Brief Guide to Foreign Company Setup in Singapore

 SBS Consulting Pte Ltd is a prominent provider of company incorporation services in Singapore. Here is a guide for you on how to set up a company in Singapore.

If you are interested in affordable company incorporation, Singapore services fill up our contact form below! Our incorporation experts will help you do it. Our promo package costs only S$699.

Why Do Foreigners Come to Singapore?

Many foreign entrepreneurs love to do trade here due to pro-business laws. It has lesser red tapes and working legislation. It also offers attractive tax rebates for startups and investors. 

The steps for setting up a company in Singapore may prove to be tedious for foreigners. However, the tax benefits and the ease of doing business in Singapore outweigh the hassles. The World Bank has placed Singapore in the 2nd place for this indicator. That is why Singapore attracts so many foreign company registrations.

If you want to set up a company in Singapore, hiring an incorporation service provider will be a good idea, because as a foreigner you cannot register a company in Singapore on your own. They will assist you in negotiating the rules put out by the Accounting & Corporate Regulatory Authority (ACRA).

#Step 1

Choose the Right Business Entity

Understanding Singaporean business structures will make it easy for you to set up a company in Singapore.

Sole Proprietorship

A sole proprietorship is not a separate legal entity. It means its owner has unlimited liability for its debts and losses incurred during business activities. It cannot buy properties. Its proprietor buys it and pays property tax on it personally. Its owner pays personal income tax on income from Sole Proprietorship. 

Limited Liability Partnership (LLP)

An LLP combines the features of a partnership and a company. Two or more individuals can register this partnership. The liability of members depends on their actions.

The LLP has separate legal identity from its owners. They pay personal income tax on the income received from it. LLP's debts are attributed to them based on their actions. Charted accountant, lawyer, architect, and other professionals choose LLP.

Private Limited Company

A private limited company has 1 - 50 shareholders. At least one of its directors needs to be resident of Singapore. Anyone above the age of 18 can set up a private limited company in Singapore. It has a separate legal identity. It can buy a property. It can sue or be sued in its own name and has perpetual existence. The owners are not responsible for company's losses.

#Step2

Documents to Set Up a Singapore Company

  • ACRA registered company name
  • Description of business activities in brief
  • Registered local address
  • Particulars of shareholders
  • Particulars of directors
  • Particulars of company secretaries
  • Particulars of auditors
  • Foreign Entrepreneurs need to provide a copy of passport and residential address proof
  • Foreign Companies must provide Memorandum & Articles of Association
  • Singapore Residents need to provide a copy of Singapore identity card

Before applying to set up a company in Singapore, the foreign entrepreneurs are expected to check that the documents 100% accurate and are in English. Mistakes could cause you to delay in the approval of the application. The process to register a company in Singapore for foreigners could take 1-3 days. If your application gets referred to higher authorities, the approval may take up to 2 months.

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