Assuming all the documents are found in place after the application comes in, one could expect approval to come through in a day or two. Once the incorporation gets processed, foreigners can apply for an Employment Pass adjusted gross income definition or Entrepreneur Pass that allows them to work and stay in Singapore. In comparison to other countries like China, opening a corporate bank account is also a simple process.
The telecommunication infrastructure of Singapore covers the entire country, with near zero blackouts or downtime. Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator.
As a matter of fact, a number of foreign investors have established foreign companies in Singapore through the country’s stable legal system, strong financial markets, and multi-talented pool. The best visa option for foreign entrepreneurs looking to move to Singapore and incorporate a company is the EntrePass, also known as the Entrepreneur Pass. This visa is specifically designed for foreign entrepreneurs who want to start a business in Singapore. It allows the entrepreneur to relocate to Singapore and operate their company. To be eligible for the EntrePass, applicants must fulfill certain criteria, such as having a viable business plan, possessing relevant qualifications or experience, and demonstrating a track record of successful entrepreneurship. Additionally, the EntrePass offers flexibility and benefits such as the ability to bring family members to Singapore and the opportunity to apply for permanent residency in the future.
Company registration in Singapore for foreigners is smooth and proposed to attract foreign participation in businesses. Whether an individual entrepreneur or a big corporation, Singapore has provided a friendly platform in which you can register your business. Naming your company and its verification to meet Singapore’s requirements is the initial step in the company registration in Singapore for foreigners. Once you have a name in mind, you need to get it approved via the portal of ACRA. If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. You can hire a company secretary firm like Sleek who can help with the entire business registration process and also provide services such as nominee director and as well as a local registered address in Singapore.
The 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 body corporate. Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business. You must inform ACRA of any address change within 40 days of registration. Learn about the different business structures and find out which one best suits your business. Limited liability does not apply to a sole proprietorship or partnership.
You can also choose to start a company without moving to Singapore by appointing a local resident director. The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore. An LLP is typically established to carry a profession, such as attorneys, architects, etc. where two or more would like to join together and form a practice in their shared field.
Requires a minimum of two partners at all times, or the company will be dissolved as well as lacks ease of transfer of ownership. This type of business is straightforward but carries more risk for its owner since the owner will be personally liable for his/her company. For 2023, 72% of the monthly new companies incorporated in Singapore were Private Limited Companies.