Registering a Singapore Company as Foreigner
How to register a company in Singapore as a foreigner need not be hard at all, as you will find out in this article. Singapore is one of the best countries in the world for business. This is because of the less stringent requirements, the well-streamlined one-tier taxation system and general welcoming nature of the authorities.
Many foreign investors want to incorporate a company in Singapore. However, this does not mean that setting up a company in the country comes without strict rules and procedures from relevant authorities. If you wish to start company in Singapore, there are a number of things to put into consideration. You will be required to comply with a number of rules and regulations and seek the help of a professional licensed filing agent.
Steps for how to register a company in Singapore as a Foreigner
If you are a foreign individual wishing to incorporate a company in, you have two options for doing so.
- You can register it as a private limited company and then relocate to Singapore to run your company from there.
- You can choose to engage a resident director and company secretary, and then you can be running the company from overseas. Most corporate secretarial firm who are filing agents do provide you with this option.
If you are a foreigner, it is recommended to hire a corporate services firm to help you with the registration process since you cannot do this by yourself. The application process is done via the ACRA (Accounting and Corporate Regulatory Authority) portal known as BizFile, and that is mostly accessible to Singaporean citizens and permanent residents or firms with a professional filing agent license such as J Accounting Services.
For how to register a company in Singapore as a foreigner, you are required to have a CorpPass that is only obtainable by the Singaporeans, permanent residents and people that have a FIN (foreign identification number) and an employment pass (together). CorpPass came into effect from 01 September 2018. Corporate services providers do not need a CorpPass when incorporating your company since they will be doing so using their Filing Agent. When you engage such firms, they will guide you through the process and advise you on the application requirements, which include:
- The business name
- The proposed main affairs and business activities of the company
- A minimum capital of S$1.00
- The office location address of the locally registered office
- The name of one shareholder and his/her important details
- The name of one resident director and his/her important details
Register a company and move to Singapore to run your company
You will need either an employment pass or an entrepass in order to relocate to Singapore.
Registering a company with an employment pass means that the overseas entity will incorporate a fully owned subsidiary limited company and the company employee should have an Employment pass.
This pass is the easier one to obtain since the eligibility criteria is based on the sole applicant rather than the company itself. This pass can be applied once the company is incorporated. With the help of a licensed employment agency, the agency will assist you with the application of the pass through the Ministry of Manpower.
The other option is registering a private limited company with an Entrepreneur Pass. This means that the overseas company incorporates a wholly owned subsidiary that is limited by shares and the employee holds an Entrepreneur Pass.
This Pass requires more preparation especially with submitting the business plan that is usually ten pages, objectives and goals. The law requires that you apply for the pass during the first six months of incorporating the company.
Putting up a company and running it from overseas
If you would not wish to move to Singapore to register and run your company from there, you can appoint a resident director to meet the requirements of the Singapore law governing business and companies. Many professional firms such as J Accounting do provide with this, which is known as nominee director services.
This director can be a local or a Singapore resident with whom you have established mutual relationship and trust. If you engage the services of J Accounting Pte Ltd, they will be able to give you a nominee director’s contacts. If you know the regulations, then registering a company in Singapore as a foreigner becomes much easier. Should you require further assistance to incorporate a Singapore company, you may contact J Accounting.
