Foreign Company Formation in Singapore

Foreign Company Formation in Singapore

SBS Consulting Pte Ltd is one of the premier company setup firms in Singapore. In this guide to foreign company formation in Singapore, we have detailed various types of business entities; private limited company, sole proprietorship and limited liability partnership. If you are interested in Singapore company registration services, fill in your details in the contact form.

Why Singapore Attracts Foreign Business Owners?

Foreign entrepreneurs prefer to migrate and work in Singapore. They love to do business here because of Singapore’s flexible business laws, working legislation, and lesser red-tape, attractive tax rebates, Etc.

The process to set up a company in Singapore is streamlined. The World Bank has ranked Singapore in the 2nd position for Ease of Doing Business indicator. It is no wonder that foreign company set up in Singapore is so popular.

Forming a Business in Singapore

The foreigners interested in forming a business in Singapore, need to apply to ACRA and comply with the several requirements.

The process for foreign company setup is not the same as it is for the locals. Singapore residents can simply log on the BizFile+ portal and get the task don online. However, foreigners cannot take this route to form a company in Singapore. They cannot register their own company. They need to appoint a Singapore company incorporation service for the task.

SBS Consulting Pte Ltd is a firm that facilitates company formation in Singapore. It can help you in dealing with all matters related to company registration. Our experts will assist you in taking care of all complex requirements you need to fulfil to incorporate a company.

Foreign Company Formation in Singapore

#Step1

Choose a Business Entity

First, you need to understand different business structures in Singapore, then choose the one that has appropriate characteristics suitable to your business needs. Choose it carefully as it may affect your business’ compliance and benefits.

Sole Proprietorship

A sole proprietorship is a business firm and not an incorporated company. Its owner has unlimited liability towards its debts and losses incurred during business activities.

A sole proprietorship cannot buy real estate in its own name; rather they are in the name of its proprietor. Proprietor pays property tax on it. Sole proprietorship’s income is proprietor’s income who pays personal income tax on it. Its credibility depends on the credibility of its proprietor.

Limited Liability Partnership (LLP)

An LLP offers the best characteristics of a partnership and a company. Two or more individuals can form an LLP. Their liability, to some extent, is limited. They are still responsible for paying the firm’s debts or the losses. It depends on their actions. They pay personal income tax on the income from LLP.

Private Limited Company (Pte Ltd)

The business owners prefer a private limited company for their Singapore business formation. An individual above the age of 18 can opt for it. It has 1-50 shareholders and needs to have at least a director who is ordinarily resident of Singapore.

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#Step2

Process for Setting Up a Foreign Company in Singapore

Any foreigner wanting to commit to a company formation in Singapore has to appoint a local incorporation firm which could be a law firm, secretarial firm or an accounting company like SBS Consulting Pte Ltd.

Pre Incorporation Requirements

You need:

·         At least one shareholder (max 50)

·         Minimum initial paid-up capital of S$1

·         At least one local resident director

·         At least one company secretary

·         Registered local office address

Incorporation Documents

·         ACRA approved company name

·         Description of company’s business activities

·         Company constitution

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·         Registered local office address

·         Particulars of shareholders

·         Particulars of directors

·         Particulars of auditors

·         Particulars of company secretary

·         Foreign Entrepreneurs: A copy of their passport and residential address proof (overseas)

·         Foreign Companies: A copy of M&AA

A private limited company has a legal identity, the rights of a natural person and can buy a property. It can sue or be sued in its own name. It has perpetual existence. Its shareholders have limited liability. The investors, lenders, suppliers, & customers consider it credible and can secure loans for its growth.

After registering your company successfully, open a corporate bank account for your company. It is important for streamlining its income and expenses. SBS Consulting can assist you in the task. Choose a bank that is appropriate for your business needs. It may ask the physical presence of your directors, shareholders, and company secretary.

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Christophe Rude

Christophe Rude

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