Use this e-Adviser to get recommendations for a suitable business structure, based on your business requirements. Our packages include all essential services for opening your Singapore company, without bundling unnecessary services that may not be required. With its minimal requirements, it’s one of the easiest places globally to start a business, even bagging the #2 spot in the World Bank’s Doing Business rankings. If you expect your annual turnover to exceed S$1 million, you must register for Goods & Services Tax (GST). If you’re expecting less than that, you can skip this step.

Advantages of Registering a Company in Singapore

A decade ago, when I embarked on my entrepreneurial journey, information wasn’t as accessible. I ended up paying a corporate service provider a hefty $2,000 to handle my company registration. Looking back, I realize that starting a company in Singapore, especially as a Singaporean, is a surprisingly straightforward process. These services are particularly useful for foreign entrepreneurs.

Choosing the right business structure for your company registration

Finally, you’ll need to set up your corporate bank account. Here is a checklist of all essential requirements to register a Singapore company. The cost of registering a Singapore company includes a government fee of SGD 315, along with the service fees from your chosen corporate service provider in Singapore. Typical services provided by your corporate the importance of consolidated financial statements service provider may include annual company secretarial services, nominee local director, registered address, accounting, and tax filing. If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. Factors influencing the exact duration include the type of business entity you’re registeri ng and whetherall required documents are readily available.

Ongoing formalities and filing requirements for Singapore companies

The company secretary keeps your business compliant with regulations and tax filings. It’s an essential aspect of successfully doing business in Singapore. One example is the Productivity Solutions Grant (PSG), which subsidizes the cost of digitally enhancing your business. Sleek is a pre-approved PSG vendor, which means entrepreneurs can get some of our services subsidized by the government. For example, eligible clients can get up to 70% off their yearly accounting fees. In a sole proprietorship, the how long are checks good for personal assets of the owner are not protected from the liabilities and business risks of the company.

This positive image can boost your relationships with customers, suppliers, and investors how to calculate commission while opening doors to new business partnerships. Take them seriously and ensure all the information is accurate. You also must outline how the relationship between shareholders and the limited company will be conducted.

The Sleek platform and interface was also extremely user friendly. 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. Very professional, responsive, and setting up a company was extremely seamless. Highly recommend Sleek to all entrepreneurs and companies setting up in Singapore. This excludes Singapore’s Accounting and Corporate Regulatory Authority (ACRA) fee of S$375.

1. Usually, you will find out whether your proposed name has been approved or rejected within a day.
2. These services are particularly useful for foreign entrepreneurs.
3. Profits are taxed at partners’ personal income tax rates if the partner is an individual.
4. Singapore is an international hub with a prime location in South East Asia.
5. Factors influencing the exact duration include the type of business entity you’re registeri ng and whetherall required documents are readily available.

Singaporean society is more conservative than what you may be used to. What’s an acceptable company name in London may be unacceptable in Singapore. So, if you are ready to make the leap, let’s look at setting up in Singapore with Osome’s complete guide. There is no minimum paid-up capital requirement for registration. Yes, at least one director must be a Singaporean citizen, Permanent Resident, or hold an Employment Pass, EntrePass, or Dependent Pass. All companies need to note the Inland Revenue Authority of Singapore’s (IRAS) compliance requirements too.

So, any confusion over the name will delay the process until it’s resolved. Profits are taxed at partners’ personal income tax rates if the partner is an individual. And at corporate tax rates if the partner is a corporate body. Plus, there needs to be a detailed agreement on how profits are divided.