Register a Company in Singapore
Starting a business in
Singapore is a challenging yet exciting proposition. While the law in Singapore
is very business friendly, there are lots of legalities and red tape that need
attending to, which means you need the experts from Silver Unicorns
Technologies on the job.
Register Company in Singapore for Foreigner -
An Overview:
Singapore is now the best place to start a business if
you want to expand your worldwide reach. Because of its robust yet friendly
investment and trade regulations, Singapore is recognised as one of the best
countries in the world to do business. Company registration is required for the
company's owners. In Singapore, forming a company is simple and inexpensive.
Singapore is placed second in the Ease of Doing Business
Report 2020, which serves as a benchmark for foreigners and locals interested
in forming a company in Singapore. According to Singaporean legislation,
foreign corporate entities or foreign individuals are not permitted to register
as a business in Singapore. For company registration in Singapore, they must
use a local expert business.
Types of Singapore Business Entities
The following is a basic rundown of the many forms of
business entities in Singapore:
·
Private limited company
·
Limited liability company
·
Subsidiary company
·
Branch office
·
Representative office
Private Limited Company Registration in
Singapore
A private limited company in Singapore has a different
legal position from its owners and directors, who have limited accountability
for the business's debts and losses. The owner of this business entity has the
right to own property.
Minimum Setup Requirements:
·
A single individual/corporate shareholder
·
One resident director is required
·
One company secretary
·
Paid-up capital of one dollar
·
One registered address
Limited Liability Partnership Registration in
Singapore
A limited liability partnership combines the benefits of
a private limited company and a partnership to provide you the maximum freedom
while keeping your legal entity independent from your partners.
Minimum Setup Requirements:
·
A minimum of two partners is required
·
A full-time resident manager
·
A registered address
Setting up Subsidiary Company in Singapore
A subsidiary company is a private limited company that is
owned by an external business entity. This external corporate entity may
possess 10% of the company. A subsidiary company in Singapore enjoys the same
benefits as a Singapore-based private limited company.
You can either apply for a Singapore work permit and
relocate to Singapore, or you can appoint a nominee director and administer
your business from outside.
Minimum Setup Requirements:
·
A single individual/corporate shareholder
·
A resident director is required
·
A company secretary
·
Paid-up capital of one dollar
·
A registered address
Company's Branch Office Formation in
Singapore
A branch office is a non-Singapore-based growth of a
foreign corporate entity. Because it is a non-resident, it is not eligible for
tax exemptions like other Singapore private limited companies. You must apply
for a Singapore employment pass if your company desires to move or send staff
to Singapore to conduct business.
Minimum Setup Requirements:
·
A corporate shareholder
·
A local agent
·
A registered address.
Business Representative Office in Singapore
A representative office is a temporary structure that
cannot last for more than three years. This permits foreign corporations to
temporarily move to Singapore to explore and interact with local distributors
as well as analyse the market. To relocate, you'll need a Singapore employment
pass.
Minimum Setup Requirements:
·
Sales turnover must be greater than $250,000.
·
Must have been in business for at least three
years
·
The proposed R.O. personnel must be not more
than five employees
Documents Required for Registering a Company
In Singapore
For registering your company in Singapore, we will
require the following documents from your end.
·
Company name
·
Brief description of business activities
·
Shareholders
·
Particulars
·
Directors’ particulars
·
Registered address
·
Company secretary particulars
·
Memorandum of Association(MOA)
·
Articles of Association (AOA).
Note:
·
On-Residents (Foreigners) - Copy
of passport, overseas residential address proof, and other KYC details such as
a bank reference letter, business profile, etc.
·
Singapore Residents - Copy
of Singapore identity card.
Key Factors of Company Registration In
Singapore
Liability/Legal Entity
One of the most important factors to consider when
choosing an organisational form is the liability structure. It is beneficial
for both the business owner and the firm if the two are legally different
entities. This will provide for a limit on what/who is responsible for any
company indebtedness.
Ability to Grow
A long-term goal for every business is to continue to
grow, thus owners must assess which organisational structure will allow them to
broaden their horizons and enter new markets or products/services.
Cost of Setting Up
If the business is a startup, it's important to consider
the amount of capital available to register in Singapore.
How Can Silver Unicorns Technologies Assist?
When forming a company in Singapore, it's important to
choose the right business structure. Thousands of businesses like yours, have
chosen Silver Unicorns Technologies to set up their business in Singapore and
break into a new market, and our team up with the InCorp Group will give you
the best company registration experience a foreign company could hope for in
Singapore. With service standards that are client-centered, reliable, and
ethical, we will always be here to guide and support you.
·
Our goal is to remove the barriers to
interacting with traditional financial institutions and government agencies,
such as paperwork and bureaucracy.
·
We believe in making things easier for small
businesses so that they may focus on building their business rather than being
overwhelmed by administrative responsibilities
·
Our skilled partners manage everything for
you in a timely and efficient manner.
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