May 7, 2023
From Relocation to Registration: Making Your Business Dream a Reality in Singapore
Complete Guide to Singapore Company Registration 2023
International business expansion
Fully remote incorporation process
Tax exemptions and incentives for non-residents
Step 1
Sign a service agreement and pay for registration via our secure payment gateway
Step 2
After the payment is processed, you'll be able to fill out our electronic company registration form with information about your business and provide the supporting documents
Step 3
Our compliance team will conduct the required KYC procedures and will verify your application
Step 4
After the go-ahead from our compliance team, we will then create the necessary incorporation documents for your electronic signing
Step 5
Once signed, we will work with Singapore authorities to incorporate your company and and help you open bank account
Step 6
After the company is incorporated, we can also apply for a residence permit if needed
Victoria COLD
Lead Attorney at Golden Harbors
May 7, 2023
From Relocation to Registration: Making Your Business Dream a Reality in Singapore
Complete Guide to Singapore Company Registration 2023
21 november 2022
10
min read
available in audio-format
Singapore is an attractive destination for people looking to live, work, and raise a family in a safe and prosperous environment. The country offers several benefits for foreigners who want to relocate there, such as:
Consequently, starting a business in Singapore has become a popular choice among entrepreneurs worldwide, thanks to its strategic location, favorable business environment, and ease of company registration. If you're considering starting a business in Singapore, this article will guide you through the process of company registration, residency options, opening a bank account, business licensing, and taxation in Singapore.
One of the first steps in starting a business in Singapore is company registration. Singapore offers various types of business structures, but the most common and preferred option is private limited company incorporation. A private limited company is a separate legal entity from its shareholders and directors, which means that they are not personally liable for the company's debts and losses.
To register a private limited company in Singapore, you need to have at least one shareholder, one director, and a company secretary.
The process of company registration in Singapore is straightforward and can be completed online within a week if all the necessary documents are in order. The incorporation process in Singapore will be as follows:
It is recommended that you engage the services of a professional service firm or a corporate services provider such as Golden Harbors to assist you with the company registration process, as it can be complex and time-consuming. We can help you navigate the regulatory requirements and ensure that your company is set up correctly.
As a business owner in Singapore, you have various residency options to choose from, depending on your business needs and personal circumstances. The most common residency options for business owners in Singapore are the Employment Pass, the Entrepreneur Pass (EntrePass), and residency by investment.
Singapore passes are frequently issued to foreign talents who are highly skilled in their field, have certain qualifications, and earn a minimum of S$5,000 per year, whereas work permits are issued to semi-skilled migrant workers from approved source countries and regions to work in specific sectors. To be eligible for the work permit, you need to have a job offer from a Singapore-based company and meet the specific requirements for your industry.
In Singapore, there are various passes available for foreigners who want to live and work in the country. The most common passes and work permits are the S Pass, Tech Pass, Personalized Employment Pass (PEP), and ONE Pass:
1. The S Pass is a work visa in Singapore designed for mid-level skilled workers. The applicant must meet certain criteria, including:
2. The TechPass is a new work visa designed to bring top technology talent to Singapore. To be eligible for the Tech.Pass, the applicant must meet certain criteria, including:
3. The PEP is a work visa designed for high-earners who want to work and live in Singapore. The PEP is unique in that it is not tied to a specific employer or job, which means that the PEP holder can switch jobs without having to apply for a new work visa. The PEP is also valid for up to three years and is non-renewable. To be eligible for a PEP, the applicant must meet certain criteria, including:
4. The ONE Pass (Overseas Networks and Expertise Pass) is a multi-country work visa designed for foreign professionals. There are two different ways to apply for this pass:
To be eligible for the ONE Pass route based on salary, the applicant must meet both of the following criteria:
The applicant's previous outstanding achievements can also be used to apply for the Overseas Networks and Expertise Pass Singapore. Candidates may apply even if they do not meet the above salary criteria if they have outstanding achievements in their areas of expertise. Before being considered for the outstanding achievement track for academia and research, they must submit a detailed CV (including their academic qualifications, professional experiences, and accomplishments), as well as a letter of endorsement from a local host research institution (i.e., autonomous universities or A*STAR).
If you have family members who want to join you in Singapore, they can apply for Dependent Passes or Long-Term Visit Passes.
1. Dependent Pass (DP) is designed for the immediate family members of eligible work permit holders, including Employment Pass (EP), S Pass, and PEP holders. The DP allows the holder to live and work in Singapore without the need for a separate work visa. The validity of the DP is tied to the validity of the sponsoring work pass and is typically valid for up to two or three years, depending on the sponsoring pass.
To be eligible for a DP, the applicant must be the spouse or unmarried child under the age of 21 of the eligible work permit holder. The applicant must also meet certain criteria, including:
Once issued, the DP holder is allowed to study and work in Singapore, subject to obtaining the necessary permits and approvals. The DP holder is also eligible to apply for a Letter of Consent (LOC) to work without the need for a separate work visa if the employer is willing to sponsor the application.
2. The Long-Term Visit Pass (LTVP) is a permit issued by the Singapore government that allows foreigners to stay in Singapore for extended periods of time to visit or stay with their family members who are Singapore citizens or permanent residents. LTVPs can also be issued to the foreign spouses of Employment Pass or S Pass holders.
With a Long-Term Visit Pass, the following family members may enter Singapore:
To be eligible for an LTVP, the applicant must have a family member who is a Singapore citizen or permanent resident sponsoring their application. The sponsor must also meet certain criteria, such as having a certain level of income and being able to provide adequate accommodation for the applicant. Additionally, applicants for LTVPs may be subject to other eligibility criteria, such as a minimum age requirement or a requirement to provide proof of their relationship with the sponsor. LTVPs are typically valid for a period of 2 years and can be renewed for up to 3 years at a time. LTVP holders are allowed to work in Singapore, but they must obtain a Letter of Consent (LOC) from the Ministry of Manpower before they can start work.
Singapore has a robust banking system, and there are various banks to choose from, including OCBC, DBS, UOB, Citibank, HSBC, and Aspire. The process of opening a bank account in Singapore is straightforward and can be completed within several weeks if all the necessary documents are in order.
Here are the general steps to open a corporate bank account in Singapore:
1. Choose a bank: Research and choose a bank that suits your business needs.
2. Prepare documentation: Prepare the necessary documents, including:
3. Schedule an appointment: Contact the bank to schedule an appointment to open the account. It is possible to make online appointments.
4. Attend the appointment: Attend the appointment with the bank representative and bring all the required documents with you.
5. Complete the application: Fill out the application form and provide all necessary information to the bank representative.
6. Wait for approval: wait for the bank to review and approve the application. This process can take several days or weeks, depending on the bank and the complexity of your business structure.
7. Activate the account: Once the account is approved, the bank will provide you with the necessary information to activate the account and start using it.
It's important to note that some banks may have specific requirements or additional documents needed for opening a corporate account, so it's advisable to check with the bank beforehand to ensure you have everything you need.
Moreover, some banks may require a minimum initial deposit or ongoing minimum balance to maintain the account. For instance, traditional bank OCBC requires an initial deposit of S$1,000, monthly bank charges of S$10, and a minimum monthly balance of S$1,000, whereas digital bank Aspire requires no initial deposit, no monthly bank charges, and no monthly minimum balance.
Depending on your industry and business activities, you may need to obtain specific licenses and permits to operate your business in Singapore. The most common business licenses and permits in Singapore include the food and beverage license, retail license, and construction permit. To obtain a business license or permit in Singapore, you need to submit the necessary documents and meet the specific requirements set by the Singapore government. The process of obtaining a business license or permit in Singapore can take several weeks, so it's essential to plan accordingly.
In Singapore, the process of applying for a business license depends on the type of business activity and industry you are involved in. Here are the general steps for obtaining a business license in Singapore:
Some businesses may require multiple licenses, and it is important to comply with all regulatory requirements to avoid penalties or fines.
Singapore has a favorable tax system, and the tax rates are relatively low compared to other countries. Taxation in Singapore is governed by the Inland Revenue Authority of Singapore (IRAS). The tax system in Singapore is relatively simple and transparent, with low tax rates and a wide range of tax incentives and exemptions available to businesses.
Here are the main taxes that businesses need to be aware of:
In addition to the above taxes, Singapore offers a range of tax incentives and exemptions to businesses, such as the Productivity and Innovation Credit (PIC) scheme, which provides tax deductions or cash payouts for investments in productivity and innovation activities.
To comply with Singapore's tax laws, you need to keep accurate records of your income and expenses, file your tax returns on time, and pay the necessary taxes. If you're unsure about Singapore's tax laws, it's recommended that you work with a tax professional.
Starting a business in Singapore can be a rewarding experience, but it requires careful planning and preparation. By understanding the processes of company registration, residency options, passes and work permits, opening a bank account, business licensing, and taxation in Singapore, you can make your business dream a reality.
If you are ready to start your business in Singapore, Golden Harbors can help you with company registration and residence permit application. Contact us today to learn more.
One of the key advantages of working with Golden Harbors is our experience and expertise in the field. Our team has helped many individuals successfully relocate to Singapore and register their businesses there. We guide you through the remote process from start to finish. Register your Singapore company and apply for a residence permit with Golden Harbors.
April 13, 2023
The Essential Guide to Registering a Singapore Company in 2023. 100% Online Application
Setting up a Singapore company is an attractive option for many entrepreneurs and investors. Singapore is a highly prosperous...
21 november 2022
10
min read
available in audio-format
Setting up a Singapore company is an attractive option for many entrepreneurs and investors. Singapore is a highly prosperous and developed country that is well known for having a business-friendly environment and low taxes. The Singapore government has taken a number of steps to make setting up a business in Singapore easier and more attractive.
There are a few things that you need to consider before you set up your Singapore company. The first is to decide which type of company you want to set up. The different types of companies available in Singapore include sole proprietorships, private limited companies, public companies, limited liability partnerships, and representative offices. Each type of company has different requirements and benefits.
The next step is to decide on the name of your company and to register it with the Accounting and Corporate Regulatory Authority (ACRA). You will also need to open a corporate bank account and apply for an Employment Pass if you intend to operate the company as a director and employ foreign staff. You will also need to obtain other permits and licenses, depending on the type of business activities you carry out.
The most common types of companies are:
Most of our foreign clients prefer incorporating a local subsidiary (i.e. private limited company) rather than other types of company due to the numerous advantages, such as (i) flexible shareholding structure; (ii) separate legal status; (iii) operational position, which allows enjoying the rights and benefits of a local Singapore company.
There are many benefits to setting up a Singapore Private Limited Company. The most significant benefit is the limited liability protection that it offers to its owners. This means that the owners are not personally liable for the debts and obligations of the company and can only be held responsible up to the amount of their shareholding.
In addition, a Singapore Private Limited Company is also eligible for various government grants and incentives such as tax exemptions, subsidies, and funding for research and development. There are also various accounting and tax considerations for Singapore Private Limited Companies, which can help to reduce costs and maximize profits.
Setting up a Singapore Private Limited Company also gives the company access to a range of banking and financial services. Singapore has a well-developed banking and financial sector, which offers a range of services such as business loans, foreign currency exchange, and other financial products.
Finally, a Singapore Private Limited Company also has access to a range of professional services such as accounting and legal services. Singapore is home to a large number of professional service providers, and these can help to ensure that the company is compliant with all relevant laws and regulations.
The company registration process takes about 1 week and can be handled online with Golden Harbors
Share capital of S$1
You can incorporate your Singapore company with S$1. Later, if necessary, you can increase the capital by investing additional funds and notifying the relevant authority.
At least 1 shareholder
A shareholder can be an individual or a company. The maximum number of shareholders is 50.
100% foreign ownership is allowed.
Local Director
Nominee Director; or Foreign director with residence permit in Singapore; or a citizen or permanent resident of Singapore.
Registered address in Singapore
The company must have a registered address in Singapore where all company statutory documents must be kept
Local company secretary
A Singapore company must appoint a company secretary who resides in Singapore. The company secretary is responsible for the company's compliance with its regulatory obligations and the maintenance of registers.
To apply for an Employment Pass, you will need to submit an application form and provide supporting documents such as a copy of the company's constitution, a copy of the foreign employee's passport, and proof of qualifications. The application form and supporting documents must be submitted to the Ministry of Manpower (MOM).
The application process typically takes 4-6 weeks, and the Employment Pass will be valid for 2 years, after which it can be renewed. The Employment Pass will also need to be renewed if the foreign employee changes jobs or if the company ceases operations.
It is important that you meet the following recommended requirements when applying for EP:
Setting up a Singapore Private Limited Company also involves accounting and tax considerations. All Singapore companies are required to maintain accurate records of their financial transactions and accounts, and to file their tax returns with the Inland Revenue Authority of Singapore (IRAS).
The company will also need to appoint a qualified accountant to prepare its financial accounts. This is important to ensure that the company's financial statements are accurate and that its taxes are paid on time.
The company will also need to choose a taxation regime. Singapore has a number of different tax regimes, and the company should select the one that best suits its business needs. With a single-tier tax system, Singapore only taxes company profits, but does not tax dividends issued to shareholders. In relation to the corporate tax rate, the first S$ 200,000 net profit will be taxed at 9-10%. For anything more than S$ 200,000, the tax rate is 17%. Corporate tax rate is 0% for resident companies for the first three years.
Setting up a Singapore Company is a relatively straightforward process. The different types of companies available in Singapore include sole proprietorships, private limited companies, public companies, limited liability partnerships, and representative offices.
The most common type of company is the private limited company, which offers limited liability protection to its owners and is eligible for various government grants and incentives. Setting up a Singapore Private Limited Company also involves opening a corporate bank account, applying for an Employment Pass, accounting and tax considerations.
If you are considering setting up a Singapore Company, we recommend that you consult with a qualified professional to ensure that you understand the process and comply with all relevant laws and regulations. Set up your Singapore Company with Golden Harbors and let us help you navigate the process.
Obtain
a new citizenship and passport
get
additional residency or a Golden Visa
and also
file, register a company, and open bank accounts offshore