For more information, you may refer to our article on registration and compliance fees for Singapore companies. An approved name will be reserved for 60 days from the date of application. You can extend the name for another adp integration 60 days by filing an extension request just before the expiry date.
Limited liability partnerships (LLP)
According to the Singapore Companies Act, any person (foreign or local) above the age of 18 can register a Singapore company. Goods and Services Tax (GST) registration in Singapore is optional for companies with an annual taxable turnover below SGD 1 million. Once registered, you must comply with ongoing reporting and filing requirements. Registering a company in Singapore is a straightforward process, designed to minimize unnecessary bureaucracy. The entire company registration process can be managed online using our online platform. This is a company entity commonly used for non-profit activities, such as charitable organisations and associations.
Annual Tax Filing
Singapore has an excellent international reputation as a stable jurisdiction with a robust financial infrastructure and a well-regulated economy. From government grants, accelerators, incubators, VCs, and banks, there are several ways to get access to capital at any stage of development. The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore. Requires a minimum of two partners at all times, or the company will be dissolved as well as lacks ease of transfer of ownership. In addition to Singapore citizens and permanent residents, only foreigners with a Dependant’s Pass, Overseas Networks & Expertise (ONE) Pass or Letter of Consent are allowed to register a sole proprietorship. Notably, there are no capital gains or dividend taxes on Singapore companies.
Get a Licensed Corporate Secretary and Director
Unfortunately, most are not aware of this disadvantage, and it is recommended that aspiring entrepreneurs avoid this type of entity. The official certificate of incorporation can be purchased via BizFile+ for a fee of S$50. A comprehensive shareholder agreement allows for a smooth management of the company and minimises disputes between various business parties in the company.
- It offers a business-friendly environment and a wealth of benefits.
- Most likely, the business structure you need is that of a private limited (Ltd.) company.
- By following these steps, you ensure compliance with local laws and set a solid foundation for your business operations.
- It allows the entrepreneur to relocate to Singapore and operate their company.
- A Pte Ltd company has less than 50 shareholders, and its shares are inaccessible to the public.
The Ministry of Manpower (MOM) allows entrepreneurs to obtain an EP after incorporating a company in Singapore. The EP allows you to enter Singapore and work for your new company. To officially start your business in Singapore, you must register it with the Accounting and Corporate Regulatory Authority (ACRA). Typically 1-2 days if all documents are in order and approved by the Accounting and Corporate Regulatory Authority (ACRA). Incorporating in Singapore is a strong choice when deciding where to base yourself.
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. Once the fee has been paid, the company will be set up within 15 minutes. Should the application be sent for a review for approval, in the instance where the intention of the company is to set up a school, the set-up process could take from 14 days to 2 months. The procedures for company registration are fully computerised by ACRA in Singapore.
Sometimes referred to as ‘entry-level Asia’ or ‘Asia lite’ by expats (and currently rated as the #1 city in Asia for quality of life), it’s a country where east meets west. Read more about how to choose an ACRA-approved business name in our other article.
