Singapore has a good business environment and serves as a hub for MNCs and start-ups. There are many benefits and advantages of setting up your business in Singapore, one of which is complete foreign ownership. Foreign investors that prefer registering a firm in Singapore can have complete control over their business.
Setting up your business in Singapore does not require any local ownership and you have complete control over your business activities and transactions. Moreover, setting up your company in Singapore is a rather simple and easy process and does not require any sort of hassle.
In this article, we will discuss how you can register a company in Singapore as a foreigner.
Various Ways to Register a Company in Singapore as a Foreigner
You may submit an application for an Entrepreneur Pass from the Ministry of Manpower (MOM) if you’re an overseas entrepreneur living in Singapore and want to launch and run an organization there. Foreign business owners who meet the requirements may submit an application for the EntrePass prior to or within six months of incorporation with the ACRA.
If you have a Dependant’s Pass (DP) and want to open an organization in Singapore, you may establish your company with ACRA and then request a Letter of Consent (LOC) from MOM to operate it.
How to register a company in Singapore as a foreigner?
In order to register a company in Singapore, you must follow the steps given below:
- Decide the business structure
- Fulfill eligibility requirements
- Decide a business name and get it approved
- Collect the documents and register the business with ACRA
- Open a business bank account
Deciding the Corporate Structure In Singapore
The first step in the process of registering your company in Singapore is to decide its corporate structure and collect all the relevant documents that are supporting your business.
- Firstly, for an existing company to open its subsidiary company in Singapore, it is relevant to submit documents regarding the details of the shareholders and the percentage share of each one of them.
- For setting up a new business in Singapore, it is important to provide the details of the owner, shareholders, and their percentage of shares.
- Thirdly, the initial share capital of the company needs to be mentioned in the documents.
Singapore Company Requirements
In order to register your company in Singapore, there are certain basic requirements that must be fulfilled.
These requirements include:
- Your company must have at least one shareholder that can either be a person or a corporate entity.
- Your company needs one local resident director who either resides in Singapore or has an employment pass to work in Singapore.
- It also requires one company secretary who resides in Singapore.
- You are required to have a locally registered office in Singapore.
Approval for Company’s Name In Singapore
In order to register your business in Singapore, it is necessary to get approval for your company’s name. There are some requirements to get the company’s name’s approval and once they are fulfilled, this process takes no time.
1. Unique
The name of the company must be unique and not identical to any other company already registered in Singapore.
2. Unreserved
The name must not be reserved by any other entity.
3. No trademark violation
The name must not violate any trademark or copyright that is not owned by you.
4. Cannot be obscene
Lastly, the name of the company must not contain any obscene or vulgar words.
Singapore Incorporation Documents
The next step is to sign the incorporation documents and file them with ACRA.
These documents include the following:
- Company Constitution which has been standardized by ACRA.
- Consent of Company’s Directors to act as per their designation.
- Consent of Secretary to act as the Company secretary.
- Declaration of Company’s Controllers.
Opening A Bank Account In Singapore
The last and final step is to open a bank account under the company’s name. Once the company has been registered, a business profile of the company is required in order to view its business activities, details of directors and shareholders, and the shareholding structure.
Read More: Best Banks In Singapore
Conclusion
Singapore routinely ranks well in the World Bank’s Ease of Doing Business rankings and is considered one of the best locations to establish a company. Singapore is a desirable location for international corporate owners wishing to expand their operations internationally due to its strong political as well as economic conditions, competent employees, and access to Southeast Asia’s expanding marketplace. In Singapore, an overseas national may register a business and hold all of its shares.
The process of registering a business in Singapore is very simple for international owners of businesses as long as they comply with the necessary conditions. It is wise to get in touch with business formation experts from Odint Consulting. Our experts will assist you with the necessary requirements and will help you during the registration procedure.
FAQ’s
Yes, foreigners may set up business in Singapore. But they have to adhere to specific rules.
Yes, an overseas entrepreneur can establish a business in Singapore through the online platform of ACRA without physically being there.
Yes, it is mandatory to have a local business address for the registration of a corporation in Singapore.
