Guide to Singapore Company Registration by Hawksford

singapore company register

Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. Reserve your business name and register your business entity on GoBusiness with guidance from the e-Adviser. You may need to travel in order to set up a corporate bank account, depending on the bank you choose.

The Gateway to Asia

  1. Our Local Package is for Singapore Citizens and Residents who want to set up a company in Singapore.
  2. The ACRA will also need this information before you can register your company.
  3. If no identical names appear in the search results, you may apply to register that company name.
  4. Changes to company details like shareholders, directors, name, address, etc. must be updated with ACRA within 14 days.

Registering a company name with ACRA is not the same as registering a trade mark. Your company name registration does not give you the exclusive rights or intellectual property rights to your company name. If you wish to establish a monopoly over its use, you must submit a separate application with the Intellectual Property Office of Singapore (IPOS). It is a business arrangement where there must be at least one general partner with unlimited liability and one or more limited partners whose liability is capped at their investment.

singapore company register

e-Services for foreign business registration

It also influences your company’s eligibility for grants, tax incentives, and governmental support programs. If your business activity demands a licence, the Accounting and Corporate Regulatory Authority (ACRA) may employ it to direct your application to the relevant licensing department for approval. The Inland Revenue Authority of Singapore (IRAS) employs the SSIC code to https://www.online-accounting.net/free-receipt-forms-100-free-receipt-templates/ ascertain a company’s eligibility for tax incentives. A partnership is a business owned by at least two partners, who can be individuals, companies, or limited liability partnerships. In a general partnership, the maximum number of partners is usually 20. Singapore’s bustling business landscape attracts entrepreneurs and companies from around the world for several reasons.

Frequently Asked Questions About Registering a Company in Singapore

Upon successful registration, an email with a guide to downloading the free business profile will be sent to the registered email address of the person who filed the registration. As with the certificate of incorporation, you will receive 2 types of documents (PDF file and OA). Once you have chosen your company name, address and have your constitution ready for submission, you can proceed to fill in the other details required on BizFile+.

Paid-up capital (or share capital) can be increased anytime after the incorporation of the company. The pre-requisites, information and supporting documents needed for the application to register the business will vary, depending on the business structure type. Singapore company registration consists of a number of steps and the typical timelines for each step is described below. Please keep in mind that some of these timelines are dependent on you, so if you take longer to assemble the necessary information, the corresponding step may take longer. Designed for Singapore citizens and permanent residents of Singapore who do not need our local director and Employment Pass application filing service. A Singapore company must appoint a company secretary who resides in Singapore.

singapore company register

singapore company register

Foreigners can enjoy a hassle-free process of registering their company here in Singapore without having to worry about red tapes and corruption. Our expertise in navigating post-registration processes can make your transition into Singapore’s business world smooth and successful. Once you have successfully registered your company in Singapore, it is time to take a look at what more work needs to be done.

ACRA offers a free business profile for newly incorporated companies (otherwise, a purchase fee of S$5.50 applies). Once the fee has been paid, the company will be set up within 15 minutes. Should the application be sent for a review for approval, in the instance where the intention of the company is to set up a school, the set-up process could take from 14 days to 2 months.

However, if your proposed name contains specific words such as media, bank, law, finance, or education, the corresponding external governmental authority may be required to review and approve the name. Legally, a sole proprietorship is not a standalone entity, which means that the owner – whether an individual or a legal entity – and the business are considered as one. A shareholder agreement supplements the company constitution by adding specific regulations that it does not cover. Singapore-registered companies enjoy very attractive tax exemptions and incentives. For instance, a new start-up company can claim tax exemptions on the first $200,000 of its normal chargeable income. In order to register a Singapore company, a local Singapore address must be provided as the registered address of the company.

It is like a mix between a partnership and a private limited company. Melissa’s unique storytelling expertise makes a difference for small business owners and entrepreneurs. Her background in content and social media spans eight years in various industries, including publishing, e-commerce and marketing. At Osome, she makes everything about running a business less intimidating. From specific accounting and bookkeeping advice to insights for company growth, Melissa’s articles help you to take the next step on your entrepreneurship journey.

It can have a maximum of 50 shareholders, offering benefits like corporate tax exemptions and access to various government schemes and incentives for business growth. Shareholders of a private limited company can be other companies, individuals, or a mixture of both. 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. Our Foreigner Incorporation Package designed for foreign entrepreneurs and foreign companies is the most popular option. The cost of the first-year service bundle is S$3,100, inclusive of official government fees.

Once your application is approved, you can proceed to incorporate your company. You must complete your incorporation within 120 days from the date of the name approval. 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 weighted average: what is it how is it calculated and used structure, enabling shares to be issued and redeemed without having to alter the company’s constitution. This feature is particularly beneficial for investment funds, as it allows them to manage subscriptions and redemptions efficiently. This is because the city-state does not allow a foreign individual or entity to register their company independently.

SCI is here to guide you through the entire Singapore company incorporation process. If the company only has a sole director, he or she cannot also fulfill the role of a company secretary. If the company does not need to be incorporated urgently, it could consider options (A) and (C).

Companies must hold an Annual General Meeting (AGM) within 18 months of incorporation and at least once every calendar year. Work permits are subject to quotas, levies, and medical checkups. Companies must provide housing and bear costs for foreign workers. Work permits allow companies to hire foreign workers from approved countries for https://www.adprun.net/ basic skilled jobs like construction, domestic work, manufacturing, etc. Even if your turnover is below 1 million SGD, you may choose to register voluntarily if you make substantial taxable supplies. The M&A allowance scheme supports corporate restructuring by allowing qualifying costs from M&A deals to be deducted from taxable income.

This number is like your business ID for dealings with the government. You will also receive a free Business Profile via email containing information about your business. For fees, a one-time 300 SGD fee will apply, and you can pay 40 SGD more for each alternate address (this is optional). Usually, your application is approved within 15 minutes after paying the fee. After the company name’s been approved, you can now directly register through Bizfile+ or engage a registered filing agent to help you . Cost-wise, option (C) would be the cheapest as it does not require the rent payment.

Compartilhe esta postagem

Deixe um comentário

O seu endereço de email não será publicado. Campos obrigatórios marcados com *