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Here are some facts about registering a business as a foreigner in Singapore.

You must have at least one locally resident director for your company.

Nobody in their right mind will be a director of someone’s company these days because so many foreigners setup companies for money laundering and tax evasion. The director is responsible for all acts of the company. So whereas, any old auntie used to be happy to be your director, not so anymore.

Instead, some companies will rent you a director, but for far more than before… $3600 per year and up. And that is only the beginning. You must give them access to your bank account and all the transactions that go through it. You must allow them to OK all contracts and work permits. They do not want to get burned if you are conducting illegal activities. They will insist on being your auditor and accountant. Expect to pay at least $500 per month for all these additional services, which are designed to protect the director.

As a non-resident director, you are taxed at 22 percent of your income earned from the company. Let’s say you are paid $1000 by the company. The company is required to withhold and remit to IRAS $220. Then the company can send a check to you for $780.

Initial setup is about $1500 SGD. If you need a local director then you have to pay a yearly fee which is about $1500 SGD a year.

You will need a company secretary to adhere to the law. Most places charge about $800 SGD a year for this. It will include your filing of AGM and other things to keep you compliant.

The other yearly costs are tax filing and annual statement. You are looking at the cost of someone to do this with your books and then fill in the forms and create the financial statements. This can range massively due to size of company.

Generally speaking if you budget 3K SGD for compliance as a small business every year (without the need for local director) then you have enough to get everything done.

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If you’re looking for answers straight off the horse’s mouth, then you need to visit the Singapore government’s official Registrar of Companies website right here.

If you simply add all the columns here, you’ll be charged anywhere between S$1335 to S$1635. But this does not include fees charged by your mandatory local Director and Company Secretary.

Most agencies that give you company registration services will charge you upwards of S$6000. But, of course, there are ways to cut costs.

Unless you’re a Singapore authorized accountant, you’ll find rules and charges are complicated and ambiguous at times. This depends on the nature of your business as well as the scope of your earnings.

 
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If you had a local partner rather than a professional service then its literally:

under S$350 to register your company

$3–5000 for initial bank deposit to open a bank account.

and under $300to do your tax and ACRA submissions if you knew what to do.

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The cost of setting up and maintaining a registered business in Singapore as a foreigner can vary depending on several factors, including the type of business entity, the complexity of the business structure, and the services required.

Here is a general breakdown of the costs:

Company Incorporation: The cost of company incorporation in Singapore can range from SGD 400 to SGD 3,000 or more. This includes government fees for company name reservation, registration, and the appointment of a company secretary.

Company Secretary: All companies in Singapore are required to appoint a company secretary within six months of incorporation. The annual fee for a company secretary can range from SGD 500 to SGD 1,000 or more, depending on the complexity of the company's operations.

Registered Office Address: A registered office address is mandatory for all companies in Singapore. The cost of a registered office address service can range from SGD 300 to SGD 600 or more per year, depending on the location and service provider.

Employment Pass (EP) or Entrepreneur Pass (EntrePass): If you plan to relocate to Singapore to run your business, you may need to apply for an Employment Pass or an EntrePass. The cost for visa application and processing can range from SGD 1,000 to SGD 2,000 or more.

Annual Filing and Compliance: Companies in Singapore are required to file annual returns and financial statements with the Accounting and Corporate Regulatory Authority (ACRA). The cost for annual filing and compliance can range from SGD 500 to SGD 1,000 or more, depending on the complexity of the company's financials.

Accounting and Taxation Services: Engaging the services of an accounting firm to handle bookkeeping, accounting, and tax matters can cost anywhere from SGD 500 to SGD 2,000 or more per year, depending on the size and complexity of the business.

Other Miscellaneous Costs: There may be other miscellaneous costs such as business licenses, permits, and insurance, which can vary depending on the nature of the business.
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.

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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.


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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)

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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.


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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:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.