Singapore Company Formation Frequently asked questions (FAQs)

Are there any restrictions on company name in Singapore?

While you can easily register for a new business in Singapore, you should be careful when choosing your company name. It is advisable to perform a name check to make sure that your company name can be approved for registration by the Singapore Accounting and Corporate Regulatory Authority (ACRA) in the first place. Here are the applicable restrictions for a new company name in Singapore.

• Undesirable. Your company name will be rejected if it contains offensive or vulgar words;
• Identical to an already available company name in Singapore
• Identical to an already reserved company name. There are companies in Singapore that have not been incorporated but have already registered their business name as a reservation to ACRA. Business names are reserved for at least 60 days, and up to 120 days. This is why anyone who plans to set up a new business in Singapore must perform a proper company name check.
• Prohibited by order of the Minister for Finance. The word "Temasek" is prohibited to be used as a company name. Currently, this is the only word which the Minister has directed the Registrar not to accept for registration..
• Certain words such as “bank”, “insurance”, “university”, and “education” are not in the criteria for Singapore company name restrictions, but are strictly used under Government authorities and will require permission before you can set up a new business.

Reinstating a business license in Singapore depends on the cause for suspension or revocation, as well as on the regulatory requirement. Legal, financial, and operational requirements should be met by companies prior to applying for reinstatement.

1. Identify the Cause for Suspension or Revocation

There are grounds on which a business license can be suspended or revoked:

• Non-compliance with regulations, e.g., failure to make statutory filings.
• Payment of penalties or tax dues.
• Regulatory violations in certain industries.

Knowledge of the reason is essential prior to proceeding with reinstatement.

2. Settle Outstanding Issues

Prior to seeking reinstatement, the company has to:

• Rectify instances of non-compliance, i.e., revising filings with the Accounting and Corporate Regulatory Authority (ACRA).
• Clear outstanding regulatory body payments.
• Provide required reports or documents evidencing compliance.

3. File a Reinstatement Application

Reinstatement involves filing a formal application to the concerned authority, which could include:

• Documents verifying compliance.
• Explanation for reinstatement.
• Any additional approvals that might be required by industry regulators.

4. Wait for Regulatory Review and Approval

The government will consider the application, and if all is well, business licensing can be reinstated. Some industries might require additional inspections or conditions prior to approval.

5. Remain Compliant to Prevent Future Suspension

Once reinstated, businesses must remain compliant with ongoing requirements to prevent reinstatement. Periodic filings and audits help maintain good standing with authorities.

Seeking professional guidance allows for easy reinstatement and prevents future regulatory issues.

A Singapore liquidated company may be reinstated upon certain conditions, which are dependent on the reasons for restoration as well as the type of liquidation. The procedure also varies when a company has voluntarily or compulsorily wound up.

1. Restoration Eligibility

• When the company has been struck off by the Accounting and Corporate Regulatory Authority (ACRA) for non-conformity, such a company can apply to restore itself within a period not more than six years.
• If a company is voluntarily liquidated, reinstatement would generally not be permitted except where errors in law or fraud are proven.
• For involuntary liquidation, reinstatement would be at the discretion of the court and in consideration of unpaid obligations.

2. Application Process

Reinstatement of a struck-off company is done by filing an application with ACRA. Supporting documents usually include:

• Reasons for reinstatement
• Proof of business viability
• Payment of unpaid obligations

For liquidated companies ordered by the court, reinstatement entails a legal process through the Singapore High Court, with good grounds and creditor consent.

3. Legal and Financial Implications

In restoring a company, there may be the settlement of debts, taxes, and penalties. Directors may also be required to prove that the company can be operated profitably.

Final Considerations

The viability of reinstatement is subject to regulatory approval, legal status, and financial compliance. Legal consultation guarantees a hassle-free process and adherence to Singaporean corporate regulations.

Opening a corporate bank account in Singapore is pretty straightforward, provided one pays due attention to minute details and adheres to specific procedures. Here's a step-by-step guide on how to open a corporate bank account in Singapore:

1. Choosing the Right Bank: First, know which bank can suit your needs best. Various banks, local and international, offer different types of corporate banking services in Singapore. You should look at things such as the facilities available with regard to banking, online banking services, charges, and service fees, along with other facilities that may prove useful to you.
2. Preparation of Necessary Documents: Generally speaking, you need the following:
• Resolution by the Board of Directors sanctioning the opening of the account- either provided by the bank or prepared by the customer.
• Certified true copies of the company's Business Profile from ACRA.
• Certified true copies of the Company's Constitution (formerly known as Articles of Association).
• Copies of passports or Singapore NRIC of the company's directors, signatories, and beneficial owners.
• Proof of residential address of the directors and signatories, when those persons are not citizens or permanent residents of Singapore.
3. Additional Requirements Review and Comply: The additional requirements may be issued depending on the bank and type of your business, such as a detailed business plan, description of the nature of your business activities, and proof of contracts or invoices.
4. Apply Online: Once all the documents are ready, you can make the application. Most banks in Singapore have online applications, but for some, especially foreign companies, it may be necessary to visit the branch for verification purposes.
5. Attend a Face-to-Face Meeting: At times, some banks may need to conduct a meeting with the company directors or the signatory personnel face-to-face. This is sometimes unavoidable for the bank to satisfy the Know Your Customer policies.
6. Account Activation: After this meeting and verification of all documents, the bank will process your application. If your application gets approved, your corporate account will be activated, and you can finally use it for your business transactions.

We advise you to consult with the respective specific requirements and procedures for each bank, since these vary, or seek help from a local service provider or consultant dealing in corporate services in Singapore to make it easier on you by ensuring all regulatory requirements are met.

Yes, Indian citizens can set up a company in Singapore. It is an effortless process and is largely appreciated due to its efficiency in the way things are done. The pro-business environment, bolstered by an effective legal framework and strategic location in Asia, has made Singapore an attractive destination for entrepreneurs all over the world, including from India.

Here are the key steps an Indian entrepreneur would need to follow:

1. Business Structure: The private limited company is the most common form due to its scalability and limited liability. Other forms of business structure commonly employed include a sole proprietorship and a limited liability partnership.
2. Approval of the Name: Before the incorporation of a company, its name needs to be approved by ACRA- Accounting and Corporate Regulatory Authority of Singapore. It needs to be different and must not sound or resemble any other company name present locally or the trademarks.
3. Incorporation: Once the name is approved, you can approach ACRA for registration, and it can take less than one day to materialize provided that all documents are ready. For this process to take place normally, you could consider doing an online BizFile+ filing via the portal.
4. Local Director: By Singapore law, you have to appoint a minimum of one local resident director. For this, a resident can be defined as a Singapore Citizen, Singapore Permanent Resident, EntrePass or Employment Pass holder.
5. Company Secretary: You have to appoint a competent company secretary who is resident in Singapore within six months from the date of your company's incorporation.
6. Share Capital: You have to have at least S$1 paid-up capital to incorporate your company.
7. Registered Address: The company needs to have a registered physical address in Singapore.

After incorporation, you will also need to open a corporate bank account and register your taxes with the IRAS. You may also need to apply for an EntrePass, a work pass for foreign entrepreneurs starting a business in Singapore.

It is worth consulting or hiring a local firm that specializes in helping foreign entrepreneurs through these processes to ensure that all Singaporean laws and regulations are complied with.

Operating a business in Singapore sans registration is not recommended and, for the most part, illegal. The government has put in place strict regulations that ensure businesses are run within the legal framework; hence, business registration becomes an important aspect. However, how far you have to register your business depends on the kind of business you want to operate.

See more: Singapore offshore company formation

1. Legal Requirements for Business Registration in Singapore

The first step in trying to operate a business in Singapore is to determine your business structure. In the event of a sole proprietorship, partnership, or a limited company, you would, by law, have to register with ACRA for the same. This will have your business considered a legal entity under the law of Singapore.

2. Operating Without Registration: The Risks and Penalties

While small-scale or informal activities, such as freelancing, mostly do not fall under compulsory immediate registration, any business involving selling, services, or other forms of income generation should necessarily be registered. Failure to do so may attract strict penalties that include fines or even imprisonment, depending on the gravity of the offense.

Additionally, the unregistered businesses may find it problematic to open a business bank account or obtain finance; even engaging in contracts with other business entities can also be impossible. Being unregistered probably will affect your business credibility and legitimacy, as most customers or partners might find this hard to consider.

3. The Importance of Business Registration

This registration of the business will also give you a number of advantages: legal protection, tax compliance, and opening a bank account in the name of the business. It also will give you the ability to legally hire employees and keep your business in compliance with all necessary governing regulations.

In the final analysis, doing business in Singapore unregistered is unwise. Registration gives a business the legal armor that provides protection and creates the right avenue for exploration of full opportunities available within the marketplace.

Yes, Singaporeans can work in the United States on specific visa arrangements. A new H-1B1 visa category has been created since the implementation of the U.S.-Singapore Free Trade Agreement in 2004, specifically for the citizens of Singapore and Chile. Under this, citizens of Singapore are allowed to work in the United States in specialty occupations that need highly specialized knowledge and at least a bachelor's degree. Under this arrangement, 5,400 H-1B1 visas are made available for Singaporeans each year, which has not been completely utilized so far.

The H-1B1 visa can be issued for a period of up to 18 months and is renewable indefinitely. An applicant needs a job offer from a U.S. employer and also meet the requirement for education and profession of the job. On the other hand, the H-1B1 does not have any petition approval from USCIS in advance, thus making the application process easier and speedier compared to a regular H-1B visa.

Third Country Nationals in Singapore can also look at an E-1 Treaty Trader or E-2 Treaty Investor visa, which will allow nationals to conduct a substantial trade or invest substantially in a United States business. Each of these visas is subject to certain investment or trade requirements and other qualifications depending on the particular business activities of the applicant.

First, the H-1B1 visa provides a fast-track channel for Singapore professionals. It is a non-immigrant visa and thus does not directly provide permanent residency status. Nonetheless, holders are allowed to change into other visa categories or apply for permanent residency status under employment-based immigrant visas if they can meet the qualifications set by the law.

In summary, via the H-1B1 visa and other treaty-based options, there are possible avenues for Singapore citizens to work in the United States, provided they meet the various eligibilities of different treaty-based visas that correspond best to their situation.

From the strong economy with advanced infrastructure to its geographical strategic location in Asia, Singapore is just the perfect dynamic environment for a number of business ideas. Starting up an e-commerce venture is another popular one. With the high internet penetration and online-savvy population, it would be great to set up an online store or digital marketplace which would serve not just local but even international customers. High categories are such as fashion, electronics, and health products. Another exciting idea involves digital marketing services. Increased numbers of small and medium-scale businesses require digital marketing expertise to grow online; therefore, services in demand include SEO, social media management, and content creation.

Read more: Ideal for Singapore company registration

The food and beverage industry is still lucrative, but more specialized business models are in demand, such as healthy cafes, vegan restaurants, and food delivery services. Singapore's multi-cultural population promotes a wide variety of cuisines, enabling any business to sell to a distinctively flavored or dietary-restricted market. Another emerging business trend is dealing with sustainability and eco-friendliness. As many businesses are focused on the green economy, businesses supplying products for sustainable living, eco-friendly packaging, and renewable energy solutions also have vast opportunities in capturing the growing demand.

The services that are promised to education and training are equally promising. Specialized training, for example, includes coding boot camps, language tutoring, and professional development courses that will answer to the government's agenda of upgrading the skills level. Wellness and fitness services range from personal training and yoga studios to mental wellness programs, increasingly sought after by health-conscious individuals. Each of these ideas leverages Singapore's supportive business environment and caters to evolving consumer preferences, making them viable and potentially profitable ventures.

According to certain thresholds stipulated by the Inland Revenue Authority of Singapore (IRAS), the registration for Goods and Services Tax is conducted in Singapore. Registration for GST shall be compulsorily carried out by any company when its turnover of taxable supplies exceeds S$1 million in the past 12 months or is projected to exceed S$1 million in the next 12 months. This threshold shall apply to all those businesses selling goods and services in Singapore and which are not specifically exempted from charging GST.

To get registered, it needs to apply through the IRAS e-Services on the necessary particulars of the business, financial records of the same. Upon registration, it is required to charge the GST on all taxable supplies of goods and services provided against which regular returns of the GST are to be filed with IRAS. The current rate of GST in Singapore is 8%, though this may change as time progresses based on policies brought forward by the government.

Although some businesses cannot attain the compulsory threshold, they may still want to register for GST voluntarily if they believe that will add some value to their operations-for example, making them appear more credible to clients or even enabling them to offset input tax credit against certain business expenses. This is usually expected of voluntary registrants who must remain in the GST system for at least a period of two years.

Failure to do so subjects one to the imposition of fines and penalties. Hence, the need to understand the requirements as well as implications of GST registration is important for businesses that try to operate lawfully and effectively in Singapore.

Yes, a company in Singapore can be reinstated after being dissolved, subject to certain requirements provided by the Accounting and Corporate Regulatory Authority. It could apply for reinstatement as a company within six years from the date of striking off from the register. Restoring a struck-off company gives it back its legal entity, with its assets and the right to operate the same, which might be crucial for addressing the outstanding commitments or even retrieval of left-over assets.

An application to commence reinstatement with ACRA needs to be made by the interested party, which is usually a shareholder, director, or a creditor. The applicant should demonstrate sufficient reasons for the reinstatement pending litigation, an existing claim, or in the interest of the recovery of the company's assets. In support of a reinstatement application, documents will have to be provided with proof of the reasons from which the application is based, and all outstanding annual returns or tax filings. All regulatory fees and penalties due on the company shall, before reinstatement after dissolution, be cleared.

Upon review and approval of the application by ACRA, the company is reinstated to its pre-dissolution status, as if it had never been dissolved. The reinstatement allows the company to create an opportunity for either settling outstanding affairs or continuing business activities. When the period of dissolution exceeds six years, the reinstatement opportunity becomes closed, and another legal intervention has to be sought.

In short, any Singapore company that has been dissolved for six years may reinstate the company by lodging an application to ACRA with sufficient grounds. In addition, all the filings and payments owed must be fully paid up. By reinstatement, companies can sort out their legal interest, conclude their outstanding businesses, and, where so desired, resume operations with protection both legally and commercially.

While a company may purchase house property in Singapore, there are certain laws and restrictions that apply. The government of Singapore controls foreign ownership of private residences with a view to ensuring that housing remains affordable to citizens and permanent residents. Companies, particularly those which, under Singaporean law, are considered "foreign entities," have certain restrictions when trying to acquire residential properties.

1. Ownership Restrictions: According to the Residential Property Act, any company that is incorporated outside Singapore, or with foreign shareholders, is considered a foreign company. Generally speaking, it prohibits a foreign company from acquiring landed residential property like bungalows and semi-detached houses unless explicit approval is given by SLA. This is seldom granted and is usually granted to companies contributing much to the country's economy.
2. Foreign Entities' Approved Properties: Most companies are only allowed to purchase residential property units, which are normally situated within certain non-landed properties, like apartments and condominiums in designated developments. If a foreign company wants to acquire such residential properties, an Additional Buyer's Stamp Duty, or ABSD, of 30% of the value is charged, thus making the transaction quite costly.
3. Exemptions and Permissions: Resident companies with purely Singaporean or permanent resident shareholders may purchase residential property with fewer hindrances. Again, those entities falling under "housing developers" may buy residential property but again must meet some criteria such as acquiring a Qualifying Certificate or QC from the Controller of Housing.

Summary

Certain conditions also allow a company to purchase residential property in Singapore. The conditions can be approved, and the structure of taxes is based on ownership. Legal and property experts would make sure that all laws related to properties in Singapore are complied with, and suitable investment opportunities, within these guidelines, would be brought out.

Singapore was supposed to be a business hub, internationally renowned, attracting several corporations and entrepreneurs on its shores. Some of the key areas for which Singapore receives accolades in business include the following:

• Strategic Location: Singapore is positioned at the crossroads of key trade routes, making access to Southeast Asia and beyond easy. Strategically located, it is an ideal base for companies that want to venture into the blossoming Asian markets.
• Business climate: The economy of Singapore is always ranked highly in reports ranking countries by ease of doing business. The political environment in this country is stable, with transparent regulations, hence making it the perfect state to stimulate entrepreneurship and innovation thanks to a strong legal framework. In addition, its low corporate tax rates and plentiful tax incentives add more to the attractiveness.
• Strong Financial Sector: The financial service in the country is at a better state with many banking, insurance, and investment firms. The country is one of the great financial centers in Asia, thus providing better conditions in order to obtain capital and financial services for business.
• Diversified Economy: Starting from manufacturing and logistics to technology, finance, and healthcare, the economy is hugely diversified. Therefore, each company can be very successful in every mentioned industry because it helps to reduce dependence on one sector.
• Innovation and Technology: Innovation and technology advancement are encouraged by heavy investment in research and development. Thus, the government promotes it via various schemes and grants that are promoting startups and technology firms. In the process, to the tech entrepreneurs, it would be very fertile ground.
• Skilled labor: It has a well-trained and educated labor force; further, it gives tremendous importance to vocational training and tertiary education that is considered essential to pursue enterprise competitiveness.

Read more: Singapore offshore company formation

Conclusion, Strategically located, business-friendly environment, strong financial hub, diversified economy, emphasis on innovation, and skilled workforce are the key elements of Singapore that make it one of the most preferred destinations for international business.

In Singapore, public limited companies (PLC) are typically required to maintain a minimum registered capital of S$50,000 or its equivalent in any currency. It's crucial to distinguish between authorized capital and paid-up capital.

Authorized capital signifies the maximum share capital a company is permitted to issue, while paid-up capital represents the actual amount of share capital that shareholders have contributed.

Furthermore, it's worth noting that the minimum paid-up capital requirements can vary based on the nature of the business and industry. Certain businesses, particularly those necessitating licenses from government agencies, may be subject to higher paid-up capital prerequisites.

Paid-up capital holds particular significance for entrepreneurs seeking to register a PLC in Singapore. It serves as a financial resource that can cover operational expenses without relying on reserves or external borrowing. Additionally, a higher paid-up capital can enhance the company's perceived credibility and standing.

Contact us Offshore Company Corp to get a consultation for company formation in Singapore!

The duration of the Work Permit (WP) in Singapore is typically 2 years, depending on the worker's working time, security bond, and passport validity, whichever is shorter.

As long as the Work Permit is valid, the holders can stay in Singapore to work in the occupation and for the employer specified in their Work Permit card.

2 mins video Singapore is one of the world's leading international financial centres, third most globalized economy among 60 of the world’s largest economies, a major capitalist service economy characterized by low taxation and free trade. Singapore is the best ease of doing business over the world as World Bank. Singapore private limited company is most popular and easier for foreigner.

All business and bank account outside Singapore is tax-free (Offshore Status), Singapore company formation requires a minimum of one Local Director who is Singaporean citizen.

How to incorporate a company in Singapore?

Singapore Private Limited Company Formation (Pte. Ltd), initially Our Relationship Managers team will ask You have to provide the detailed information of the Shareholder/Director's names and information. You can select level of services you need, normal with 3 working days or 2 working days in urgent case. Furthermore, give the proposal company names so that we can check the eligibility of company name in Singapore Corporate Regulatory Authority (ACRA) system. Our services included Local Secretary who is local Singapore citizen.

You settle the payment for Our Service fee and official Singapore Government Fee required. We accept payment by Credit/Debit Card     , Paypal  or Wire Transfer to our HSBC bank account  

See more : Payment Guidelines

After collecting full information from you, Offshore Company Corp will send you a digital version (Certificate of Incorporation, Register of Shareholder/Directors, Share Certificate, Memorandum of Association and Articles etc.) via email. Full Singapore Offshore Company kit will courier to your resident address by express (TNT, DHL or UPS etc.).

You can open bank account for your company in Singapore, European, Hong Kong or other other jurisdictions supported offshore bank accounts! You are freedom international money transfer under your offshore company.

Your Singapore Pte. Ltd formation completed, ready to do international business!

Read more:

• Singapore company formation
• Singapore offshore bank account

Recently, incorporating a Singapore company is one of the most popular business options for sea changers. In addition, the Singaporean Government brings attractive tax incentives for startups and preferential policies which help them during their initial days.

However, the process of incorporating a Singapore company could be a burden for foreign business, as there are a few required documents that need to be filled and submitted to the Government. To shorten the process, foreign investors usually hire a corporate service provider to help incorporate a Singapore company for them. Registering for a company in Singapore is simpler than ever with the support of One IBC. We have a local office in Singapore and a team of experts, these professionals can guide you through the procedure for the Singapore company registration, saving valuable time & money.

Here are required documents for incorporating a Singapore company:

• Director/Shareholder's Passport(s)
• Director/Shareholder's Residential Address Proof(s) (for example: Electricity/Water/Phone bill...not older than 03 months)

We can have your company approved by and registered with the Accounting Corporate Regulatory Authority (ACRA) within 1 day once receiving signed documents from you.

A company address in Singapore may be useful for a foreign company for establishing its initial operations in Singapore. The reason for this is that it allows the foreign company to contract under its own name and take advantage of its existing reputation.

Each business is required to register a company address in Singapore where the company will receive all documents sent by the government. If you are looking to explore opportunities in Singapore with minimized cost, you may consider the option of setting up a virtual office address in Singapore. Having a virtual office address in Singapore can bring you more advantages than you can imagine, such as:

• Minimize your costs and optimize your business efficiency.
• Have a registered office address in Singapore to get in touch and manage your clients.
• Transfer your calls to wherever you are.
• Receive mailings from the local government authority, banks, etc.
• Have an official company address in Singapore on your business cards and website.
• Set up your local telephone number for your business in just one working day.

Check out our Virtual Office service in Singapore and all other corporate services that can help your business thrive in a new jurisdiction.

Anyone, including foreigners setting up private limited companies in Singapore are allowed the minimum paid-up capital at only S$1.00. However, some businesses in regulated industries are required to have higher minimum paid-up capital requirements. For example:

• Public accounting firm – S$50,000
• Insurance intermediary firms –S$300,000

There is another reason why private limited companies would set their minimum paid-up capital at a higher amount. With minimum paid up capital at S$500,000 or more, companies are automatically registered as members of the Singapore Business Federation (SBF). This provides access to several networking events, contacts and useful activities such as workshops and briefings.

This money can be used for business purposes without any restriction but the company’s regulation. It can be used immediately because paid-up capital has to be deposited into the company’s bank account and there is no waiting period, making it very convenient for starting private limited companies. However, if the company becomes insolvent, all the assets, including the paid up capital will be used to pay for the unpaid liabilities. The appropriate minimum paid-up capital amount should be set after taking these into consideration.

Singapore company registration process:

To incorporate a Singapore company, businesses need to meet many requirements of the country. The first step of the Singapore company registration process is getting approval for a company name. Secondly, you need to prepare documents required by the government including a brief description of business activities, details of Singapore company registered address, particulars of shareholders & directors & company secretary. The required documents are different depending on the object (foreign business or Singapore residents). After preparing all the documents, businesses can complete the process by filing application forms to ACRA.

The Singapore company registration process is quite difficult and might take a lot of time in case enterprises do not understand the related procedure. With 4 simple steps provided by One IBC, you do not need to worry and focus on running your business with might and main

We Grow Your Business In 4 Easy Steps

Step 1: Preparation

One IBC will support you to reserve your company name and you can also consult our advices toward Tax advantage or Bank account planning for your business at any time

Step 2: Filling

One IBC team will register, login and fill in all requested information or special requests on behalf of your company to ensure you can submit successfully to ACRA.

Step 3: Submitting and Payment

All documents will be submitted after you complete the service’s payment

Step 4: Delivering

One IBC will follow up all the processes. After receiving the company certificate from Singapore authority, we will delivery it for you within 2 working days

The requirements for setting up a Singapore company:

• A company needs to have at least one shareholder who can be a local or foreign individual or company.
• At least one of the directors must be a natural person, above the age of eighteen years old, and a resident of Singapore.
• A shareholder who is a natural person can also be a director of the company.
• A qualified company secretary has to be appointed. The secretary must be a resident of Singapore.
• Company must have a physical, local address in Singapore. (Read more: Office address in Singapore)
• The company must have a paid up capital of at least $1. 

Read more:

• How to set up a company in Singapore?
• Open bank account in Singapore

Yes, once company get done, we will go on supporting to open a corporate account in Singapore some the following banks:

• OCBC Bank
• DBS
• MayBank
• UOB

Yes, in some banks you can open a multi-currency intergrated in the only account. And some banks require you need to deposit respectively for each type of currency . It depends on your choice of bank the specific account chosen.

All banks in Singapore require clients’ personal visit, so your presence is required

Each bank has its own different regulations, It depends on which bank you choose and which package you are interested in

With Singapore company and bank account there you need to pay tax no matter where you run business or all income is derived from Singapore you are subject to tax also.

Yes, it is necessary for a Singapore company to have at least one director who is a local resident. In order to qualify as a local resident of Singapore, the individual has to be a Singapore citizen, a Singapore permanent resident or an Employment Pass holder (the employment pass must be from the same company where the individual wants to be a director).

Furthermore, the local director must be a natural person above the age of 18 years and not a corporate entity. Foreign companies or entrepreneurs who wish to incorporate and operate a Singapore company can either:

A) Have a foreign executive relocate to Singapore to act as the resident director (subject to the approval of their work pass);

B) Or use the Singapore nominee director service of a corporate services firm to meet the resident director requirement.

Read more:

• How to register company in Singapore
• Singapore company incorporation requirements

A dormant company does not need to have its accounts audited and can file unaudited accounts.

Even if a company was dormant, it is mandatory to hold AGM and file Annual Return.

A virtual office address in Singapore is a real street address for the business office is the best choice management today. 

The virtual office address can help your business in secure and faster sending and receiving of mails, plus other benefits for business offices and personal use. This keeps your home address private in other ads and websites.

The virtual office will have a business address in Singapore to ensure the owners can reach their business anywhere in the world. Establish and maintain a professional network with a specific business address, and allow themselves the freedom and dynamic in a working environment, accessing the global communities without their presence in Singapore. 

One IBC offers your business the incentive packages in owning a virtual office as well as the address in Singapore. A virtual office is an ideal solution for work-life combinations.   

Read more: 

• Serviced office in Singapore
• How to start an online business in Singapore?

There are some document information that potential business owners will have to submit in opening the corporation in Singapore. 

One of the requirements in setting up the company in Singapore is that it must register the office address in Singapore, which will be input in the application form for the company, then submit send to and be recorded by Accounting and Corporate Regulatory Authority (ACRA).

As a mandatory part of register processing for opening the company in Singapore, the business cannot be incorporated if they do not register office address in Singapore, even they can use the registered office services.

Besides that, these are two options for the owners in choosing the kind of offices to register in Singapore: Physical office and virtual office

• Physical office: this is a “live” office. The owner will have the real office address is located in Singapore. This office has at least one administrative personnel to attend and act things at the office.
• Virtual office: this receiving and forwarding all mail notifications and dedicating the phone lines and fax to email.  (Read more: Virtual office address in Singapore)

Read more: 

• Serviced office Singapore
• Singapore offshore company formation

The first reason is the rental cost is very high in Singapore. The investors might spend much money on the ground rent. The owners may have a headache with these expenses and cannot focus on their business operations in Singapore.

Secondly, operating a business office from home is a great way to save money, save time and more efficient. It is inconvenient and difficult to protect your private home and family when your home address is also your company’s mailing address.

Moreover, with some business people, they already have a business address or own their space, and now they want to expand their business in Singapore. They cannot manage all their business with their presence. The mutual virtual office address Singapore will make it easier for investors to manage and operate in Singapore. The virtual office in Singapore will handle all mail, fax, and other services that help the owners always run the business smoothly, even without them

Read more: 

• Virtual office in Singapore
• Open bank account in Singapore
• How to set up a company in Singapore

Singapore has been known as the business-friendly environment, and the heart of the economy in Southeast Asia. The government has conducted many policies to create a friendly, warm and welcome business environment in Singapore to attract foreign investors and companies to do business in Singapore.

The modern legal system, developed economy, political stability, and highly skilled workforce are the main factors that made Singapore preferred by foreign companies.

Singapore has appeared in most of the international ranking tables as one of the top countries with a business environment that is easy to set up a company.

• 1st globally in World Bank's Human Capital Index, 2019
• 1st in Asia and globally in the Economist Intelligence Unit’s Best Business Environment, 2019
• 2nd as the world's premier location in the World Bank's Ease of Doing Business Index, 2019
• 2nd in the world for Economic Freedom: Economic Freedom Index 2018, Heritage Foundation
• 2nd in Asia and 7th globally in the World Bank's Logistics Performance Index in 2018 with the best seaport in Asia
• 4th in Asia and 7th globally in Transparency International's Anti-corruption Index in 2018

Do not hesitate to contact us to get more information and explore business incentives in Singapore.

Read more:

• Best business to start in Singapore
• Singapore offshore company formation

Starting a business in the right place is one thing, but choosing the right kind of businesses to operate is an important factor that can affect your business in future.

If you are interested in setting up business or open a company in Singapore. There are 5 best business to start in Singapore.

Agriculture

Singapore is a tiny country which has only about 0.87 percent of total land area for agricultural purposes. Therefore, a small number of businesses are working in the agriculture industry and the demands for food and other agricultural products are very huge.

E-Commerce Business

Experts expected that the number of e-commerce users is expected to increase by 74.20% in 2020. Online shopping is a profitable business in the Singapore retail industry.

Fashion & Retail

Singapore is known as the most fashion-forward trend in the region. Singapore is “heaven” for businesses operating in the fashion and retail industry.

Spa and Massage Services

Spa and massage services have strongly developed in Singapore. Both men and women are likely to choose to get pampered with luxurious treatments after a hard-working day.

Tourism & Travel

Tourism & Travel are potential profit markets for foreign businesses with around 50% of Singaporeans above the age of 15 who are traveling at least once a year.

Read more:

• Can foreigner open bank account in Singapore
• Singapore offshore company formation

Singapore is the most developed country in Southeast Asia.Tax Incentives, International Ranking, Company Formation process, and Government policies are the main reasons foreign investors and businessmen invest in Singapore.

Attractive Tax Incentives

Singapore’s government offers a variety of tax incentives for businesses and investors such as Corporate Income Tax, Double Tax Deduction for Internalization, and Tax Exemptions scheme.

Read more: Singapore corporate tax rate

International Ranking

The country was nominated as the #1 best business environment in the Asia Pacific and the world in 2019 (The Economist Intelligence Unit) and the top of the Global Competitiveness Index 4.0 after overtaked the United States (The Global Competitiveness Report, 2019).

Singapore Company Formation

The company formation process in Singapore is considered easier and quicker than other countries, the process takes one day to complete given all the required documents are submitted. The process becomes simpler and more convenient when applicants including foreigners can submit their application forms through the internet.

Trade Agreements

Singapore strongly supports free trade and engagement with the global economy. Over the years, the country has developed its network of Trade Agreements within over 20 bilateral and regional FTAs and 41 Investment Guarantee Agreements.

Government Policies

Singapore has been known as the most friendly-environment country for businessmen and investors. The Singapore government has always improved its policies to support businesses.

As the advantages for investors and businessmen are listed above with government policies, Singapore has attracted more and more foreign companies to set up business in the country.

Read more: 

• How to incorporate a company in Singapore
• Register company in Singapore

Starting a business in Singapore is simple and straightforward. However, there are some specific regulations that require applicants to spend time to read such as regulation to choose a company name, choosing a type of company that is suitable for the company’s purpose. Do not worry about that. We are here to help and guide you to start the business in Singapore with a simple and fast process:

Step 1: Preparation

You can get advice from our advisory team for free for Singapore company incorporation including information about company name regulations and a business license and further assistance after your company establishment as well as any possible recommended services.

Step 2: Submitting information required and choosing the necessary services for your company.

You need to submit the information about your company Director, Shareholder, along with the percent of share owned for your Singapore, and choose the additional services that are necessary to start a business including Account Opening Service, Serviced Office, Trademark Registration, Merchant Account, or Bookkeeping. Should you even plan to work in Singapore, just note this step-down, our representatives will follow and support you after your company establishment.

Step 3: Payment for your favorite Singapore company and start/register  a business in Singapore.

Read more: 

• Singapore offshore company formation
• Corporate income tax Singapore

Online business or eCommerce is one of the fastest-growing segments in the global markets, and especially in Singapore where prices of rent and total expenses of maintaining a business are increasing yearly. Guide to starting a online business in Singapore is simple and the process can be summarized through 4 steps:

Step 1: Research, analyze the market, and start with your business plan

• What are your products and services?
• Who are your potential customers?
• What is your competitive advantage?
• How much do you need to spend on your business?

These questions should be answered and covered in detail in your online business plan before doing any further steps.

Step 2: Reading and understanding the regulations on incorporating/starting an online company in Singapore

Although, legal documents and licensing are not required for the online business. However, you should also need to make sure that your online business also needs to comply with the country’s rules and regulations.

Step 3: Starting/Incorporating your company

Be careful with your decision to choose your business structure, your liability, taxes, and ability to raise capital and run business depend on your business structure.

Step 4: Establish the necessary infrastructure

To run your online business smoothly and efficiently, you need to establish the necessary infrastructure including staff, IT systems, and facilities that you need to promote, display or deliver your products and services to your customers.

Read more:

• Singapore offshore company
• Singapore company incorporation fees

Whether you are living overseas or a non-resident in Singapore, you can still open a personal bank account in Singapore without having to visit Singapore. However, the foreign or non-resident business owners need to visit the banks to open corporate bank account in Singapore.

The representatives of the banks will interview the applicants before making the final decision whether you are approved for opening a corporate bank account in Singapore or not.

The main reason for most foreigner opening bank account in Singapore is because of the safety factors that Singapore brings to individuals and businesses. In addition, although many other banks in the world are rated safe for individuals and businesses who want to open a foreign bank account for saving, investments, and trading, banks in Singapore are always the first choice and are considered for the convenience of account holders in logging into the banking system to manage accounts.

In other banks, international transactions often take a lot of time to make and have to go through a lot of complicated calls and exchanges between bankers and account holders.

Read more: 

• Open bank account in Singapore
• Reasons that make Singapore banks the best choices

After the clients (the non-residents or foreigners) submit online applications to the banks, the representative from the banks will contact the applicants to submit additional documents required to open a Singapore bank account for foreigners.

Some well-known banks among businesses to open accounts in Singapore for the non-residents business owners and investors:

DBS Bank: It has various accounts, including Business Edge Accounts and Business Edge Preferred.

• For the Business Edge Account: It is suitable for the account holder to have multiple transactions and need to stay in touch with the bank regularly.
• For the Business Edge Preferred: Highly recommended for businesses as the banking products and services fit with the businesses’ banking demands.

DBS offers the applicants the option of multi-currency accounts when they apply to open bank accounts with DBS. Most of the services are available to foreign customers. That makes the non-residents account holders can easily manage and transfer their money anywhere.

OCBC Bank: Another bank for foreign business owners to consider to open bank accounts in Singapore is OCBC Bank. However, the application process required a resident of Singapore to fulfill all required conditions.

UOB Bank: Foreign businesses can also apply with UOB Bank to open the corporate bank account in Singapore. However, for the non-residents, they can apply for an account with UOB by attending a meeting in person at a UOB branch.

Read more: 

• Open bank account in Singapore
• How to set up a company in Singapore?

There is no exception for Malaysian. It is the same processing for opening bank accounts in Singapore for Malaysians and foreigners.

The document requirements are the same for non-resident business owners and investors in creating the bank account in Singapore, whether the non-residents are Malaysians or not. Although they are neighboring countries, international banks in Singapore do not have any special offers to any country.

One IBC has lots of experience in corporate services consulting, as well as, experiences in investments and wealth management consulting. We will assist customers with all information about the bank system in Singapore, as well as legal procedures for opening a bank in Singapore for foreigners.

Read more: 

• Singapore company formation
• Open Singapore bank account

The foreigners 100% can set up a company in Singapore and own its 100% shareholding without any troubles.

Singapore’s law requires the process of the procedures for the company formation are the same for resident and non-resident (foreigner) in Singapore, with the following conditions:

• The company must assign a local company secretary.
• The company must register a local business address.
• The company must assign the resident director.
• The minimum share capital of the company is S$1 for opening the company.

As you can see from the information above, the non-resident owners must have a resident director to register the Singapore company of all kinds of businesses. The non-resident of Singapore may not be able to fulfill all the required documents of the resident director. (Read more: Singapore company formation for non-resident)

The foreigners will have some limitations for the disclosure and recording of information by the government. Only a Singapore Resident or the holder of an Employment pass or Entrepreneur pass can accept this position.

The foreigners can get these visas when they apply to the Ministry of Manpower (MOM) for the Entrepass. After receiving one of a kind visa, the non-resident or foreigners can incorporate the company and officially work in Singapore, even become a director of their own company.

One IBC can support the customers in an offshore company in Singapore. With over 10 years of experience and in-depth knowledge of these services, we strongly believe that the customers, especially the Singapore non-resident, can easily open the company with a fast and safe procedure process.

Read more:

• Singapore company formation
• Opening a bank account in Singapore for non-residents

Singapore is the top of the world in finance. Therefore, it is not surprising that many foreign investors and entrepreneurs want to set up their companies in Singapore. Some popular options for the type of Singapore company formation for non-resident can consider are:

Subsidiary: the foreigners already have their own business, now they want to expand to other markets in Singapore, so they open more other companies in other countries. In addition, subsidiaries are legally separate from the parent company, they can get tax advantages for Singapore company formation.

Branch office: a branch office would be a good choice for companies if the investors want to set the company up within the short-term in Singapore. It means the market expansion can be as soon as possible. The parent company will help the branch office in all activities and operations.

In addition, the registration process for company formation is simple and quick in Singapore. It can be done online by the parent company. However, the branch office is not a resident entity, it cannot be available for any tax exemptions.

Representative office: this kind of office is suitable for business and wants to learn more about Singapore. They want to research and collect more data and information which relate to their industry business that they are planning in Singapore.

It makes sure their money is spent at the right place and saves time when they start to run the company, especially this way is more useful for Singapore non-resident.

Redomiciliation:the process helps to transfer its registration from jurisdiction company to Singapore to become a local company instead. Singapore non-resident can use this kind of business for company formation in this country.

Read more:

• Type of company in Singapore
• Singapore company incorporation fees
• Opening a bank account in Singapore for non-residents

Singapore’s foreign ownership policy is flexible.The non-resident can own 100% of the equity of a Singapore company in all sectors. It creates more opportunities in forming company in Singapore.

Singapore is one of the countries that have low taxation for businesses.The corporate income tax rate is 8.5% and 17% for the profit up to S$300,000 and above S$300,000, respectively. Singapore company formation is the exemption from taxation like capital gain tax, VAT, accumulated earning tax,...

Singapore is the best place to live and work in Asia. With a strong and stable political environment, the Singaporeans and non-resident always feel secure to do their business and live with their family there. This is also a reason why foreigners chose to incorporate the company in Singapore. (Read more: Business environment in Singapore)

The various choices for opening a bank account for offshore banking in Singapore. The entrepreneurs and investors have more choice to open the multi-currency accounts and transfer their funds from other banks to Singapore banks and vice versa.

Read more:

• Open bank account in Singapore
• How to set up a company in Singapore

In Singapore, there are several types of business entities that individuals and companies can choose from, depending on their specific needs and circumstances. The most common types of business entities in Singapore include:

1. Sole Proprietorship: A business owned and operated by a single individual. The owner is personally liable for the business's debts and obligations.
2. Partnership: A business structure where two or more individuals or entities come together to run a business. There are two main types of partnerships in Singapore: general partnerships and limited partnerships.
3. Limited Liability Partnership (LLP): An entity that combines the features of a partnership and a company. In an LLP, partners have limited liability for the debts of the business.
4. Private Limited Company (Pte Ltd): A separate legal entity with limited liability for its shareholders. It is one of the most common business structures in Singapore.
5. Public Limited Company: A company that can offer shares to the public and is typically used for larger businesses.
6. Exempt Private Company (EPC): A type of private limited company with restrictions on the number of shareholders (up to 20) and transferability of shares.
7. Company Limited by Guarantee: Typically used by non-profit organizations, where members guarantee to cover the company's debts up to a specific amount.
8. Subsidiary Company: A company that is a subsidiary of a foreign corporation, often used by multinational corporations to conduct business in Singapore.
9. Representative Office: A business structure that allows foreign companies to engage in market research and promotional activities but not to conduct commercial operations.
10. Office: A foreign company's extension in Singapore, which can engage in commercial activities.
11. Limited Partnership (LP): A type of partnership where there are both general partners (with unlimited liability) and limited partners (with limited liability).
12. Variable Capital Company (VCC): A relatively new corporate structure introduced in Singapore, primarily used for investment funds.

Each of these business entities has its own advantages and disadvantages in terms of liability, taxation, and regulatory requirements. The choice of the most suitable business structure depends on the specific goals and needs of the business owner or organization. It is advisable to consult with legal and financial professionals when deciding on the appropriate business entity for your situation.

Setting up a sole proprietorship in Singapore involves several costs and considerations. Here are some of the primary expenses associated with establishing a sole proprietorship in Singapore. Please note that these costs can change over time, so it's essential to check with the relevant authorities or a professional for the most up-to-date information:

1. Business Registration Fee: To register a sole proprietorship in Singapore, you will need to pay a fee to the Accounting and Corporate Regulatory Authority (ACRA). This fee is typically around SGD 115. However, this fee may vary depending on the services you require and if you use a business registration service provider.
2. Name Reservation: If you want to reserve a specific business name, there's an additional fee for this service, which is around SGD 15.
3. Business Licenses: Depending on your business activities, you might need specific licenses or permits, which can have varying costs. The fees for licenses and permits can range from a few hundred to a few thousand dollars or more.
4. Registered Address: You must provide a local Singapore address as your business address. You may choose to use your residential address or rent a separate business address, which may incur costs. The costs for renting a business address can vary based on location and service provider.
5. Professional Services: You may also require the services of a professional firm, such as a corporate service provider or accountant, to assist with the registration process, compliance, and annual filings. The fees for these services can vary based on the complexity of your business needs and the provider you choose.
6. Goods and Services Tax (GST): If your business is expected to generate an annual revenue exceeding a certain threshold (typically SGD 1 million), you will need to register for GST. Collecting and paying GST can involve additional administrative costs.
7. Additional Costs: Consider other operational costs, such as office space, equipment, and initial working capital.

It's important to note that the costs mentioned here are approximate and can change over time. To get an accurate estimate of the costs associated with setting up a sole proprietorship in Singapore, it is recommended that you consult with a professional service provider or contact the Accounting and Corporate Regulatory Authority (ACRA) for the most up-to-date information and guidance.

In Singapore, setting up a sole proprietorship is a straightforward process, and many individuals are eligible to do so. Here are the eligibility criteria and key points to consider when setting up a sole proprietorship in Singapore:

1. Residency: You must be a Singaporean citizen, Permanent Resident, or a valid pass holder, such as an Employment Pass or Dependant Pass holder, to register a sole proprietorship in Singapore.
2. Age: You must be at least 18 years old to register a business in Singapore.
3. Registration: To establish a sole proprietorship, you need to register your business with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. You can do this online or through a registered filing agent.
4. Business Name: You will need to choose a business name and ensure that it is unique and not infringing on any trademarks or existing business names. ACRA has guidelines for naming your business.
5. Business Activities: Your business activities should comply with the Singaporean laws and regulations. Some activities may require special licenses or permits.
6. Sole Proprietor Liability: As a sole proprietor, you have unlimited personal liability for the business's debts and obligations. This means your personal assets can be used to settle business debts in the event of financial problems.
7. Taxation: Sole proprietorships are not separate legal entities, so the business income is considered your personal income. You will be taxed accordingly. Singapore has a progressive personal income tax system.
8. GST Registration: Depending on your annual revenue, you may need to register for the Goods and Services Tax (GST) if your business is expected to generate more than a certain threshold of revenue in a 12-month period.
9. Business Structure: A sole proprietorship is one of the simplest business structures. It's essentially a one-person business, and you have full control and responsibility for its operations.
10. Compliance: Be aware of the regulations and compliance requirements, such as keeping proper financial records and filing annual returns with ACRA.

It's recommended to seek legal and financial advice when starting a sole proprietorship to ensure that you meet all the legal requirements and understand the implications of unlimited personal liability. Additionally, consider whether this structure aligns with your business goals and needs, as there are other business structures available in Singapore, such as partnerships and private limited companies, which may offer different advantages and limitations.