The process of registering a company in Singapore is simple and free of red tape. The government also assists startups in their early stages with a number of programmes and provides tax exemptions to them.

The Company Registrar is the Accounting & Corporate Regulatory Authority (ACRA). It oversees the registration of companies in Singapore. It complies with Chapter 50 of the Companies Act. Additionally, you have to adhere to all of its compliance rules.

Employing a registered filing agent to register a company in Singapore is advantageous to both local and foreign business owners. For foreigners looking to launch a business in Singapore, this is especially true.

Foreigners may find it challenging to register a new company in Singapore on their own, but working with a local company registration service can make the process much simpler. Foreign nationals must also get a Singapore work pass or visa. These expert professionals can point you in the direction of the correct options for the registration of a new company, saving you important time and money, thanks to their expert knowledge of company registration in Singapore.

Why should you register company in Singapore?
 

Due to its tough yet welcoming investment and trade laws, Singapore is well known as one of the best countries to conduct business. The owners of a business are required to register it. In Singapore, forming a business is simple and inexpensive.

Singapore is ranked in the second position in the world in the Ease of Doing Business Report 2020. This acts as a benchmark for people from around the world and locals to register a company in Singapore. According to Singaporean legislation, foreign individuals or corporations are not permitted to register as businesses in Singapore. They will need to work with a local, reputable company to set up their organisation in Singapore.

Benefits of registering a company in Singapore
 

Setting up a company in Singapore has many advantages. Here are a few examples of them mentioned below:

• Demography

Singapore is a dynamic metropolis with a population of approximately 5.64 million and a GDP/capita of US$58,248 on an island measuring 722.5 square kilometres, is a thriving city.

Singapore, while being among the world's smallest nations, is renowned for its top-notch Changi Airport and its profitable location close to a number of Asia's key commercial hubs. It is possible to arrive in places like China, Hong Kong, Indonesia, and India in just a few hours.

• Vibrant startup ecosystem

Singapore, which was recognised as having the freest economy in the world in 2020, has consistently shown to be a popular choice for startups and emerging companies.

Starting a business in Singapore has the added benefit of government assistance, which simplifies the first steps.

Singapore has developed itself into one of Asia's most significant digital hubs, and among its rising businesses are those related to transportation, logistics, biotechnology, and finance. Here are a few figures that you can relate to.

• Special tax benefits

Singapore has crafted a tax system that is appealing, with corporate tax rates ranging from 0% to 17%, while high corporation taxes in other parts of the world may occasionally be a nuisance for many businesses.

In addition to the low rates of corporate tax, there are additional benefits, such as:

• Tax-free dividends
• Capital gains are not taxed.
• Pooling of tax credits.
• A solitary tax credit
• Reduced withholding tax on income from abroad.

What does it require to register a company in Singapore?

• Company Name

The first step in starting your business is selecting the best company name. If you select a business name that is associated with your good or service, customers will be more likely to remain interested.

You must request approval from ACRA for your desired company name prior to forming your business. Your approved company name may be reserved for up to 60 days after you have submitted this application, which takes less than an hour to complete.

To ensure a smooth application procedure, be sure your business name is:

• Violates no trademarks in any way.
• Not rude or obscene.
• Moreover, it differs from or is not the same as other businesses.
• Is not reticent.

• Right Business Structure

For your company to develop and ultimately succeed, you must choose the right business structure. The tax and liability structure is one thing to take into account when choosing a business structure.

• Registration of Company in Singapore

In Singapore, establishing a business is a simple procedure. If you have all the required paperwork, you might incorporate your company in less than a day.

You must pay an additional $315 in government costs in addition to the corporate service provider fees in order to register your company in Singapore.

Which business structures are available for company registration in Singapore?
 

Private Limited Company
 

The most common choice is a Private Limited Company registration (PLC), which permits up to 50 shareholders and offers special tax discounts and incentives.

Limited Liability Company 
 

For business owners who want to create a partnership but maintain their legal independence, an LLP is a versatile alternative.

Subsidiary Company
 

A private limited company that is independent of the parent firm and has its own legal personality is referred to as a subsidiary registration. The location of the dominant shareholder may be domestically or abroad.

Sole Proprietorship
 

One owner is responsible for the company's assets and obligations in a sole proprietorship.

Branch Office
 

Foreign companies are allowed to establish a branch office and operate as non-residents in Singapore. It functions as both a division of the parent business and a distinct legal entity. However, branch offices are not applicable for any tax benefits or privileges.

Representative Office
 

A representative office is a transient building that can only be set up for three years. In accordance with this arrangement, foreign companies are only allowed to do market research in Singapore; they are not allowed to conduct revenue-generating sales of goods or services.

Variable Capital Company
 

The VCC is a ground-breaking investment tool for Singapore that made its debut at the beginning of 2020. Due to its exceptional versatility, the VCC is a vehicle that is becoming more and more well-liked to register.

The provisions for forming a Private Limited Company, the most common company structure in Singapore, are as follows:

• Min. 1 Shareholder
• Min. 1 Resident Director
• Min. 1 Local Company Secretary
• Min. 1 Paid-up Capital
• Local Registered Address

It's crucial to remember that foreigners can establish private limited companies without migrating to Singapore. You will nevertheless want the assistance of a corporate service provider to register a company in Singapore.

Process of Singapore Company Registration

One of two typical ways for foreigners to register a company in Singapore and start operations is. These are your two choices:

• Use an Employment Pass (EP) to relocate to Singapore, or
• Use a nominee service to manage your company from anywhere in the world.

If you pick option 1, this is what you can do: 

• Engage Resident Nominee Director (ND) > Incorporate Company > Apply for EP > Upon EP approval, take over current ND as Resident Director > Run your business.

If option 2 is chosen, you only need to: 

• Engage Resident ND > Incorporate Company > Run your business from anywhere.

Conclusion
 

It could be a smart move to choose the right business structure when registering a company in Singapore. Similar to yours, thousands of Indian businesses founded a company in Singapore to enter the new market and take benefit of the limitless potential for success.

Why choose us?

We are happy to help you navigate Singapore's complex rules and regulations when you register your business in Singapore.

A committed team of professionals is present at Online Legal India in Singapore and India. They have in-depth knowledge and skills in many different domains, from entity formation through dissolution.

Additionally, we provide post-incorporation services including FEMA (Foreign Exchange Management Act), transfer pricing, tax preparation, and other regulatory ones.