These requirements and potential challenges highlight the need for careful planning and professional guidance when establishing a business in Singapore as a foreigner. All companies need to note the Inland Revenue Authority of Singapore’s (IRAS) compliance requirements too. For YA 2020 onwards, 75% of the first S$100,000 of profits earned in Singapore for the first 3 years from a company’s incorporation are exempted from taxes. More information in our 5 minute Guide to Singapore’s Corporate Tax System. Tax benefits are one of the main reasons why many companies choose to register a company in Singapore. Very professional, responsive, and setting up a company was extremely seamless.
Directors
Good news—Singapore makes it easy for foreigners to establish a company with 100% ownership. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. 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.
From government grants, accelerators, incubators, VCs, and banks, there are several ways to get access to capital at any stage of development. Get more information on the documents required and the process of applying for an EntrePass here or consult our visa experts. Our packages include all essential services for opening your Singapore company, without bundling unnecessary services that may not be required. Filing the incorporation application is the final step in the process of setting up your company in Singapore.
- These requirements and potential challenges highlight the need for careful planning and professional guidance when establishing a business in Singapore as a foreigner.
- Singapore has double tax agreements (DTA) with many countries in order to prevent companies and individuals from being taxed by both jurisdictions.
- Unless the company has been exempted from audit you every company must appoint an auditor within 3 months of registration.
- Once you have submitted the necessary information about company structure and stakeholders, our compliance team will check and assess the identities and backgrounds of all company stakeholders.
Things to Take Note After Setting Up a Company in Singapore for Foreigners
What used to be a form filling administrative task is now a presentation of whether your business has viable tax substance. No, you can foreign exchange gain engage a professional firm to handle the registration process on your behalf. Typically 1-2 days if all documents are in order and approved by the Accounting and Corporate Regulatory Authority (ACRA).
Business License (Optional)
And, depending on what activities your company is involved in, you might need to apply for a business license. Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP). Once you have officially incorporated your Singapore business, the Companies Act requires specific annual filing requirements to be made.
Highly recommend Sleek to all entrepreneurs and companies setting up in Singapore. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375. Approved company names will be held and secured for 60 days from the date of your application. If you need to extend the name reservation for another 60 days, you may do so by filing an extension just before the initial hold expires. Unless the company has been exempted from audit you every company must appoint an auditor within 3 months of registration. Requires a minimum of two partners at all times, or the company will be dissolved as well as lacks ease of transfer of ownership.
Shareholders can be a local or foreign, individual, or corporate entity. These shareholders can own 100% of the equity of the Singapore company. After your Singapore company registration, the next step would be to open your corporate bank account.