Singapore is a land with a constant business sprawl! Every day, the newspaper has a new entrepreneurial story for you to read and get inspired by! There are opportunities in just about every corner. With top-notch educational institutes that focus on building real-life skills and mechanisms to operate large-scale businesses, the country's growth is at an incline.
Where many locals tend towards having a start from their backyards and garages, many foreigners are also inclined towards such a business-friendly environment to turn their dreams into reality.
If you, too, are one of those foreigners, this is the best time for you to read this blog as we will guide you with precise details on how you can register your company in the country. So get your dreams assembled and your hopes high because we believe it's easier than ever before to cement your new business and get running with full force.
Just like in the case of locals, there are specific requirements that you must fill when it comes to company registration in Singapore. Over the years, various organizations and government strategies have worked on setting up an easy-to-follow and convenient way to start selling your products or services.
The first thing you have to do is appoint a resident or local director responsible for running the business.
The key to appointing a local director for your business is consent! You, along with your shareholder, must share mutual consent. There must be no discrepancy among anyone in the team to ensure that things can go on without hassles. The entire team passes a resolution on who should be the company's local director, responsible for several business operations.
Anyone who is over 18 years years old can be chosen for the job to ensure that this essential responsibility is in the hands of a responsible person. Moreover, if your local director is under bankruptcy, you cannot proceed in this case and may have to consider other options.
You have the flexibility to either opt for a national individual, Entrepass holder, permanent resident or choose a nominee director for the company. Moreover, you can even progress by getting an Entrepass for yourself too.
This flexibility is the perfect portrayal of the fact that the Singapore government loves allowing different business industries to operate in the country to boost the economy and foster better standards of living.
Just like in every nation, there are specific requirements you must meet before you can incorporate your company into the country. First and foremost, you shouldn't be alone! That means you must have shareholders with you. They can be from 1 to 50 persons, even if all of them are foreigners.
Secondly, you need share capital which must be at least S$1. The maximum amount has no limit. Afterward, you need a company director who must be national. Once the company gets running, it must hire a secretary within six months of operations while also claiming a local address and name for people to follow.
ACRA approves a company’s name. This Department follows standard requirements, which entail that the name shouldn't be obscene, disgraceful, and must not infringe any trademarks; besides, it must not be reserved by any other business owner.
You need to acquire documentation including Company Constitution, proof of residential address, Signed Consent to Act as a Director on top of Signed Consent to Act as a Secretary. These documents are all checked by the ACRA, which gives you the green signal to decide whether to start running things or not.
Once up and running, you can make a local or international bank account for your company. BT Consultant can provide you with comprehensive guides on which account to create as well as the best banks based on your business model and everything. When it comes to Singapore company registration, we are the go-to choice!
Setting up company in Singapore can be broken down into three main steps.
There is little flexibility in choosing your business entity. However, most new foreign businesses always tend towards ACRA for the job where they register as Private Limited Companies and are now a part of the country record and liable to pay all the taxes. When it comes to business registration, Singapore enterprises can quickly get set and be ready for work if they contact us and use our mentorship.
In the second phase, you need to get done with various essentials. These include coming up with a name that not only says something about your business but also stands tall on ACRA requirements. The most important thing you need to ensure is that you aren't stealing or portraying anything indecent with the name. Trust us; there is zero room for indecency!
Secondly, you need to get all your shareholders set up, together with a director residing in the country, to take care of specific functions in the business. You must also ensure that you have the capital to show and an address to register where the locals can find you.
As for documentations, those will be checked by ACRA, so ensure that you get everything they need. This is the simplest version of starting a business in the country in comparison to how it was some years ago!
With the option to either go for a local or international bank account, you can initiate the process of transactions. You are now officially subject to taxes, just like every other business person in the country.
Singapore is open to all sorts of foreign businesses looking to invest in the country. It encourages such economic plans that can help uplift the nation.
When it comes to subsidiary companies, the foreign parent company owns all the shares and is a different entity from the subsidiary. As for a branch office, it is part of the parent company and not a separate entity. On the flip side, a representative office is also a part of the parent company and faces restrictions such as not hiring more than five employees.
In the end, don’t let your dreams die and pursue the idea that doesn’t let you sleep!