Otherwise, the applicant may also engage the services of a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm) if the applicant does not have SingPass. According to the Singapore Companies Act, any person (foreign or local) above the age of 18 can register a Singapore company. A company is a legal entity, separate and distinct from its shareholders and directors. In Singapore, there are 2 main types of companies – public and private companies. Public companies are listed on the Singapore Exchange (SGX) and typically have more than 50 members. Private companies are not listed on SGX and have a maximum limit of 50 members.
Sole proprietorships (SP)
- 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.
- Singaporeans are also strongly advised to utilize the services of a CSP to facilitate the registration process and ensure ongoing compliance.
- If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you.
- For 2023, 72% of the monthly new companies incorporated in Singapore were Private Limited Companies.
InCorp is an award-winning provider of professional corporate solutions, such as company registration services, for new business owners. We have helped thousands of global entrepreneurs and companies launch their Singapore ventures successfully. Count on our experienced team for the incorporation, corporate secretarial, and compliance of your company. By following these steps to register a business in xero review Singapore, you can successfully incorporate your company.
Annual Tax Filing
ACRA, a statutory board under Singapore’s Ministry of Finance, serves as understanding the balance sheet the national regulator for business entities, public accountants, and corporate service providers in Singapore. Here is a checklist of all essential requirements to register a Singapore company. If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved.
Ongoing formalities and filing requirements for Singapore companies
If you’re starting a business in Singapore, the first question to consider is whether you need to register it. 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.
Let InCorp help you navigate the company setup process in Singapore smoothly and make a well-informed decision. The best visa option for foreign entrepreneurs looking to move to Singapore and incorporate a company is the EntrePass, also known as the Entrepreneur Pass. This visa is specifically designed for foreign entrepreneurs who want to start a business in Singapore. It allows the entrepreneur to relocate to Singapore and operate their company. 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 will need to register for GST if you expect your company’s annual turnover to be more than S$1 million.
Easy company registration process
Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP). This fee includes both company registration and 1 year of our company secretary services. Our expert team will also help you to prepare any other documentation your company will need to get started and running. A private limited company in Singapore, often denoted as “Pte Ltd,” is a separate legal entity with limited liability. Choosing the right business structure in Singapore is crucial as it impacts liability, taxation, and regulatory obligations.
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). He (Oswyn) understood the urgency of setting up the account quickly and expedited the request, resulting in the entity being set up in less than 3 hours. Get more information on the documents required and the process of applying for an EntrePass here or consult our visa experts.
If you are thinking of starting a small-scale business from freight in and freight out # home, here’s a step-by-step guide to help you. Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. Annual filing of tax returns, annual general meetings, maintaining accounting records, and updating changes in company particulars. 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.