Ranked in the world as the second-best nation in the world to do business, Singapore is a land of lucrative opportunities for investment. Let Precepts Corporate Services guide you, step by step, on how to incorporate your own business in Singapore.
Who can Incorporate in Singapore:
Provided you meet the required criteria, anyone can register a company in Singapore with relative ease. If you are a foreign investor, you will need to use a registered Singapore company incorporation, such as Precepts Corporate services to comply with the Singapore Accounting and Corporate Regulatory Authority (ACRA).
Incorporating a Company in Singapore as a Foreign Individual
A Foreign Individual requires a local Singapore resident as a director to comply with ACRA. However, after you have incorporated your business in Singapore, you can own 100% of the company shares, while being a foreign director.
In order to proceed, the due diligence documents required will be:
• Copy of your passport
• Residential proof of overseas address
• Business profile
Incorporating in Singapore as an Existing Foreign Corporation
A foreign company may also incorporate a company as a subsidiary, representative office, or bank office. The documents required to incorporate the company would be:
• Copy of Certificate of Incorporation of the Parent company
• Extract from Registrar of Company or Register of Members and Directors
• Memorandum and Articles of Association/ Constitution/By-Laws
What to Do After Your Company Has Been Registered in Singapore
If you have done everything correctly, you will be allowed to do business officially in Singapore straight away. There are however a few extra things you will want to do in the following days and weeks:
• Apply for any business licences you might need, e.g. medicine, law, etc.
• Open a corporate bank account.
• Register for Singapore Goods and Services Tax (GST).
• Register with Singapore Customs if you are an importer or exporter
• Put your ACRA registration number on all letterheads, invoices and other official collateral.
• Apply for any Singapore work visas needed by you or your foreign team members.
• Make sure you stay in compliance with ACRA.
At Precepts Corporate Services, we can assist you in all the above, whether it be introducing you to a few bank managers, or taking care of your tax compliance. We have given you as much information as possible in this article. If you have any questions about incorporating your company in Singapore, contact us at +65 6221 8633 or [email protected].
This article was first published on our newsletter, The Custodian Issue 17 on April, 2021. Click here to access our latest newsletter.
