Registering a company, in Singapore is pretty simple. Doesn’t involve a lot of red tape. The government encourages businesses to set up shop by offering tax breaks and other perks to startups. This favorable environment often leads new entrepreneurs to prefer registering their company with ACRA.
ACRA Registered Company
The Accounting & Corporate Regulatory Authority (ACRA) acts as the designated Company Registrar for managing the registration of companies in Singapore under the Companies Act, Chapter 50.
It can be advantageous, for both local and international business owners looking to register with ACRA to seek guidance. Engaging the services of professional agents specialized in company formation in Singapore can provide valuable guidance and support throughout the setup process.
For Non-Singaporean Residents: What to Consider for Singapore Company Formation
Foreign individuals are unable to independently register or establish a company in Singapore. Getting assistance from a business registration agent, in Singapore can make the process much easier. Moreover foreigners need to secure a Singapore work visa or permit to move and work in the country.
By utilizing their knowledge in setting up companies in Singapore your chosen agent can simplify the process saving you time and money. They provide customized solutions and clear advice to help you establish your company in Singapore smoothly.
How to Establish a Company in Singapore?
To start the process of registering a company in Singapore you need to follow these steps;
- Decide on the business structure that best fits your business goals.
- Complete the company registration with ACRA (Accounting & Corporate Regulatory Authority).
- Set up a corporate bank account for your company.
According to ACRA guidelines individuals who are 18 years old and above are qualified to register a company, in Singapore. This includes residents of Singapore holders of Entrepreneur Pass (EntrePass) Employment Pass (EP) Dependant Pass (DP) and foreigners well.
Guidelines for Foreigners Seeking to Register a Company in Singapore
To successfully complete the company registration process, in Singapore as a local individual you need to meet certain extra criteria;
- Have an resident director, who could be a Singaporean citizen, Permanent Resident, Employment Pass (EP) holder or Entrepreneur Pass (EntrePass) holder.
- Provide a registered local office address for your company.
- Choose an accounting, legal, or corporate secretarial firm offering Singapore company registration services to assist with the incorporation process.
For EntrePass Holders: Foreign entrepreneurs are able to request an EntrePass from the Ministry of Manpower (MoM) to establish a business in Singapore. To be eligible you need to demonstrate your experience as an entrepreneur and meet all EntrePass requirements. If approved you can move to Singapore. Take on the role of the companys local director.
For Employment Pass Holders: Being an Employment Pass holder allows you to have ownership or shares in a company. However you are not permitted to serve as the director of the company as your employment is restricted to your current employer. In situations you may consider utilizing nominee director services when setting up the business.
Alternatively you have the option of proceeding with establishing your company in Singapore and seeking assistance from your company secretary to apply for an Employment Pass on your behalf through MoM. Upon approval and, after relocating to Singapore you can replace the nominee director with yourself. Take full charge of your business.
