If you’re a foreigner looking to incorporate a company in Singapore, then you’re in for a treat because today we will be discussing the steps on “How to incorporate a company in Singapore.” Getting started with your own Singapore company will be a breeze if you follow the steps we recommend.
Steps To Incorporate a Company For a Foreigner
If You’re Not Planning To Stay In Singapore:
- Choose Your Business Entity – before you decide to start your offshore company, you have to first make a decision what type of business you will start in Singapore. You have four choices to choose from: Business, Company, Limited Liability Partnership, and Limited Partnership. If you’re confused as to what business structure to pick, give us a call and we’ll be glad to help you.
- Hire A Corporate Secretarial Service – before you start thinking of a name for your business, it’s important that you hire the services of a corporate secretarial company first. A company like LEXiCO will not make everything easier for you, but it will also make your dream of starting a company in Singapore a reality. This is because foreigners are not allowed to register a company on their own, by law you need an accredited filing company, like a secretarial company, to do it for you.
- Figure Out A Name for Your Business – think of a name for your business or choose one from the list of names available that ACRA (Accounting and Company Regulatory Authority).
- Register Your Business – Your hired company will then register the name at www.bizfile.gov.sg. In order to make a Singapore company registration, a SingPass is needed, and only residents or citizens of Singapore have this, those who have FIN numbers can register as well for you.
- Prepare your Business Plan – You need to create a detailed plan indicating what type of business are you going to operate in the country, and this also includes the product you will be selling. Since you’re starting an offshore in Singapore you need to explain why your business and product should be allowed in the country; you have to highlight the benefits you can deliver.
- Hire the Regulatory Staff Needed – by law you need to have at least one local resident as your business director, at least one resident shareholder and a local secretary (needed six months after incorporation). A corporate secretarial company will again make things everything easier for you because they will find candidates for you to choose from. You even have the choice of getting an active director or a nominee one, if you want to have anonymity. The same can also be said for your shareholder.
- Get a Physical Company Address – you need to have a physical address for your business in the country, it can’t be a P.O Box, but it must be an address that can be visited and contacted.
- Have a minimum paid-up capital of a $ 1.00
- Prepare Your Company Constitution – You are required to have your company’s policies in writing and submit it to ACRA.
- Complete the Registration Requirements
- Customs account activation
- Reserving your domain name in SGNIC.
- Subscribing to EnterpriseOne
- Subscription to GeBIZ Alerts another e-service under SPRING.
- Registering to Goods and Services Tax
- CPF Submission Number
- Complying with the Work Injury Compensation Act (WICA)
- Get an auditor
- You don’t have to worry because your hired corporate secretarial services company will help you through all of this.
- Open a bank account – you would also receive help in opening this so don’t worry. Most European companies require a bank account in order to start a company formation, but in Singapore, it comes last.
Note: Before you do any of this make sure you are at least 18 years of age since that is ACRA’s required age to do business.
If you are planning to stay in the country to run your business then:
- Submit an application to Singapore’s Ministry of Manpower for an Entrepass – you can only operate your business within the country if you have this. Getting an Entrepass will not be easy as there are more requirements needed.
- Hire a corporate secretarial service – a corporate secretarial company will aid you in your Entrepass application.
- Follow the steps 1 to 10 above.
Starting a Singapore company is not hard the government is very accommodating to business people, once you have hired a company to help you, steps to incorporate a company will be a breeze. And if you don’t have a corporate secretarial company helping you, then give us a call now! We’ll be glad to be of service.