Differences

This shows you the differences between two versions of the page.

--- countries:singapore:business:requirements [2023/07/31 19:32] – wikiadmin
+++ countries:singapore:business:requirements [2023/07/31 20:13] (current) – wikiadmin
@@ Line 58: / Line 58: @@
 It's important to note that the figures provided are rough estimates, and the actual costs can differ based on your specific business requirements and the service providers you choose. Working with a reputable and experienced corporate service provider like 3E Accounting can help you get a clearer understanding of the costs involved and ensure a smooth incorporation process and ongoing compliance with Singapore's regulations.
+----
+Here are the steps on how to register a business in Singapore as a foreigner:
+Choose a business structure. There are several business structures available in Singapore, including sole proprietorship, limited liability company (LLC), and branch office. You should choose the structure that is right for your business and your individual circumstances.
+Obtain the necessary licenses and permits. The specific licenses and permits you will need will depend on the type of business you are registering. You can find information about the required licenses and permits on the website of the Singapore Department of Business, Enterprise and Employment (BDE).
+Reserve a business name. You can reserve a business name through the Accounting and Corporate Regulatory Authority (ACRA). You will need to provide the name of your business, the type of business you are registering, and the address of your business.
+File the necessary paperwork. You can file the necessary paperwork for registering a business in Singapore through ACRA. You will need to provide the following documents:A completed business registration formA copy of your passportA copy of your work permit (if applicable)A copy of your utility bill (to prove your address)
+Pay the registration fees. There is a registration fee for registering a business in Singapore. The fee varies depending on the type of business you are registering.
+Obtain a business registration certificate. Once you have filed the necessary paperwork and paid the registration fees, you will be issued a business registration certificate. This certificate is proof that your business is registered in Singapore.
+Here are some additional tips for registering a business in Singapore as a foreigner:
+Do your research. Before you start the registration process, it is important to do your research and understand the requirements. This will help to ensure that your application is successful.
+Get professional help. If you are not familiar with the registration process, you may want to consider getting professional help. There are many companies that can help you register a business in Singapore.
+Be patient. The registration process can take some time. Be patient and don't give up.
+----
+From my own experience, the easiest way to incorporate in Singapore as a foreigner is hiring a company formation service to do it for you.
+An experienced service provider who works with startups can do all of this for you in the $500 to $1000 range, and believe me, that's way more cost-effective than trying to hack it, getting it wrong, and having to pay tons of money to fix it.
+Some service companies will provide consultancy with no or low fees, plus the state filing fees, frequently in combination with registered agent service. Their experience may help you to save time and even money in the long run.
+You may want to compare several for pricing and services offered. (I personally did my incorporation with bbcincorp and paid to get it done quickly. It was the simplest way to do it for me. I did not retain them for any other use because I wanted a local Singapore company for my issues)
+----
+What benefits become available to a foreigner after establishing a business in Singapore?
+We incorporated in Singapore recently. The real answer would be not a lot for just incorporating. There are a lot of things which still apply only to Singaporeans and Singaporean directors.
+I guess personally, if you wanted to settle in Singapore then you now have that option. You can apply for an employment pass but again you need to advertise the role for Singaporeans before a foreigner can go for it and then you need to say why there was no Singaporean who could do it and also pay the minimum salary requirement.
+Another way is to get an Entrepreneur Pass. This again has some rules making it not easy to get.
+What you do get though is a safe place to put your money and a very business friendly country. Everything is relatively straightforward in regards to opening a bank account and auditing etc if you play by the rules.
+----
+Do you need to register your company in Singapore if you are just doing the startup and not going to do any business activities in Singapore?
+If you are not planning to conduct any business activities in Singapore and your startup operations will be entirely conducted outside the country, you generally do not need to register your company in Singapore. The Singapore Companies Act requires companies to be registered if they are carrying out business activities within Singapore or have a significant presence in the country.
+However, it's essential to consider the following points:
+. Jurisdiction of Operations: If your startup's operations involve any business activities in Singapore, such as sales, marketing, or providing services to Singaporean customers, you may need to register your company in Singapore and comply with relevant laws and regulations.
+. Taxation Considerations: Even if you don't have a registered company in Singapore, you might still have tax obligations if your business activities generate income or profits from Singapore sources. Tax laws can vary based on the nature and extent of your operations in Singapore, and it's crucial to seek advice from a tax professional to understand your tax liabilities.
+. Employment Pass and Work Visas: If you or your employees plan to work in Singapore, you may need to apply for relevant work passes, such as Employment Passes, depending on the duration and nature of the work.
+. Intellectual Property Protection: If your startup has intellectual property (IP) that you wish to protect in Singapore, you can consider registering trademarks or patents with the Intellectual Property Office of Singapore (IPOS), regardless of whether you have a registered company in Singapore.
+. Banking and Financial Matters: Some financial institutions may require you to have a registered company in Singapore to open business bank accounts or access certain financial services.
+It is advisable to seek professional advice from legal, tax, and business experts who are familiar with Singapore's laws and regulations to determine the appropriate course of action for your specific startup scenario. Singapore offers a conducive environment for startups, and understanding the legal and regulatory landscape will help you make informed decisions for your business.