Setting Up a Company in Singapore

The top global Asian country in the world, Singapore, is recognised as one of the most desirable countries for business due to its welcoming tax laws and favourable intellectual property laws. A large number of businesses in Singapore are recognised as private limited companies. If you too are thinking about setting up a company in Singapore, read on to get some insights about company formation.

Getting Started

A Pte Ltd. company is one of the most common and structured type of tax entity. A foreign entrepreneur or local businessmen can opt for a Singapore company formation if they are over 18 years of age. There are some regulatory and legal requirements that must be fulfilled in order to register a company. A foreign entity can hire a professional firm in Singapore to handle the documentation so that they can begin operations successfully in the country. As per the Singapore laws, a foreign or local individual cannot register their own company. Only professional Singapore registration companies are assigned firms to incorporate or register a new company in the country.

Settling Down

An individual or a foreign business can register the company while residing outside Singapore. However, they will need a registered business address within the country and a director who must be a Singapore resident or a foreign employment pass holder. You can register a new company through the Accounting and Corporate Regulatory Authority (ACRA). You will need a specific paid up capital, licences, immigration or visas, employment passes and other documents to complete the registration process. A private limited company in Singapore can have 1 to 50 individual or corporate shareholders who can be Singapore residents or foreigners. Once the company is incorporated, you can either act as a shareholder or take benefit of nominee shareholder services in order to secure corporate privacy.

On an average, the name registration and company formation does not take more than a few hours’ time in Singapore. This speed and cost-effective registration makes it a lucrative option for entrepreneurs to set up business in Singapore.