Things to keep in mind for Foreign Company Setup in Singapore
Foreign Company Registration is easy, fast, and cost-effective for a foreign investor wishing to incorporate a company in Singapore. In case, you are a non-Singaporean and doing this for the first time, it is best that you consult a registered local advisor who offers Company Registration Services for Foreign Individuals.
Steps to Foreign Company Setup in Singapore
It is mandatory that all foreign investors looking to incorporate a business in Singapore must obtain an Entrepreneur Pass (EntrePass) or employment pass (E-Pass). You need to be physically present in Singapore while applying to start a business there.
They should next apply for SingPass – Singapore personal access password which will enable foreign investors to access and perform online transactions with e-government services.
Reserve Your Company Name
Investors have to reserve their company name with the Accounting and Corporate Regulatory Authority (ACRA). Once a name is selected it has to be submitted through Bizfile – the Government e-filing system for tax and business requirements. You may like to take the help of registered service providers who help in registration of companies in Singapore for foreigners for a hassle-free reservation of your company name.
Foreign Company Registration in Singapore
Singapore offers a great opportunity, especially for multinationals and for small and medium-sized enterprises (SMEs) worldwide for foreign companies set up. Registration Options for Foreign Companies in Singapore are:
- Subsidiary Company – most beneficial for foreign companies in terms of accessing local tax incentives
- Branch Office – preferred by most foreign SMEs
- Representative Office – are often set up MNCs to research the business potential of the Singaporean market
Key Requirements for Setting up a Subsidiary Company (Private Limited Company)
The features of a Subsidiary Company set up are:
- 100% of its shares can be owned by the parent company
- It is a separate entity from its parent company
- The parent company’s liability is limited to its share capital
- The parent’s assets may not be available to pay the debts and losses of the subsidiary
Foreign Investors should have the following:
- A certificate to prove the subsidiary is part of the parent company;
- At least one shareholder
- Minimum issued capital of at least US$1
- Appoint at least one director who is either a Singaporean citizen, permanent resident, or EntrePass holder;
- A registered local office address
- Appoint a local company secretary within six months of incorporation
Registering on Bizfile
Once the administrative processes are complete, investors can use their SingPass passwords to register their company through Bizfile.
Bestar is one of the reputed registered services providers for Foreign Company Registration in Singapore, who can help foreigners to know the necessary process about Foreign Company Setup in Singapore. The legal experts at Bestar can expedite to process of your applications within the same business day if all parameters adhere to the stipulated guidelines by the Government.