Whether you are a local entrepreneur or foreign investor, setting up your company in Singapore is an excellent choice. The country is considered to have one of the most business-friendly regulatory environments and provides access to the growing Asian market. Incorporating a company in Singapore can seem daunting, but it’s not as complex as you might think. With the right information, you can start your business in no time.
To begin, you must decide which type of company to register: a private limited company or a professional service firm. Typically, the former is better for entrepreneurs who want to manage their risk and are looking for tax benefits. It also gives you a legal entity status that separates you from your partners and allows you to own assets. In addition, you can hire employees and offer benefits to your staff.
A public limited company, on the other hand, is a company that issues equity shares to shareholders in order to raise funds. The latter is typically structured as a nonprofit charity and has similar responsibilities and rights to a person, including the ability to sue or be sued, own assets, and hire employees.
During the incorporation process, you’ll need to submit a name application with the Singapore Accounting and Corporate Regulatory Authority (ACRA) and pay the registration fees. ACRA will then check if the proposed name is available and, if so, will approve it within 120 days. Then, you’ll need to apply for a Singapore office address, and secure work visas (if necessary) for any foreign team members. You must also appoint a secretary within six months of your company’s incorporation, in accordance with the Singapore Companies Act. how to incorporate a company in Singapore