WHY SINGAPORE

Company Registration in Singapore for Foreign Business Owners and Entrepreneurs

One of the ‘Four Asian Tigers’, Singapore is a stable and diversified place to run a business. In just over four decades, Singapore has established a thriving financial centre of international repute, serving not only its domestic economy but also the wider Asia Pacific region and in some instances, the world.

Singapore’s financial centre offers a broad range of financial services including banking, insurance, investment banking and treasury services, which is why Singapore is such a popular choice for company incorporation.


Singapore's Financial Centre

A key aspect of Singapore’s success as a financial centre is its deep and liquid capital markets. With one of the more well-established capital markets in Asia-Pacific, the Singapore Exchange (SGX) is the preferred listing location of close to 800 global companies. Today, Singapore has grown to be the largest Real Estate Investment Trust (REITs) market in Asia ex-Japan and also provides an extensive offering of investments in business trusts of shipping, aviation and infrastructure assets.

Company Incorporation Singapore

International Financial HUB

Another reason Singapore is so popular for company incorporation and registration is that it is a leading provider of services such as international banking, trade finance, maritime finance, insurance, treasury operations, and asset and wealth management. Singapore is also the fourth largest foreign exchange trading centre in the world after London, New York and Tokyo.

One of the top four global financial centres in the world, Singapore is also the second-largest over-the-counter derivatives trading centre in Asia, and a leading commodities derivatives trading hub.

There are over 121 commercial banks with over 115 foreign banks and 3 representative offices of banks in Singapore, all of which play an active role in banking and finance. Singapore also has a total of approximately S$1.2 trillion worth of assets under management and is considered one of the premier asset management locations in Asia.

Ease of Doing Business

Singapore is an ideal location to expand a business into the global market. Strong trade and investment make Singapore the most competitive Asian country and arguably the world’s easiest place to do business. This is why many foreign companies choose Singapore for their company incorporation.

Singapore Company Formation

Transparent Policies for Company Registration in Singapore

In addition, Singapore is a safe, pro-business environment that is supported by a well-respected government. The Singapore government is transparent and has policies that protect companies’ physical and intellectual-property investments.

There is little red-tape for doing business in Singapore. It is one of the least corrupt countries in the world and the least corrupt nation in all of Asia. It also boasts a well-developed infrastructure that meets all the needs of the business industry and is ranked as one of the top countries in the world for its infrastructure capabilities.

Advantages of Business Registration in Singapore

• Tax Exemption
• Strong international network of agreements such as Double Tax Agreements
• No dividend or capital gains tax
• High quality of life
• Stable and transparent political structure

If you are interested in Singapore company incorporation services, contact us today.

Company incorporation services in Singapore from Premia TNC

Singapore is one of the greatest cities in the world in which to own and operate a business. To start your company incorporation in Singapore, or to learn more about our services, reach out to us today to speak with a specialist.

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OVERVIEWS OF KEY FEAURES

Information and Requirements for Company Incorporation in Singapore


Company Type

Private Limited Company

Legislation

Company Act (Chapter 50)

Suffix

Pte. Ltd.

Declaration of Beneficial Owner

Yes

Audited Accounts

Can be exempted, subject to certain criteria

Official Language

English


DIRECTOR

At least one must be a local resident, 18 years old and above, and a Singapore Citizen, Singapore Permanent Resident or EntrePass holder.

COMPANY SECRETARY

Must be local resident and a natural person who is at least 18 years old.

REGISTERED OFFICE ADDRESS

Must be a local address in Singapore.

SHAREHOLDER

Can be fully owned by a foreigner, which can be an individual
and/or a corporate entity.

Premia TNC Singapore

SHARE CAPITAL

At least $1.00 per share in any currency.

Singapore incorporation

AUDITOR

Must appoint an auditor within 3 months of incorporation,
unless exempted from audit requirements.

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TYPE OF COMPANIES IN SINGAPORE

Guide to Types of Companies in Singapore


SOLE-PROPRIETORSHIP

A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business.

The legal status of a sole proprietorship can be defined as follows:
  • It is not a separate legal entity from the business owner
  • The business owner has unlimited liability (i.e. the business owner is personally liable for all the debts and losses of the sole proprietorship)
  • It can sue or be sued in the owner’s name
To set up a sole proprietorship, you must be:
  • At least 18 years old
  • A Singapore Citizen, Singapore Permanent Resident, or an EntrePass Holder
Procedure for Setting up a Sole Proprietorship

Fill in our formation form and provide us with the following information and documentation:-

  • Proposed business name of the sole proprietorship;
  • Date of commencement of business;
  • Business activity code;
  • NRIC / Fin Number of owner/manager;
  • Detailed business address of the proposed sole proprietorship business;
  • Email address and mobile number;
  • Self-employed Medisave contribution must be up-to-date;

Premia TNC will fill up the registration form online and the business registration fee will be paid together with the e-submission.

Additional note:

From 1 January 1994, all self-employed persons are required to top up their Medisave account with the CPF Board before they register a sole-proprietorship, become the new owner of an existing sole-proprietorship, or renew their business registration. This requirement is only applicable to Singaporean Citizens and Singapore Permanent Residents.

PARTNERSHIP

A partnership is a business owned by 2 to 20 partners.

The legal status of a partnership can be defined as follows:
  • It is not a separate legal entity from the business owners
  • The partners are personally liable for all the debts and losses of the partnership
  • It can sue or be sued in the partners’ names
Procedure for Setting up a Partnership

Fill in our formation form and provide us with the following information and documentation:-

  • Proposed business name of the partnership;
  • Date of commencement of business;
  • Business activity code;
  • NRIC / Fin Number of owners/managers/partners;
  • Detailed business address of the proposed business;
  • Email address and mobile number;
  • Self-employed Medisave contributions must be up-to-date.

Premia TNC will fill up the registration form online and the name approval fee will be paid together with the e-submission.

The partnership can only be registered after all the partners have endorsed (or consented) to the submission of the online transaction and after the registration fee is paid (normally within 3 working days). After the endorsement, the registration number will be given by the Accounting and Corporate Regulatory Authority (“ACRA”).

Additional note:

From 1 January 1994, all self-employed persons are required to top up their Medisave account with CPF Board before they register a partnership, become the new partner of an existing partnership, or renew their business registration. This requirement is only applicable to Singaporean Citizens and Singapore Permanent Residents.

LOCAL COMPANY

A local company is a business entity incorporated in Singapore. Companies have different setups and are distinguished by the company type e.g. private company limited by shares, an exempt private company, a public company limited by shares and a public company limited by guarantee.

The legal status of a local company can be defined as follows:
  • It is a separate legal entity from the business owners
  • It can sue or be sued in its own name
Procedure for Setting up a Local Company

Fill in our formation form and provide us with the following information and documentation:-

  • Proposed business name of the company
  • Description of the business activity
  • Passport copy and latest address proof of the directors and shareholders
  • Email address and contact number of the directors and shareholders
Company name reservation

Every business requires a name to differentiate itself and make it easy for others to find the business. The first step is to choose a suitable name and submit a name application.

Registration

  • Once the name application is approved, incorporation of the company may proceed.
  • Submission of company information including particulars of directors and shareholders, and the registered office address to the Singapore Registrar of Companies (ACRA).
  • The company will be incorporated once ACRA has approved.

Post Registration

You may expect the following documents to be received after the company is duly incorporated:-

  • Business Profile – with the company structural details
  • Constitution – consists of Memorandum and Article of Association
  • Certificate of Incorporation

Additional note:

The company can only open a bank account after it is incorporated. We will arrange the bank meeting based on your preferred schedule and will join the meeting in case assistance is required.

Foreign Company (Branch)

A foreign company is a company, corporation, association or any other body incorporated outside Singapore.

A foreign company may carry on business in Singapore by incorporating a local company or registering as a foreign branch under the Companies Act. The foreign branch is required to have a registered name, at least 1 local authorized representative and a registered office address in Singapore.

The legal status of a foreign branch can be defined as follows:
  • It is not a separate legal entity from the business owners
  • It does not have a distinct legal personality. In other words, its liabilities may be enforced against the assets of the foreign company.
Procedure for Setting up a Foreign Company (Branch)

Fill in our formation form and provide us with the following information and documentation:-

  • Business name of the branch must be the same as its holding company;
  • Description of the business activity;
  • Passport copy and latest address proof of all directors from the holding company;
  • Email address and contact number of the directors.
Company name reservation

Check the availability of the company name and submit a name application.

Registration

  • Once the name application is approved, incorporation of the company may proceed.
  • Submission of company information including particulars of directors and shareholders, and the registered office address to the Singapore Registrar of Companies (ACRA).
  • The company will be incorporated once ACRA has approved.

Post Registration

You may expect the following documents to be received after the company is duly incorporated:-

  • Business Profile – with the company structural details
  • Certificate of Incorporation

Additional note:

The branch can only open a bank account after the branch is incorporated. We will arrange the bank meeting based on your preferred schedule and will join the meeting in case assistance is required.

The branch must prepare an audited report together with the holding company’s financial report for annual submission purposes.

Representative Office

A Representative Office in Singapore is meant for promotional activities only and it cannot enter into any business transactions either in its own capacity or on behalf of the parent company. The approving authority for registering a Representative Office is Enterprise Singapore.

Procedure for Setting up a Representative Office (“RO”)

Fill in our formation form and provide us with the following information and documentation:-

  • A copy of the parent company’s Certificate of Incorporation (in English or an official translation)
  • The parent company’s latest annual report and audited accounts
  • Passport copy and latest address proof of all directors from the holding company

Additional note:

Approval can take 1 to 2 weeks and will usually be valid for one year. A representative office in Singapore must re-apply for a continuation of its status after the expiry of the initial period of approval. A representative office can be renewed for a total of not more than 3 years. After the registration of a representative office, the foreign company can apply for an employment pass for their overseas personnel who will be relocating to Singapore.

Fact Sheet for the Singapore Company

Private Limited Company in Singapore

Definition

A business form which is a legal entity separate and distinct from its shareholders and directors

Owned by

  • Exempt Private Company – 20 members or less and no corporation holds beneficial interest in the company’s shares
  • Private Company – 50 members or less

Legal Status

• A separate legal entity from its members and directors
• Members have limited liability
• Can sue or be sued in company’s name
• Can own property in company’s name
• Members not personally liable for debts and losses of company

Registration Requirements

  • At least one shareholder
  • At least one director ordinarily resident in Singapore, at least 18 years old
  • Must have a local registered office address
  • Undischarged bankrupts cannot be a director and cannot manage a company without approval from the Court or the Official Assignee

Formalities and Compliance Requirements

  • Must appoint a company secretary within 6 months of incorporation
  • Must appoint an auditor within 3 months after incorporation unless the company is exempt from audit requirements
  • Compliance requires like preparing the Financial Statements and filing of Annual Return are mandatory
  • Statutory requirements for general meetings, directors, company secretary, share allotments, etc. must be complied with

Taxes

  • The corporate tax rate is 17% flat on the company’s chargeable income
  • Partial tax exemption and tax exemption scheme for new start-up companies are available

Continuity in Law

  • A company has perpetual succession until wound up or struck off

Closing the Business

  • Winding Up – Voluntarily by members or creditors, compulsorily by the High Court
  • Striking off

Do you need more information?

You may refer to these Singapore business expansion guides to find out more:

Singapore Company Incorporation

Guidance and important notes for new company incorporation in Singapore.

Learn More

Singapore Company Secretary Services

Is it mandatory to engage a corporate secretary in Singapore?

Learn More

Singapore Taxation System

What is Singapore's tax system like? Understand the different types of taxes you and your business can incur.

Learn More

Frequently Asked Questions

1. HOW DO I INCORPORATE MY COMPANY IN SINGAPORE?

To start the formation of your company in Singapore, there are three main things you must do:

1. Choose your business structure
2. Register your company with the ACRA (Accounting & Corporate Regulatory Authority)
3. Set up your corporate bank account, if required

2. WHAT REQUIREMENTS NEED TO BE MET FOR SINGAPORE COMPANY INCORPORATION?

1. The company name – the name of the company needs to be approved before proceeding with the registration process
2. The directors – the company must have at least one Singapore resident director
3. The share capital – the minimum paid-up capital is a low amount of only $1
4. The shareholders – the company must have a minimum of 1 shareholder, either an individual or a corporate entity
5. An appointed company secretary – the secretary must be appointed within 6 months and must also be a natural person as well as a Singapore resident
6. A registered office address – this is mandatory for all registered Singapore companies and it cannot be a P.O box

3. WHAT DOCUMENTS ARE NEEDED TO INCORPORATE A COMPANY IN SINGAPORE?

Here is a list of information required to register a company in Singapore:

1. Constitution
2. Company name
3. Shareholder information
4. Director information
5. Company secretary information
6. Registered address
7. Description of business activity and plan

If you are not a resident of Singapore, you will need to provide additional information and documents such as a copy of your passport, and proof of your overseas address. You will also be required to provide KYC (Know Your Client) information which includes, but is not limited to, bank references, personal profiles, and business profiles.

Singapore residents will be required to provide a copy of their Singapore identity card, while corporate entity shareholders will be required to provide a copy of registered documents, such as the constitution, and certificate of incorporation.

For more information about our company formation services in Singapore, please reach out to us today.