Registering a company in Singapore is a tough topic, so you are bound to have questions. Global Link Asia Consulting sums up the most popular questions and answers down here for you.
1. How many types of business entities are there in Singapore? Which is the most common one? Why?
The firm types in Singapore are Sole-proprietorship, Partnership, Limited Partnership, Limited Liability Partnership, and Company. The most common type is the Private Limited Company (Company).
Private Limited Company (Company) is the most preferred firm type because there are advantages: (1) shareholders will be only responsible for debts the company may incur up to the value of their shares. (2) A company can be incorporated with minimal requirements of at least one local director and at least one shareholder, and (3) It can have from a minimum of 1 to a maximum 50 of shareholders.
2. How many incorporation options are there in Singapore for foreign individuals?
For foreign individuals, the most popular option is to incorporate a Private Limited Company.
If you wish to relocate to Singapore to work for this company, there are a few main work visas options for you: Employment Pass, EntrePass, S Pass, Personalized Employment Permit, and the Singapore Work Visa.
If you do not wish to relocate to Singapore, you must hire a Nominee Director.
Read here to find out more about our services to set up a company in Singapore.
3. How many incorporation options are there in Singapore for foreign companies?
Overseas companies can choose to set up either a Subsidiary Company, Branch Office, or a Representative Office in Singapore.
4. Can a foreign individual or a foreign company own 100% of the shares of a company in Singapore?
Yes. There are also no restrictions on the type of business activities, and foreigners require no special approval.
5. What are the basic requirements to set up a company in Singapore?
At the minimum, you have to prepare:
- Shareholder (individual or corporate entity): 01 person
- Resident Director: 01 person
- Company Secretary: 01 person
- Initial paid-up share capital: minimum S$1
- Registered office address in Singapore: 01 address
- Company name: approved by ACRA.
6. How long does it take to proceed?
The average company registration period is only two to three working days.
With regards to opening a bank account for your company, it will take approximately two to three weeks from the date of the meeting with a banker in Singapore to receive pin code and token.
7. What do businesses need to prepare in the pre-registration process?
At a glance, you will need to provide the following information to register a business entity in Singapore:
- Company Name
- Shareholders
- HR: Resident Directors, Company Secretary
- Share Capital / Paid-up Capital
***You do not have to handle these details yourself, they are all included in the company registration services with Global Link Asia Consulting.
8. What do businesses need to obtain in the post-registration process?
After registration, if you wish to operate a company in Singapore, you also need to obtain:
- Licenses and Permits
- Registered Office Hours
- Registration Number
- Custom Registration
- Singapore Goods and Services Tax Registration
- Registration of Singapore Central Provident Fund (CPF)
That’s all the frequently asked questions about registering a company in Singapore!
If you still have doubts, do not be afraid to have a face-to-face conversation with my team.
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