If you’re a foreigner looking to register a company in Singapore, you have several options to choose from, such as sole proprietorship, partnership, LLP, or Pte Ltd. However, the most popular entity chosen by foreigners is a private limited company. Here are the guidelines you need to follow:
Choose a Unique Business Name
Before registering your company, you must choose a unique business name that is not similar to any existing company names and does not contain any restricted words or phrases. You can reserve a name for 60 days through ACRA’s online portal, BizFile+.
Appoint a Local Director
A local director who is a Singapore Citizen, Permanent Resident, or Employment Pass holder is mandatory for a private limited company. Foreigners can appoint a nominee director who will act as a local director on paper but will not be involved in the business’s day-to-day operations.
Register for a Unique Entity Number (UEN)
All business entities in Singapore are required to register for a Unique Entity Number (UEN) with ACRA. The UEN is a unique identification number that tracks the business and its transactions.
Register for Taxes
Company registration Singapore requires businesses to register for various taxes, such as GST, Corporate Income Tax, and Withholding Tax. The company must also register for CPF contributions if it employs Singapore citizens or Permanent Residents.
Open a Corporate Bank Account
Foreigners must open a corporate bank account in Singapore to conduct business transactions. The local director and shareholders must provide personal identification documents and proof of residential addresses to open the bank account.
Obtain Necessary Licenses and Permits
Depending on the nature of the business, a company may be required to obtain specific licenses and permits to operate in Singapore. For instance, food and beverage businesses must register with the NEA and obtain a Food Shop License.
Consider Legal and Accounting Services
Foreigners can benefit from seeking the services of a legal and accounting firm when registering a new company in Singapore. These firms can help with the incorporation process, provide guidance on compliance and regulatory requirements, and offer ongoing support for the business.
Understand the Legal Framework
It’s crucial for foreigners to understand Singapore’s legal framework, particularly in areas such as contract law, employment law, and intellectual property law. This helps ensure the company complies with all relevant laws and regulations and can protect its interests in any disputes.
Consider the Location of the Company
When registering a new business, it’s important to consider the company’s location carefully. Singapore has a well-developed infrastructure and transportation system, making accessing different parts of the city easy. The company’s location can impact rent and other expenses and the availability of potential employees and customers.
In conclusion, registering a company in Singapore can be a straightforward process if you follow these guidelines. By choosing the right business entity, a unique business name, a local director, registering for a UEN, taxes, and opening a corporate bank account, and obtaining necessary licenses and permits, you can start your business in Singapore smoothly.
Foreigner’s Guide to Registering a Company in Singapore
If you’re a foreigner looking to register a company in Singapore, you have several options to choose from, such as sole proprietorship, partnership, LLP, or Pte Ltd. However, the most popular entity chosen by foreigners is a private limited company. Here are the guidelines you need to follow:
Choose a Unique Business Name
Before registering your company, you must choose a unique business name that is not similar to any existing company names and does not contain any restricted words or phrases. You can reserve a name for 60 days through ACRA’s online portal, BizFile+.
Appoint a Local Director
A local director who is a Singapore Citizen, Permanent Resident, or Employment Pass holder is mandatory for a private limited company. Foreigners can appoint a nominee director who will act as a local director on paper but will not be involved in the business’s day-to-day operations.
Register for a Unique Entity Number (UEN)
All business entities in Singapore are required to register for a Unique Entity Number (UEN) with ACRA. The UEN is a unique identification number that tracks the business and its transactions.
Register for Taxes
Company registration Singapore requires businesses to register for various taxes, such as GST, Corporate Income Tax, and Withholding Tax. The company must also register for CPF contributions if it employs Singapore citizens or Permanent Residents.
Open a Corporate Bank Account
Foreigners must open a corporate bank account in Singapore to conduct business transactions. The local director and shareholders must provide personal identification documents and proof of residential addresses to open the bank account.
Obtain Necessary Licenses and Permits
Depending on the nature of the business, a company may be required to obtain specific licenses and permits to operate in Singapore. For instance, food and beverage businesses must register with the NEA and obtain a Food Shop License.
Consider Legal and Accounting Services
Foreigners can benefit from seeking the services of a legal and accounting firm when registering a new company in Singapore. These firms can help with the incorporation process, provide guidance on compliance and regulatory requirements, and offer ongoing support for the business.
Understand the Legal Framework
It’s crucial for foreigners to understand Singapore’s legal framework, particularly in areas such as contract law, employment law, and intellectual property law. This helps ensure the company complies with all relevant laws and regulations and can protect its interests in any disputes.
Consider the Location of the Company
When registering a new business, it’s important to consider the company’s location carefully. Singapore has a well-developed infrastructure and transportation system, making accessing different parts of the city easy. The company’s location can impact rent and other expenses and the availability of potential employees and customers.
In conclusion, registering a company in Singapore can be a straightforward process if you follow these guidelines. By choosing the right business entity, a unique business name, a local director, registering for a UEN, taxes, and opening a corporate bank account, and obtaining necessary licenses and permits, you can start your business in Singapore smoothly.
