Your choice should enable you to manage the risk, liability, scaling of business, & brand image optimally. Choosing the right business structure is crucial as it affects your income tax returns. You can use one of the following business structures to register your business. This fee covers what happens when depreciation is not added back to cash flow ACRA’s official costs for (a) registering the company name and (b) company registration Singapore. Then, ask your company secretary to apply to MoM for an Employment Pass for you. Once you relocate to Singapore, you can replace the nominee director and take complete charge of your company.
- One key requirement is to have a Singapore resident as a company director or authorised representative.
- It is why new entrepreneurs tend to favour an ACRA register company.
- Factors influencing the exact duration include the type of business entity you’re registering and whether all required documents are readily available.
- This is a legal requirement; the role is critical to your business, and Singapore companies cannot operate without one.
If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. You can hire a company secretary firm like Sleek who can help with the entire business registration process and also provide services such as nominee director and registered address. After registering a company in Singapore, important next steps include opening a corporate bank account, appointing a company secretary and buying a company seal. You will also need to issue share certificates, keep and maintain statutory books, obtain necessary licences, set up accounting, get insurance, and hire employees. The most common type of business structure in Singapore is a private limited company, also known as Pte Ltd.
Step 4: Register your business
Designed for Singapore citizens and permanent residents of Singapore who do not need our local director and Employment Pass application filing service. It is highly recommended that you engage a professional services firm that can guide you through the process and ensure that all the necessary steps are taken. You can visit the Corppass site after incorporation to set it up, manage it, and give selected employees access to it. These chosen employees can use their personal Singpass accounts and log in to BizFile+ to transact with ACRA.
In this case, a sole proprietorship and members in an LLP’s liabilities are unlimited. For shareholders in a Pte Ltd, their liability is limited to the investments in their shares. What this means is that because you’re registered as a sole proprietor, your liability is unlimited.
Can you set up a business without registering?
When registering a company in Singapore, you must provide a registered office address. It will serve as your company’s official address where all communications and legal documents are sent. Having one helps you a) keep business and personal money separate and b) keep track of your business money for taxes.
Hiring your friend or a family member as the local director may work for you perfectly than cause you any harm. When you have to take a break from company affairs, you can consult with a competent lawyer and can choose to give them a limited power of attorney. If you are hiring for a private limited company, make sure that the appointee is qualified and well versed with the tenets of the company Act. As a foreigner, you need work visas to immigrate and work in Singapore. You need an EntrePass if they want to start your business and work for it as its local director.
Complete registration on BizFile+
However, there are benefits to registering a private limited company, like legal protection, credibility, and branding. Factors influencing the exact duration include the type of business entity you’re registering and whether all required documents are readily available. Overall, the efficiency of the Singapore company registration process is a testament to its commitment to fostering a conducive environment for businesses to thrive. The right time to open a corporate bank account is after successful company registration and before starting your business activities. Such an account is necessary for your business’ financial transactions.
How much does it cost to register a company in Singapore?
However, there must be at least one director and one shareholder. All position holders must be at least 18 and meet the citizenship/residency requirements. Foreigners will need to engage a registered filing agent to submit the application on their behalf. The SSIC code is vital in determining whether your company’s activities are subject to regulation and require a business licence.
You must present your credentials as a serial entrepreneur and fulfil all the conditions for Entrepass. You can relocate and work as the company’s local/resident director. When everything is in order, the company registrar will send an e-mail confirming that your company has successfully been incorporated. Should you wish to obtain a physical certificate, the company registrar will charge you at SGD 50, and it takes approximately between 3-5 working days. You will also need to decide on who will be your shareholders and their stake in the company. A minimum of one shareholder (a local or a foreign person or corporation) is required.
Issuing new shares to new shareholders, or current shareholders, is also one way of transferring ownership when you register as a PLC. Private limited companies find it easier to raise capital to expand the company or bring in new shareholders or by issuing more shares to the existing shareholders. 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. Public limited companies are also listed on the stock exchange when they meet the requirements and desire to do so. A PLC is outside the scope of our services since the PLC structure is for large businesses.
