MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies. In addition to Singapore citizens and permanent residents, only foreigners with a Dependant’s Pass, Overseas Networks & Expertise (ONE) Pass or Letter of Consent are allowed to register a sole proprietorship. 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. All applications are usually processed and approved within 15 minutes of the payment of application fee.
It’s one of the easiest places to start a company in the world – it’s currently ranked #2 in the World Bank’s Doing Business rankings. These policies include several forms of grants, tax incentives, and assistance schemes. Additionally, if your business falls within specific economic sectors, the government also subsidises labor costs for your new business. In addition to the ocean of venture capital pouring into Singapore, the Singapore government has also adopted several very pro-innovation and entrepreneur-friendly policies in a bid to attract foreign startups.
After Registering Your Company in Singapore: Documents that Will be Issued
The email notification will include basic company details such as the company registration number. The shareholder agreement is a document that spells out the rules and regulations on how the company is to be managed, including that of the relations between various parties such as the shareholders, directors and managers. A shareholder agreement supplements the company constitution by adding three types of cash flow activities specific regulations that it does not cover. 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+. Other key information includes company shares details, as well as the particulars of the directors and company officers. Singapore-registered companies enjoy very attractive tax exemptions and incentives.
What types of business structures are available when registering a company in Singapore?
- To set up a Singapore company, the proposed name for the company must first be approved.
- Understand the differences in doing business in Singapore versus the Philippines with this comprehensive guide by Sleek.
- Private companies are not listed on SGX and have a maximum limit of 50 members.
Yes but xero review: features and pricing 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’s liberal immigration laws also allow businesses to easily hire employees from any country, which can lower the company’s operating costs. Nearly a third of the country’s workforce are foreigners and Singapore makes it easy for any foreign professionals to obtain work visas or permanent residence (PR) status. 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.
The company secretary must be a natural person who is ordinarily resident in Singapore. There is no limit on the number of local or foreign directors that a Singapore company may appoint. Directors must be at least 18 years of age and must not have been a bankrupt or convicted of any malpractice in the past. It is a flexible structure, but it does not have a separate legal identity, meaning the partnership itself cannot own assets or sue.
Why Choose Singapore for Company Incorporation?
After your company has been incorporated, you can apply for an Employment Pass under the new company. The approval of the pass is subject to eligibility requirements and prevailing government policies. When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa. Designed for foreign entrepreneurs and foreign companies, this package covers all services that are necessary to incorporate and start a new Singapore company.
It serves as a low-risk entry strategy for companies considering long-term investment and operations in the vibrant Singaporean economy. Foreign company setup in Singapore often begins with establishing a Representative Office. Known for its simplicity in establishment and management, this business structure is designed for a single individual who assumes unlimited liability as the business and owner are legally indistinguishable. This is often the first step for individuals wondering how to start a company in Singapore. ACRA offers a smooth and user-friendly process for online company setup in Singapore through its BizFile+ portal.
Limited Liability Partnership (LLP)
New shares can be issued or existing shares can be transferred to another person after the company has gone through the incorporation process. Additionally, a minimum of two partners must be appointed, and at least one manager must be a resident who is at least 18 years old. Let InCorp’s business incorporation services in Singapore help you streamline this process. One example is the Productivity Solutions Grant (PSG), which subsidizes the cost of digitally enhancing your business. Sleek is a pre-approved PSG vendor, which means entrepreneurs can get some of our services subsidized by the government. For example, eligible clients can what is work in process inventory and how get up to 70% off their yearly accounting fees.