Opening a company in Singapore is seamless and effortless as Singapore is one of the easiest places in the world to do business. Singapore has a robust infrastructure, a business-friendly environment, multiculturalism, an easy company registration process, and government support, offering an abundance of opportunities for business growth and success. With such benefits, business owners are choosing Asia’s global marketing hub, Singapore, to expand their businesses.
If you’re looking forward to opening a company in Singapore, it’s safe to say you’re doing the right thing. This guide will walk you through each step to open a company in Singapore.
Open a Company in Singapore as a Foreigner
You can open a company in Singapore as a foreigner by either relocating to Singapore or staying overseas. Like any Singaporean citizen, a foreigner can start a company in Singapore and own 100% of its shares. According to the Singapore Companies Act, anyone (local or foreign) above 18 can open a company in Singapore.
The minimum requirements for a foreigner to open a company in Singapore are:
- A minimum of one shareholder
- A minimum of one Singapore-based director
- $1 paid-up capital
- Local company secretary
- Registered address
Foreigners need to fulfill additional requirements to successfully incorporate a company in Singapore. If you want to relocate to Singapore to open a company, you must obtain a work pass like an Employment Pass or EntrePass. Moreover, you can start a company abroad and manage it without moving to Singapore by employing a local or resident director.
How Much Does it Cost to Open a Company in Singapore?
ACRA is the registrar of companies in Singapore. When you register your company with ACRA, you will need to pay an S$15 fee to reserve the company name and S$300 to process the company registration application. Once the company is registered and incorporated in Singapore, ACRA will send you a confirmation email that serves the purpose of Certification of Incorporation. This S$315 is a government fee, covering only the application process.
In addition to government fees, foreigners have to pay agent fees charged by corporate service providers to cover all legal requirements. This fee includes the costs of agent registration fees, the company’s registered address, the company secretary, and the local nominee director. Overall, the cost of opening a company in Singapore with an affordable corporate service provider will be between $3,000 and $4,000.
Requirement to Open a Company in Singapore
To open a company in Singapore, you will need to submit the following information to the company registrar.
- Company Name
- Details of Shareholders
- Details of Directors
- Brief Summary of Business Activities
- Registered Address
- Details of Company Secretary
- Memorandum and Articles of Association
1. Decide Business Structure and Collect Documents
Choose the structure of your company from various business entities, including sole proprietorship, private limited company, and partnerships. After deciding on the most suitable option, collect the above-listed documents. As per Singapore company incorporation regulations, the background and identification details of the company’s directors and shareholders must be collected and validated by the corporate firm.
2. Obtain Approval for the Company’s Name
Choose a company name and submit it to ACRA via the BizFile+ portal for approval. Name approval is required to proceed with the company registration application.
3. Sign the Incorporation Documents and Apply for Company Registration with ACRA
Once the company’s name has been approved, sign all the incorporation documents and apply for company registration.
4. Incorporate the Company and Open a Corporate Account
The company registration process is completely online and usually takes less than an hour. Once your company is registered, ACRA will send you a confirmation email containing a Certificate of Incorporation and Business Profile.
Next, open a corporate account with a reliable bank or neobank and start conducting business under your Singapore company name.
Can a Foreigner Own 100% of a Business in Singapore?
Singapore has a 100% foreign ownership policy that allows foreigners to fully own and operate their businesses like locals. You need to file incorporation papers and register your company with ACRA following the above steps.
How Fazz Business Can Help to Successfully Setup Your Company in Singapore
Fazz Business is a licensed Major Payment institution in Singapore, trusted by 500+ local and global businesses. If you want to open a company in Singapore successfully, Fazz Business can help you with it. Fazz Business is a proud partner of the corporate secretary and immigration services, which provide a comprehensive package for seamless incorporation in Singapore.
Once you open your company in Singapore successfully, the next crucial step is to open a corporate bank account to complete the incorporation process. Fazz Business offers the best corporate account in Singapore for both local and foreign companies.
Open a Corporate Account with Fazz to Grow Your Business Without Limits
Fazz Business is a popular and reliable fintech company in Singapore, offering fair and inclusive financial solutions to businesses worldwide. The company sets itself apart from traditional banks by implementing a cost-effective and transparent banking approach for foreign businesses. By opening a corporate account with Fazz, you can access the best financial services for your business growth at minimal rates.
Companies choose Fazz Business account for their Singaporean companies due to the following reasons:
- Hassle-free account opening process for foreign companies
- Offers multi-currency account to expand business beyond borders
- Free local transactions
- Zero admin fee, zero subscription or monthly fees
- Fast international transfers
- Better FX rates for international transfers
Open the Best Corporate Account in Singapore, complete your incorporation process, and manage your business operations smoothly!