The country has a world-class infrastructure, well-trained workforce and few rules that limit foreign ownership. It ranks top in several global rankings like the World Bank’s Ease of Doing Business Index and offers a great platform to launch and grow your business. But setting up a company here isn’t as simple as filing a form and paying the registration fees.
The first thing you need to do is decide which type of business structure to register. You can choose from a sole proprietorship, partnership or private limited company. We can help you decide the best option for your company based on your unique business model and statutory requirements.
Next, you need to decide on the number of shareholders and directors. You can appoint both local and foreign individuals as directors, but at least one must be a Singapore citizen or permanent resident, or hold an EntrePass or Employment Pass with Local Operating Capability (LOC).
Once you’ve decided on the shareholders, you need to appoint a qualified company secretary. This person tracks changes in your company, compiles papers and reports to the government. It’s mandatory that all companies have this officer.
Finally, you need to register your company with the Accounting and Corporate Regulatory Authority (ACRA). This includes providing all the necessary documents such as your company name, address and authorised signatories. It is important that the details provided are accurate as there are penalties for false or misleading information. how to start a company in Singapore