The application fee to incorporate a local company is $300. After your company has been incorporated, you can apply for an Employment Pass under the new company. The approval of the pass is subject to eligibility requirements and prevailing government policies. When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa. Goods and Services Tax (GST) registration in Singapore is optional for companies with an annual taxable turnover below SGD 1 million.
Do note that Housing Development Board (HDB) flats and private residential properties are intended for residential use, and there are conditions and guidelines that need to be followed. Most importantly, the property must still be used for residential purposes and the business activity must be kept at a small scale to avoid causing disamenities to your neighbours. Limited liability does not free expense report templates apply to a sole proprietorship or partnership.
Understand the benefits and requirements of opening a corporate bank account. Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1. Depending on the nature of your business activities, you may need to apply for specific business licenses to legally operate in Singapore. Only certain industries such as food and beverage, retail, healthcare, finance, and education have licensing requirements.
- The requirements for starting a company in Singapore are low.
- The application fee for sole proprietorships and partnerships, LP and LLP is $100.
- Alternatively, you may also appoint a registered filing agent to submit the application on your behalf.
- Singapore has an excellent international reputation as a stable jurisdiction with a robust financial infrastructure and a well-regulated economy.
- Yes but you’ll need to apply for a Letter of Consent (LOC) from MOM to run your business, after you have registered it with ACRA.
Best Guide to Company Registration in Singapore From Malaysia
ACRA even provides a model structure on their website, which you can use as a template to streamline and expedite the registration process. What you choose will determine how your business will be governed. Accounting and Corporate Regulatory Authority will want this detail before you can register your business. Incorporate your company and get an quickbooks online advanced coming soon to quickbooks online accountant Osome corporate secretary to ensure you comply with laws and regulations from the get-go.
Do I need to engage a company secretary for company registration?
And, depending on what activities your company is involved in, you might need to apply how much does wave payroll cost? 2021 for a business license. Once it has been approved, you are then free to enter Singapore and begin work at your new company. Note that your Singapore business has to be incorporated before you can apply for an EP. Designed for foreign entrepreneurs and foreign companies, this package covers all services that are necessary to incorporate and start a new Singapore company.
You may need to travel in order to set up a corporate bank account, depending on the bank you choose. Check out our short guide on how to open a Singapore bank account. If you’re relocating to Singapore to start a company, you can register your company only if you have the relevant work visas. You can also choose to start a company without moving to Singapore by appointing a local resident director.
Company Registrationwith ACRA
The appointment is a legal requirement; the role is critical to your business, and Singapore companies cannot operate without one. It requires various certifications and involves many responsibilities. Of course, if you are planning to relocate to Singapore full-time legally, you can do it all yourself.
This simple guide aims to demystify the process and equip you with the knowledge needed to confidently register your company in Singapore. In Singapore, all businesses are generally required to register with the Accounting and Corporate Regulatory Authority (ACRA). Exemptions are granted for business owners who operate their businesses using their names as reflected in their NRICs. Learn about the different business structures and find out which one best suits your business.
Essential requirements for registering a Singapore company
From specific accounting and bookkeeping advice to insights for company growth, Melissa’s articles help you to take the next step on your entrepreneurship journey. The process is similar to incorporating a company — if you plan to trade overseas or accept foreign currency, you’ll need a different bank that meets your specific needs is important. When setting up your company, you need to choose the type of company structure that best suits your needs. There are many different types, each with its own benefits. But you must consider it carefully, as it will dictate how your business is governed. Singapore is a fantastic place to incorporate a company — but starting a business can be tricky.
Legally, a sole proprietorship is not a standalone entity, which means that the owner – whether an individual or a legal entity – and the business are considered as one. All applications are usually processed and approved within 15 minutes of the payment of application fee. Applications that need to be referred to another government agency may take 14 to 60 days to be processed and approved.