What does it take to register a company in one of the most vibrant economies in the world? Can a foreigner do it themselves? Also, what about during and after the registration? What rules do you need to follow and what are the regulatory requirements?
Having the above questions are very much common if you are thinking of starting a company in Singapore. If you have those questions as well, you don’t need to worry. We have all the information you need before starting a business in Singapore.
100% Foreign Ownership is Allowed
Yes, you heard it right. Singapore is a preferred location for foreigners because starting a business is as easy as it gets. You can own your company, and getting the visas is also simple if you work with the right service provider. Also, the government of Singapore is known for its affinity for investors from every corner of the world. There are various programs, schemes, and incentives that make your business registration in Singapore the right choice.
What are the Visas for Foreigners?
You can get an Entrepass which is the pass for Entrepreneurs to come and register their own company in Singapore. Here are the requirements for getting an Entrepass:
- The applicant should be 18 years of age.
- The applicant shouldn’t have had any criminal records.
- The applicant shouldn’t be bankrupt.
- Fulfilling the above requirements and having a good business plan, along with knowing the right incorporation procedure will help you come to Singapore very easily.
Aside from the Entrepass, some foreign investors have used an Employment pass or the personalized employment pass to register a company in Singapore. Both of them are good choices, as it is still possible to first register a company and work in your company as an employee.
What Kind Of Business Can You Register in Singapore?
If you are a local, you can register anything with the right expertise, team, and funds. Sole proprietorship and partnership are good for smaller companies, while a limited company gives your company a separate legal identity.
Foreigners, on the other hand, can only open a private limited company. They can also invest in a public limited company, but that is a little out of the radar for startups.
These are the things that you need to hire a limited company in Singapore:
- A valid company name that is unique. It can’t be vulgar.
- Between 1 to 50 shareholders. There isn’t a minimum share capital in Singapore.
- A resident director and a resident secretary.
- A physical office address and not a PO Box Number.
- You also need to have a company constitution, the particulars of the director, shareholders and beneficiaries and the business licenses.
- Directors and secretaries need signed consent to act as such in a Singapore company.
How Do You Register a Company in Singapore?
Foreigners need to hire a representative to register their company in Singapore. The representative is a company registration service provider who can register their company for them. For more information, see how to incorporate a company in Singapore.