Though you can conduct your business activities without starting a business, the experts advise you to opt for company registration Singapore. Doing so brings your activities under legal protection. Your business gets credibility which you can use to brand it.
Is the company registration Singapore is a long, drawn-out process?
How about setting up a company in Singapore for foreigners?
No, it is not a long process! It takes only 1-3 days. It is easy to accomplish with a registered filing agent or a provider of services for company registration Singapore.
Why Register a Singapore Private Limited Company?
A group of as many as 50 shareholders or owners can start a private limited company. It is a dynamic and scalable business structure that can seriously limit your liability in the case of loss or debt. Shareholders’ personal assets are not used to repay company debts.
A private limited company,
- Has a separate legal identity from its owners
- Can sue or be sued in the court of law under its own name
- Can buy assets and real estate in its name for its business purposes
- Ownership of shares is easily transferable
- Has credible image and can cash it to raise capital for growth
- It is taxed with corporate income tax. It is affordable and is in the range of 0%-17%
Let us see what you need to start your company in Singapore. You can be a foreigner or a Singaporean wanting to start a business. ACRA, the Company Registrar, asks almost the same things from locals and foreigners in legal requirements. So, to register company in Singapore for foreigners is as easy as it is for locals.
Before you start the process for company registration Singapore, make sure that you are ready with the following:
- At least one shareholder
- At least one local director
- At least one company secretary
- Minimum initial paid-up capital of S$
- Registered local address
Procedure for Company Registration Singapore
The process for company registration Singapore is simple to follow and has only 2 steps. They are as follows:
#1. Register Name of Company with ACRA: You need to submit a list of 3-5 company names to your agent. Their expert logs in on the ACRA’s portal and checks which of the name is available. They pay S$15 to register a name with ACRA for your use for 60 days.
#2. Register Company with ACRA: Your agent applies to ACRA to register your company. They also submit the required incorporation documents and your KYC documents to ACRA. They also pay official ACRA fees of S$300.
Setting Up a Company in Singapore for Foreigner
Singapore is one of the top business destinations that welcome foreign entrepreneurs, so why an agent is required to register company in Singapore for foreigners.
Well, a foreigner cannot self-register a company in Singapore. The process is online and is initiated by logging on to the ACRA’s web portal. The user needs a Singpass ID or CorpPass for the purpose.
The agents are authorised and can legally interact or transact with the ACRA on your behalf. They have Professional Pin, an ID, that is useful when appointing a foreign shareholder.
Moreover, when you hire an agent, they assign a dedicated manager to you. These professional stays with you and advise you on every step of the company registration Singapore. They also advise you on post-incorporation activities like opening a corporate bank account, CPF account, and obtaining business licenses and permits. In a foreign jurisdiction, such expertise proves useful.