal assets are not protected from the company’s liabilities. This means if your business cannot pay its debts, creditors can go after your personal and business assets.
The registered address must be a physical address (can be either a commercial or residential address) and must not be a P.O. If you intend to be a sole proprietor, then registering as a sole proprietorship can be beneficial. You, and only you, are in charge of making the business decisions.
According to the Singapore Companies Act, every company must appoint a qualified company secretary within 6 months of incorporation. The company secretary must be a natural person who is ordinarily resident in Singapore. If you plan to set up a company, you may check out our Singapore Company Incorporation services for reference.
In Singapore, there are 2 main types of companies – public and private companies. Public companies are listed on the Singapore Exchange (SGX) and typically have more than 50 members. Private companies are not listed on SGX and have a maximum limit of 50 members. If you’re a group of 1 to 50 individuals who own part of the capital of a business at limited risk, then you can benefit from registering as a private limited company. After registering your company in Singapore, there’s more to do to ensure your business thrives. From opening a dormant account definition corporate bank account to securing necessary business licenses and understanding GST requirements, the journey is just beginning.
Some traditional banks offer remote corporate account openings for foreign entrepreneurs while others may require a physical presence for verification or additional due diligence. On the other hand, Singapore digital banks generally offer remote account opening. Filing the incorporation application is the final step in the process of setting up your company in Singapore.