Are you ready to turn your entrepreneurial dream into reality in Singapore? Congratulations! You’re about to embark on an exciting journey. Let’s walk through the key steps to legally establish your company in this vibrant city-state.
First things first: decide on your business structure. In Singapore, the most common types are:
For most entrepreneurs, a Private Limited Company offers the best balance of credibility, liability protection, and tax benefits. It’s also the preferred structure for foreign investors.
Your company name is your first brand impression. In Singapore, it must be:
Pro tip: Check the availability of your desired name on ACRA’s website before proceeding.
Every Private Limited Company in Singapore needs:
If you’re not a Singapore citizen or permanent resident, you might need to appoint a local director or use a nominee director service.
✅ Our expert team streamlines your business journey, from company incorporation to tax filing. We offer transparent pricing, dedicated support, and industry expertise for your peace of mind. Discover our all-inclusive incorporation packages here.
You’ll need to decide on your initial paid-up capital. The good news? Singapore allows incorporation with just S$1 of paid-up capital. You can always increase this later as your business grows.
Your company needs a constitution (formerly known as Memorandum and Articles of Association). This document outlines your company’s regulations and is crucial for governance.
Now for the exciting part! Register your company with the Accounting and Corporate Regulatory Authority (ACRA) through their BizFile+ portal. You’ll need to provide:
The process is typically quick, often completed within 1-2 business days.
Once incorporated, open a corporate bank account. This is crucial for separating your business and personal finances. Most Singapore banks offer attractive packages for new companies.
If your annual taxable turnover exceeds or is expected to exceed S$1 million, you’ll need to register for Goods and Services Tax (GST).
Depending on your business activities, you might need specific licences or permits. Check with the relevant government agencies to ensure compliance.
Congratulations, you’re now incorporated! But remember, running a company comes with ongoing responsibilities:
Navigating these steps might seem daunting, but remember, you’re not alone. Many entrepreneurs have walked this path before you, and there are plenty of resources and professional services available to help.
Incorporating your business in Singapore is more than just a legal process—it’s the first step in bringing your business vision to life. With its business-friendly environment, strategic location, and robust legal framework, Singapore offers a fantastic launchpad for your entrepreneurial journey.
Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.
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