Incorporating a company in Singapore as a foreigner has never been more appealing. Singapore, a financial hub and thriving country, is popular for its streamlined company incorporation process.
The Singaporean government encourages incorporation and welcomes new startups by offering a range of tax exemptions and schemes. You can incorporate a company completely online. Once you understand the requirements of the company incorporation procedure, the process can be simpler.
So, if you are a foreigner looking to incorporate in Singapore, this guide is for you. Fazz Business will help you navigate the long incorporation process to set up your company successfully. Let’s get started.
Why do Companies Incorporate in Singapore?
According to the World Bank ranks, Singapore is one of the most thriving and business-friendly countries in the world. The country is renowned for its generous policies toward foreign companies and directors. Singapore is a prime choice for entrepreneurs looking to incorporate because of its 100% foreign ownership policy, which allows owners to fully own the company’s shares.
Furthermore, the country has a competitive tax system that helps you grow and build a foundation for your startup. Companies that incorporate in Singapore also benefit from its strong environment that supports their business goals
Additionally, Singapore has a pool of highly skilled talent from around the world who have great expertise to scale your business. The talent pool is full of qualified applicants from a wide range of industries. With all these strategic benefits, it’s no wonder why thousands of companies incorporate in Singapore each year.
How to Incorporate a Business in Singapore
How foreigners can incorporate a company in Singapore? You can find the answers on details below!
Documents and Information Required to Incorporate a Company in Singapore
Here are the requirements that you will need for the company incorporation process in Singapore.
- Company name
- Details of Directors
- Details of Shareholders and share capital
- Company Secretary
- Brief description of business activities & SSIC Code
- Company Constitution
- Registered Address in Singapore
- Obtain a Business License (If required)
Foreigners can incorporate a company in Singapore in two ways.
1. Relocating to Singapore and running the business while staying there by appointing a director and obtaining an Employment Pass or an EntrePass.
2. Staying abroad and running the business in Singapore from there by appointing a local director.
Bonus Guide: How to Register a Company in Singapore for Foreigners!
Choose the Business Structure That Meets Your Needs
Before starting the incorporation process and submitting paperwork, you need to choose the business structure for your company. A foreigner can incorporate the following businesses in Singapore.
- Sole Proprietorship
- Private Limited Company
Reserve the Company Name
First, choose your company name, submit it to ACRA, and ensure it is approved by ACRA. They will inform you if your name is approved or rejected. The name should be understandable, meaningful, and devoid of offensive words. Visit the Bizfile+ portal to register your company name.
Submit the Application to ACRA
Once your company name is approved, you can apply for a company registration application on the same portal. You will need to submit the paperwork and pay incorporation fee to finalize the application. Afterward, ACRA will review your application and approve it within 1-3 days as long as the paperwork is complete and all directors sign documents.
Documents Issued Post-Incorporation
Once your company is incorporated, ACRA will issue the following documents to you.
Certificate of Incorporation: ACRA will send a certificate to your email after your company incorporation application is approved to notify you. This will be your official Singapore Company Incorporation Certificate, which includes a company registration number. If you want to get a hard copy of a certificate, you can submit a request to ACRA for 50 SGD.
Company Business Profile: This is the company’s identity card. ACRA will provide you with a business profile that includes all details of your company, such as its name, incorporation date, details of directors and shareholders, etc.
Once the whole incorporation process is completed, you’ll be able to open a corporate account. Read our helpful Guide to Opening a Corporate Bank Account in Singapore!
Cost to Incorporate a Company in Singapore
ACRA charges a S$15 fee to reserve the company name and S$300 for the incorporation application. So, you will need to pay S$315 to incorporate a company in Singapore with ACRA. Accounting and Corporate Regulatory Authority (ACRA) is a registrar of companies in Singapore.
However, there are other costs involved in the company incorporation process according to compliance requirements. It includes the cost of having a registered physical office address (up to 3,000 SGD/month), accounting & bookkeeping fees (800 SGD/year), and company secretary fee, which varies depending on the service provider.
How Long Does it Take to Set up a Company in Singapore?
The process of registering a company in Singapore is quick and efficient. You can finish the entire incorporation process in a few hours or days. The time frame for incorporating in Singapore with ACRA can take 1 to 3 days. Singapore’s user-friendly digital registration system has simplified the process, which allows foreign entrepreneurs to complete the required steps swiftly.
When you’re working with a company secretary, the timeline is also determined by how quickly you, each shareholder, and each director can submit the required documentation for verification.
How Fazz Business Help in the Company Incorporation Process
Fazz Business is an MPI-licensed leading fintech company in Singapore that is trusted by over 500+ local and global businesses. The company has partnered with corporate secretarial and immigration services, providing a comprehensive package for seamless incorporation in Singapore.
So, if you’re looking for the leading company incorporation firm in Singapore, Fazz Business can help you find the one with the most affordable packages. Fazz Business serves as a one-stop solution for your business needs.
Once you have incorporated a company in Singapore, opening a corporate bank account is a crucial step to operate your business smoothly. Fazz Business offers the best corporate account for foreign companies looking to establish a business in Singapore. Our corporate account is the most preferred choice by small and mid-sized foreign businesses due to:
- Efficient onboarding process at a lower cost
- Multicurrency corporate account option
- Free local transactions
- Fast and smooth funds transfers across borders
- Better FX rates for international transfers
- Personalized customer assistance
Contact us to learn how Fazz Business can help you with the company incorporation process and corporate account opening process!
Incorporate your business in Singapore, join the thousands of successful companies that choose Singapore every year, and thrive in its business-friendly environment and stable economy!