Singapore is seemingly becoming a fast-paced business destination for people from all corners of the world. The friendly tax structure, the startling opportunities to grow, easy compliance mechanisms and other similar things make Singapore the thriving business capital is has become today!
So many benefits, and still counting, no entrepreneur would want to waste time thinking twice about Singapore as their next business destination.
Getting started with your business in Singapore isn’t exactly a combination of a solid plan and adequate fundings – it is somewhat more!
Here is your quick guide to get started.
1) How can foreigners start a business in Singapore?
- Registering your business
Of course the first and foremost step is to register your business as per the regulations in Singapore. Each and every component about your company – your company’s name, the name of all the directors, etc. must be registered with the ACRA in order to begin operations in Singapore.
- How do I register a company name in Singapore?
Well, to answer it in brief the process for registering your company in Singapore is completely online through ACRA’s portal.
- How long does it take to register a company in Singapore?
Under normal circumstances, the procedure can be completed in a matter of 24 hours. However, in cases where the application has to referred to other Governmental agencies, it might take 2 weeks to at least 2 months for necessary approvals.
- How much does it cost to register a company in Singapore?
It does not cost a fortune for people to register a company in Singapore. You could seek help of Company Incorporation Services, along with their affordable packages to do so.
As per the ACRA, the registration fee for a new company set-up is $300 and registering a name application for your company is $15.
Along with the fee structure, if you are looking forward to opening a company with a share capital, you can always pay a minimum paid-up share capital of just SGD$1. Moreover, if you are also looking forward to an employment pass, the share capital amount would be a total of SGD$50,000.
2) What are the guidelines for foreigners to start a business in Singapore?
A foreigner can easily start a business in Singapore in a few easy ways. There are plenty of options to choose from.
- A foreigner can either open
- A private limited company with an employment pass
- A private limited company without an employment pass but with an Entrepass
- A business by engaging a resident director
- A sole proprietorship
- A partnership
a) Gain your Singapore Epass.
Before getting down to business, a foreigner should ensure to get his or her Employment pass or Entrepreneur pass, depending on the choice of business they choose on operating. The passes can be obtained easily from the Ministry of Manpower.
b) Gain your Personal Access number.
Once you have managed to gain your Employment pass or entrepreneur pass, you are supposed to now apply for a Singapore Personal Access. You shall be provided with a personal password through which you can access and transact through online means, including 200 e-government services.
c) Register your company/business enterprise with the concerned authorities.
Registering for your business in Singapore comes with added necessities-
A sole proprietorship – A foreigner simply needs to register the name of their business, along with its location with the appropriate authorities by engaging in the services of a Singapore business registration agent.
The foremost requirements for a sole proprietorship – appointment of an authorized representative, who is also an ordinary resident of Singapore.
A Partnership – The basic requirement for incorporating a partnership in Singapore for a foreigner is to register the partnership in the name of a partner who is also an ordinary resident of Singapore. However, in case where there is no available partner who is also an ordinary resident, an authorized representative can also be appointed (also an ordinary resident) to represent the partnership.
Company incorporation – In case of incorporation of a company, for a foreigner, the process might be time consuming but easy if you hire a Singapore company incorporation services.
Company Incorporation in Singapore follows two situations –
- A foreign company establishing in Singapore, and
- Foreigners trying to establish a company in Singapore.
In cases of a foreign company trying to establish itself in Singapore, a branch office, a subsidiary company and a representative office are the wayouts.
In cases of a foreigner trying to establish their operations in Singapore, the process is same as that for a company. Apart from the same route, the foreigner shall also be required to appoint a local resident director, who is also an ordinary resident of Singapore. Along with the same, if the foreigner wishes to live in Singapore and operate, they shall also obtain their Singapore Employment pass.