We spent a lot of time reviewing and considering who to work with in our Singaporean business incorporation and are so happy that we chose Jacqueline and her team. Their communication and execution are exemplary and their online platform so easy to navigate. We have now incorporated multiple companies how to keep good records about donors to your nonprofit with them and look forward to a prosperous and mutually beneficial ongoing relationship.
How to Remove a Co-Founder Without Risking Your Startup
ACRA offers a smooth and user-friendly process for online company setup in Singapore through its BizFile+ portal. To access the BizFile+ platform, business users are required to log in with their UEN or government corporate account, while individuals can access the platform using an ACRA login. Foreigners are required to engage the services of an approved Corporate Service forensic definition Provider (CSP), such as our company, to register a business in Singapore. Singaporeans are also strongly advised to utilize the services of a CSP to facilitate the registration process and ensure ongoing compliance. In comparison to other countries like China, opening a corporate bank account is also a simple process. Some corporate service providers such as us at Sleek offer matchmaking services with their network of bankers, making the process even smoother.
- Nearly a third of the country’s workforce are foreigners and Singapore makes it easy for any foreign professionals to obtain work visas or permanent residence (PR) status.
- Our packages include all essential services for opening your Singapore company, without bundling unnecessary services that may not be required.
- Additionally, the EntrePass offers flexibility and benefits such as the ability to bring family members to Singapore and the opportunity to apply for permanent residency in the future.
- You can hire a company secretary firm like Sleek who can help with the entire business registration process and also provide services such as nominee director and as well as a local registered address in Singapore.
Goods and Services Tax (GST) registration in Singapore is optional for companies with an annual taxable turnover below SGD 1 million. Designed for Singapore citizens and permanent residents of Singapore who do not need our local director and Employment Pass application filing service. One example is the Productivity Solutions Grant (PSG), which subsidizes the cost of digitally enhancing your business. Sleek is a pre-approved PSG vendor, which means entrepreneurs can get some of our services subsidized by the government.
World-Class Business Reputation
The cost of registering a Singapore company includes a government fee of SGD 315, along with the service fees from your chosen corporate service provider in Singapore. Typical services provided by your corporate service provider may include annual company secretarial services, nominee local director, registered address, accounting, and tax filing. A branch office in Singapore functions as an extension of a foreign parent company, allowing for direct engagement in business activities within the region. The parent company remains liable for the branch’s actions and debts, necessitating careful consideration. To set up a branch office, at least one resident agent must be appointed to handle compliance, and the branch must have a registered Singapore address, ensuring adherence to local corporate regulations.
Designed for foreign entrepreneurs and foreign companies, this package covers all services that are necessary to incorporate and start a new Singapore company. Singapore’s liberal immigration laws also allow businesses to easily hire employees from any country, which can lower the company’s operating costs. Nearly a third of the country’s workforce are foreigners and Singapore makes it easy for any foreign professionals to obtain work visas or permanent residence (PR) status. 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.
Unfortunately, most are not aware of this disadvantage, and it is recommended that aspiring entrepreneurs avoid work in process inventory example this type of entity.
Entrepreneur-friendly government policies
Some traditional banks offer remote corporate account openings for foreign entrepreneurs while others may require a physical presence for verification or additional due diligence. On the other hand, Singapore digital banks generally offer remote account opening. We have ready-made incorporation packages based on the most common needs of our foreign and local clients. Our platform allows you to easily communicate with us online for any clarifications you may need at any step of the process. Yes, it is mandatory to appoint a qualified company secretary within six months of incorporation. All companies need to note the Inland Revenue Authority of Singapore’s (IRAS) compliance requirements too.
Business registration matters
You may need to travel in order to set up a corporate bank account, depending on the bank you choose. MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies. The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore.
The telecommunication infrastructure of Singapore covers the entire country, with near zero blackouts or downtime. Shareholders of Singapore companies can benefit from 0% tax on dividends and 0% tax on capital gains. This was after trying to apply via the ACRA portal directly, which ended up being extremely difficult due to the poor UI/UX (not recommended for beginners).