Singapore is a popular choice for business owners wishing to grow internationally.
Singapore is well known for its excellent infrastructure, pro-business policies, and business-friendly atmosphere. It is also a center for international trade and has an advanced legal and financial system.
The Company Registrar is the Accounting & Corporate Regulatory Authority (ACRA). It oversees the registration procedure for companies in Singapore. ACRA sees that the procedure complies with the Companies Act. Limited Liability Partnerships (LLPs) and Private Limited Companies (PLCs) are the two most popular kinds of businesses.
The most popular type of business structure in Singapore is a Private Limited Company. It offers limited liability protection and is a distinct legal entity from its owners and shareholders. A Limited Liability Partnership (LLP) provides limited liability protection to each partner in a partnership. It is a popular choice for businesses that provide professional services.
Key Takeaways
- Singapore’s robust infrastructure and pro-business policies make it a top choice for international business expansion.
- Foreign business owners need to hire a registered agent for company registration in Singapore.
- Business name registration is a crucial initial step, followed by incorporation and obtaining a business license.
- Opting for virtual offices and selecting affordable office locations can significantly reduce business registration costs.
- Singapore offers various business grants to support new enterprises, reducing the financial burden of setting up a business.
How to Affordably Register Your Business in Singapore?
- Hire a registered agent
Foreign businessmen must employ a registered agent to register a company in Singapore. Singaporeans living in the area are permitted to register their businesses. This registered agent may be a Singaporean company secretary, an accounting firm, or a law firm.
- File application for name registration
The name registration application must be filed to register a company in Singapore. A business must register with Singapore’s Accounting and Corporate Regulatory Authority. The application costs about $15 and could take at least one day. The owner has 120 days from when the name is approved to incorporate the business.
- Protection of intellectual property
When singapore company registration, the company must consider intellectual property rights. The chosen name must not violate the intellectual property rights of other Singaporean entities or be a trademark of any other Singaporean entity.
- Applying to incorporate the business
After name approval, the business must submit an application for incorporation with the necessary paperwork within 120 days of the approval date—This form costs $300.
- Opening a corporate bank account
The next step in registering a company is creating a Singaporean bank account. A company director must be physically present for this. The banker must also be presented with the necessary paperwork and a valid reason.
- Obtaining a business license
After the company has been incorporated, the Singaporean government issues a license allowing an entrepreneur to conduct business legally in Singapore. To acquire the same, the businessman must apply to the company registrar.
Ways to Reduce Costs while Registering a Business in Singapore?
- Opt for virtual offices
Large and small businesses are adopting increasingly hybrid and remote working models. Due to their ability to provide a cost-effective solution while using on-demand services like meeting rooms, copy services, and more, virtual offices have seen tremendous growth in Singapore.
- Select a less expensive office location
If virtual offices aren’t suitable for your industry, renting an office in a location with low rental rates is your best option. High-rent offices are in prime locations in the central business district and on the city’s outskirts.
- Use available business grants
The best thing about launching a business in Singapore is the wide range of grants available. These include the Enterprise Development Grant (up to 80% subsidy), Productivity Solutions Grant (up to 80% subsidy), Market Readiness Assistance Grant for business expansion (up to 70% subsidy), Startup SG Founder Grant (startup capital of S$50,000), and more.
Essential Industry Insights for Further Reading
- How to Register a Company in Singapore: This guide from Sleek provides an in-depth overview of the steps, documents, and costs involved in registering a company in Singapore, along with information on licenses, insurance, and tax incentives.
- Starting a Business in Singapore as a Foreigner: Osome’s guide offers detailed insights into the requirements and processes for foreigners to start a business in Singapore, including information on work visas and appointing a local director.
- Singapore Business Licenses and Permits: This official portal provides comprehensive information on various business licenses and permits required to operate a business in Singapore, aiding in compliance with local regulations.
- Easy Steps to Open and Set Up Your Company in Singapore: This guide from SBS Consulting provides a simplified overview of the company registration process in Singapore, highlighting key requirements and the benefits of different business structures.
