Singapore is business – literally. Other nations have you waiting a month or two to bury founders, whereas Singapore incorporates you within a day or two. It is not a hyperbolism. Still, haste makes waste; and we can only make mistakes in a hurry. Be familiar with the basics. Discover more here!
Why Pte. is the most popular choice by founders? Ltd.
The Private Limited Company- Pte. Ltd. – is the form of the greatest number of local and foreign founders, and the reasons soon mount up. The debts of the business do not interfere with personal assets. Customers and stockholders are more serious about you. You are also able to receive government grants which other structures do not have access to. Partnerships and sole proprietorships are still on the table, but each is a liability to the person – the sort of small print that hurts most when the axe falls.
There are five things that you need to be registered.
The list is not as long as many may think. One shareholder. One Singapore-resident director. An employee secretary that has been employed within the six months of the company incorporation. An address registered in Singapore. And a paid-up capital of at least S$1. Yes — one dollar. Singapore has been keen to ensure that the entrance point is low to ensure that good businesses are not choked even before they are established.
How Registration Works
All that is processed via ACRA the Accounting and Corporate Regulatory Authority, on their BizFile+ portal. Begin with the reservation of your company name. Select something unique that does not reflect on an existing trademark and approvals can be made within the hour. Complete incorporation is usually made in a single business day.
The Resident Director Rule: Trip number 1 of Foreign Founders.
In case you do not have citizenship of Singapore, permanent residency or Employment Pass, you must nominate a director. This is offered by a number of corporate service companies. But be careful of the contract–it is no ceremonial part. The person is actually liable under the Singapore law.
What to Budget
The cost of government fees amounts to about S $315. Professional service fees add in and most founders would be between S$1,000 to S$2,000 to have a full, fully managed set up.
The Start of Incorporation, Not the End.
This is to the surprise of more founders than it need be. The compliance with annual returns, corporate tax returns and good record keeping are non-negotiable. Singapore compliance regime is highly sensitive and insensible to missed deadlines – there are no mercy killing of penalties.