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How to Register a Company in Singapore 2020 Guide

By January 30, 2020January 10th, 2024No Comments

You may also have to update the electronic register of members for the private companies. Transfer of shares in a private limited Singapore company can be challenging. Our experienced company secretarial services can handle the task efficiently.

After registering your company, you may need to incur certain fees in order to maintain it and ensure regulatory compliance. The official certificate of incorporation can be purchased via BizFile+ for a fee of S$50. 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 date.

How much does it cost to register a company in Singapore?

The rubber stamp makes the company’s official documents look more authentic and professional. To register your company name online visit BizFile+, a web portal maintained by ACRA. Once you have chosen the business structure, you must meet the following requirements.

You must present your credentials as a serial entrepreneur and fulfil all the conditions for Entrepass. You can relocate and work as the company’s local/resident director. You may engage a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm) to submit an online application on your behalf. MOM also offers an EntrePass for foreign entrepreneurs with venture-backed or tech-innovative businesses, open to all nationalities. If the company is registered, it should be under six months old when applying for EntrePass. If not, you can register after getting EntrePass approval.

  • If the expected annual turnover of your new company is more than S$1 million, you must register it for GST.
  • Once you have chosen the business structure, you must meet the following requirements.
  • Learn more about what you need to register your business, depending on the business structure you’ve chosen atStep 1.
  • Here compare the advantages and disadvantages of a private limited company, sole proprietorship, and an LLP before initiating the Singapore company registration process.

The government also encourages the incorporation of company by offering various tax exemptions and schemes to startups. It is why new entrepreneurs tend to favour an ACRA register company. Upon registration, a private limited company in Singapore becomes a separate legal entity. Hence, shareholders are not accountable for the business or the company’s debts beyond the amount of share capital contributed.

Things to consider before registering:

But by planning ahead, you can speed up the company registration process and avoid delays. To register a business, the applicant must log into the BizFile+ website using his identification number and SingPass. It is important to note that in the case where there is only a sole director/shareholder, the same person cannot act as the company secretary. The office of company secretary also cannot be left vacant for more than 6 months at any one time.

What Is The Cost of Company Registration in Singapore?

By law, companies are legal persons and have rights similar to natural born persons. It means, as individuals, local and foreign companies, too, can register a Singapore company. The parent companies can own 100% equity or shareholding in the new company. After completing the process of company registration Singapore, every company must fulfil a set of annual filing requirements to stay compliant with the law. After the successful incorporation of company, ACRA sends a confirmation email. In Singapore, this soft copy works as the official certificate of incorporation.

Appointing a corporate secretary for your Singapore company is necessary. You need to do so within 6 months of the date of company incorporation. Foreigners can register a company without immigrating to Singapore. Afterwards, they can what is the journal entry for sold goods on credit go back and direct their company from their native country. On the other hand, if you may not want to immigrate to Singapore. In this case, you need to appoint a nominee director at the time of registering their Singapore company.

First S$100,000 Profit Tax Exemption

It’s a little unintuitive, but you can only apply for business licenses only after you’ve sunk in money and committed to the incorporation process. Therefore it’ll be wise for you to look into what you need and whether you’re able to get those licenses before starting on the incorporation process. It’s also good to prepare alternative names, in case your top choice gets snapped up while you’re still deciding whether to register or not. ACRA offers a free business profile for newly incorporated companies (otherwise, a purchase fee of S$5.50 applies). To set up a Singapore company, the proposed name for the company must first be approved.

Open a bank account

If you cannot, we will ask ACRA for an extension of another 60 days by filing a request on your behalf. You start the process for company registration Singapore by getting its name approved by ACRA. The chances of quick approval will be higher if you keep the following things in mind. This fee covers ACRA’s official costs for (a) registering the company name and (b) company registration Singapore.

The rental is based on the declaration by the flat owner. Listing of ‘Active’ salesperson that is currently registered under CEA. Beyond the required personnel to register a company in Singapore, there are several important things to note about running a company. With its minimal requirements, it’s one of the easiest places globally to kickstart a business, even bagging the #2 spot in the World Bank’s Doing Business rankings. Singapore isn’t just a hub for venture capital; it’s also got a government that loves innovation and entrepreneurship. They offer a range of grants, tax incentives, and assistance schemes.

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