When starting a business in Singapore, there are a few crucial steps to take in order to register your company. Here are some of these details.
Register Company in Singapore for Foreigner
The first step is to choose a company name and register it with the Accounting and Corporate Regulatory Authority (ACRA). You can then set up a bank account for your company and apply for an Employment Pass (EP) for its key employees.
Choose a Company Name
It is important to choose a company name that is not already taken and registered with ACRA. You can search for available company names on their website. Once you have chosen a name, you will need to file an application form with ACRA, along with the required documents.
Register Your Company
Once you have filed the application form and received approval from ACRA, you will need to register your company with them.
Prepare the Memorandum and Articles of Association
These documents set out the company’s purpose, shareholding structure, and other key details.
Appoint At least One Director and One Secretary
Directors must be at least 18 years old and Singapore citizens or permanent residents.
Submit All Required Documents to ACRA
This includes the memorandum and articles of association, director’s particulars, copies of shareholder’s identity cards (or passports), as well as payment of the registration fee.
Benefits For Foreigners to Register a Company in Singapore?
There are many benefits for a foreigner to register a company in Singapore. One of the main benefits is that it is easy to do so, and the process is straightforward. In addition, Singapore has a strong economy and is considered a business-friendly country. This makes it an attractive place to do business.
Another benefit of registering a company in Singapore is that it offers tax incentives and exemptions. For example, there are no capital gains taxes, no withholding taxes, and no estate or inheritance taxes. Additionally, the corporate tax rate in Singapore is only 17 percent, which is much lower than the rate in many other countries. This makes Singapore an attractive place to set up a business. Finally, registering a company in Singapore allows businesses to take advantage of the city-state’s strong infrastructure, including its excellent telecommunications and transportation networks.
In conclusion, the process of Register Company in Singapore for Foreigner is relatively easy, and there are several packages available to choose from, depending on the size and scope of your business.
