Usually, you will find out whether your proposed name has been approved or rejected within a day. However, if your proposed name contains specific words such as media, bank, law, finance, or education, the corresponding external governmental authority may be required to review and approve the name. The application fee for sole proprietorships and partnerships, LP and LLP is $100.
Which is the best visa for foreign entrepreneurs looking to move to Singapore and incorporate a company?
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 with them and look forward to a prosperous and work in process inventory mutually beneficial ongoing relationship. 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. This Know Your Customer (KYC) process is an important component of the company incorporation process in Singapore.
Singapore Company Registration Packages
For instance, a new start-up company can claim tax exemptions on the first $200,000 of its normal chargeable income. If you wish to use residential address as business address, you are advised to check with respective authority. Eligible flat owners/occupiers must seek prior approval from HDB, and owners of private residential property must seek prior approval from URA. In order to register a Singapore company, a local Singapore address must be provided as the registered address of the company. The registered address must be a physical address state of iowa taxes (can be either a commercial or residential address) and must not be a P.O.
- We have ready-made incorporation packages based on the most common needs of our foreign and local clients.
- If you are a foreigner learning how to set up a company in Singapore, you must engage the services of a corporate service provider for the company setup.
- These include creating a company business profile, opening a corporate bank account, obtaining necessary business licenses and permits, and fulfilling annual filing requirements.
- ACRA, a statutory board under Singapore’s Ministry of Finance, serves as the national regulator for business entities, public accountants, and corporate service providers in Singapore.
- When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa.
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A comprehensive shareholder agreement allows for a smooth management of the company and minimises disputes between various business parties in the company. An approved name will be reserved for 60 days from the date of application. You can extend the name for another 60 days by filing an extension request just before the expiry payroll entries date.
Limited Partnership
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. This structure is often recommended by company formation consultants for foreign businesses needing a strong local presence. It can have a maximum of 50 shareholders, offering benefits like corporate tax exemptions and access to various government schemes and incentives for business growth. Shareholders of a private limited company can be other companies, individuals, or a mixture of both. If you are a foreigner learning how to set up a company in Singapore, you must engage the services of a corporate service provider for the company setup. Even if you are a local entrepreneur, you are advised to do the same, as they may not be fully familiar with Singapore company law and compliance requirements.
On top of tax exemptions, an incorporated company can further lower its taxable income by setting up benefits programs for its employees. Specific programs can be classified as business expenses such as leasing of vehicles, pensions, and retirement funds. Before registering your business with ACRA, you need to register your business name. You will need to understand the key differences between the structures and decide which is right for your business. Goods and Services Tax (GST) registration in Singapore is optional for companies with an annual taxable turnover below SGD 1 million.
And, depending on what activities your company is involved in, you might need to apply 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. In a sole proprietorship, the personal assets of the owner are not protected from the liabilities and business risks of the company.
