A Quick Guide to Setting Up a Company in Singapore
Starting a business in Singapore is a seamless and efficient process. With clear regulations and support systems in place, most companies can be incorporated in just a few days. Engaging a local expert can help smooth out any complexities and ensure compliance from day one.
Singapore stands out as one of the world’s most business-friendly destinations. Its strong legal structure, low duty terrain, and ease of doing business make it a top choice for entrepreneurs.
Select the Right Business Entity
The Private Limited Company( Pvt Ltd) is the most popular business structure in Singapore. It offers limited liability protection, a separate legal identity, and growth inflexibility. Other available options include Sole Proprietorship and Limited Liability Partnership( LLP), though they’re less favoured due to smaller legal and fiscal protections.
Ensure You Meet Key Criteria
To incorporate a Private Limited Company, you must satisfy a few baseline conditions:
- At least one shareholder (can be an individual or a corporate body)
- At least one local director (a Singapore resident, citizen, or someone holding an eligible work pass)
- Appoint a qualified company secretary within six months of registration
- Minimum paid-up capital of SGD 1
- A Singapore-registered business address (P.O. Boxes are not accepted)
Receive Your Company’s Registration Certificate
Once ACRA approves your application, you’ll receive a Certificate of Incorporation and a Unique Entity Number (UEN). This number is essential for conducting all business and regulatory activities in Singapore.
Set Up a Business Bank Account
After incorporation, you’ll need to open a corporate bank account with a local or global bank operating in Singapore. Most banks request an in-person meeting, though some allow virtual setups depending on the profile.
Wrapping Up
Starting a business in Singapore is a seamless and efficient process. With clear regulations and support systems in place, most companies can be incorporated in just a few days. Engaging a local expert can help smooth out any complexities and ensure compliance from day one.
If you are looking for a business setup in Singapore you can connect with us.
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