Directors must be at least 18 years of age and must not have been a bankrupt or convicted of any malpractice in the past. Filing the incorporation application is the final step in the process of setting up your company in Singapore. To see a quick summary of various business structures in Singapore, click on one of the two how to void a check options below. A VCC is an innovative corporate structure introduced in Singapore to enhance the attractiveness of Singapore as a hub for fund management and domiciliation. It allows for a flexible capital structure, enabling shares to be issued and redeemed without having to alter the company’s constitution.
ACRA offers a free business profile for newly incorporated companies (otherwise, a purchase fee of S$5.50 applies). ACRA will send an email notification confirming the incorporation of the company. The email notification will include basic company details such as the company registration number. To set up a Singapore company, the proposed name for the company must first be approved. Company name approval is obtained by filing an application with ACRA.
What’s an acceptable company name in London may be unacceptable in Singapore. So, if you are ready to make the leap, let’s look at setting up in Singapore with Osome’s complete guide. There is no minimum paid-up capital requirement for registration. Yes, at least one director must be a Singaporean citizen, Permanent Resident, or hold an Employment Pass, EntrePass, or Dependent Pass. Yes, foreigners can fully own and operate a company in Singapore.
- In today’s world, the availability of lightning-fast internet communication infrastructure is crucial to the success of any new business.
- Each structure presents unique advantages and disadvantages, depending on the nature of your business plans and personal preferences.
- Overall, the efficiency of the Singapore company registration process is a testament to its commitment to fostering a conducive environment for businesses to thrive.
- This also ensures no individuals are personally liable for any debts incurred.
Essential requirements for registering a Singapore company
Or simply wait until you have the capital before issuing shares. So, any confusion over the name will delay the process until it’s resolved. What you choose will determine how your business will be governed.
If you plan to start a company in Singapore and are moving there, you can register it with the relevant work visas or do so remotely by appointing a resident director or a nominee director. The corporate secretary of Singapore is responsible for ensuring regulatory compliance and maintaining company records. It is like laying the foundations for your house – or perhaps more like designing the floor plan. Just like a house structure, different business structures will suit you depending on your business plan and business model.
Apply for an Entrepreneur Pass (EntrePass)
Whether you’re running an online business or you’re operating locally in Singapore, there are plenty of good reasons to join the thousands of new businesses that are incorporated here each year. 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. More information on the eligibility requirements and application process here. Singapore has business-friendly tax rates and a wealth of tax incentives to encourage the growth of businesses and entrepreneurship, which makes incorporating a company in Singapore a good idea. If you’re relocating to Singapore to start a company, you can register your company only if you have the relevant work visas. You can also choose to start a company without moving to Singapore by appointing a local resident director.
How to Remove a Co-Founder Without Risking Your Startup
Some corporate service providers such as us at Sleek offer matchmaking services with their network of bankers, making the process even smoother. Singapore banks also offer excellent Letters of Credit (LC) support to Singapore companies engaging in international trading. InCorp is an award-winning provider of professional corporate solutions, such as company registration services, for new business owners.
Annual Filing Requirements for Singapore Companies
It determines how the business is governed, its legal status, and the extent of personal liability. The right structure ensures compliance, minimizes risks, and maximizes operational efficiency, influencing the company’s long-term success. A Singapore private limited company can have a minimum of one and a maximum of 50 shareholders. A shareholder can either be a natural person or a legal entity such as another company or a trust.
