What are the Requirements for a Foreigner to Set Up a Business in Singapore?

When you decide to set up a company in Singapore, you do not have to battle the bureaucracy, red-tape, and the bizarre rules and regulation you need to face in other jurisdictions. Singapore business formation is surprisingly easy. Singapore business incorporation process can be completed in 1-3 days.

Singapore Business Formation Requirements for Foreigners

Singapore Company Law does not permit foreigners to register their business on their own. The process is online and fast. To set up a company in Singapore, you will need to appoint a registered filing Agent for the task.

#1

Registered Filing Agent

Your registered filing Agent could be a law company, accounting firm, or company secretarial firm. These firms are authorized to transact with government agencies like ACRA, the Company Registrar of Singapore.

The Agent visits the BizFile+ website to submit the online application. They initiate the Singapore business incorporation process with ACRA, submit necessary documents, and pay the required fees on your behalf.

Your Agent helps you in completing the 2 steps in the Singapore business incorporation process:

• Company Name: The Agent assists you in registering a valid name for your proposed Singapore company with ACRA.

• Company Registration: They apply to ACRA to register your company, submit incorporation documents, and pay ACRA's fees.

ACRA charges S$15 for company name registration and S$300 to set up a company in Singapore.

#2

Appoint a Local/Resident Director

For your Singapore business formation, you need to provide at least one local or resident director. You can do so by appointing a Singaporean citizen or Permanent Resident.

The appointee has to be an individual who is ordinarily resident of Singapore. If you are a holder of Entrepreneur Pass, you can submit your details as the local director on the application.

Basic Pre-Incorporation Requirements

For your Singapore business incorporation, you must be ready with the following:

• Minimum initial paid-up capital of S$1

• At least one shareholder (maximum of 50)

• At least one company secretary (Singapore resident)

• At least one resident director (Singapore resident)

• Registered local office address (P.O. Box address not valid)

Incorporation Documents

You will need to submit the following documents to your Agent:

• Company name approved by ACRA

• Business activities in brief

• Registered local office address

• Particulars of shareholders/directors/company secretary

• Foreign Individuals: A copy of passport and residential address-proof (overseas)

ACRA takes about 1-3 days to set up a company in Singapore. On successful business registration, the agency sends you an email. It contains Certificate of Incorporation, Unique Entity Number of your company, business profile, etc.

You still need to complete a few post-incorporation tasks, like:

• Open corporate bank account

• Business Licenses and Permits

• Goods and Service Tax Registration

• Company Seal and Stamp

• Open CPF account

• Get Insurance