Yes! Foreign entrepreneurs are welcome to begin their Singapore company registration process with an employment pass. The employment pass allows foreign professionals, managers and executives to work in Singapore. You will need to complete your company registration before applying for the employment pass and your application is subject to approval by authorities.

To avoid any hassle or uncertainty, foreigners are advised to hire a corporate secretary firm like Apsolute, who can help clients with the whole incorporation process.

You can choose between the following business structures:

Sole Proprietorship

Sole proprietorship essentially means there are no partners in the business. This means the owner can earn all the profits but also bears higher risk if anything happens. Sole proprietorship is not a separate legal entity from the business owner.

Who can apply:
Singapore citizens or permanent residents, Dependant Pass holders with a valid Letter of Consent (LOC), ONE Pass holders.

Partnership

Who can apply:
Singapore citizens or permanent residents, Dependant Pass holders with a valid Letter of Consent (LOC), ONE Pass holders.

Private Limited Company (Pte Ltd) – most popular structure

Private limited companies have: less than 50 shareholders and their shares should not be accessible to the public. A private limited company has the most flexible business structure. It is a separate legal entity from its shareholders and directors. It enjoys limited liability. We recommend the Pte Ltd structure due to its flexibility, legal protection and accessibility to government grants, funding and tax exemptions.

Who can apply:
Singapore citizens or permanent residents, Dependant Pass holders with a valid Letter of Consent (LOC), Employment Pass holders, EntrePass holders, ONE Pass holders, Personalised Employment Pass holders.

Limited Liability Partnerships (LLP)

LLP allows companies to operate as partnerships while enjoying the benefits of a private limited company. LLP are separate legal entities. Partners will not be held liable for any losses or debts from the business.

Who can apply:
Singapore citizens or permanent residents, Dependant Pass holders with a valid Letter of Consent (LOC), ONE Pass holders.

Not at all – you don’t have to visit Singapore physically. With Apsolute’s help, you can incorporate your company and complete the application as fast as one day, and start your business from anywhere in the world, without needing any face-to-face meetings. Start now by booking a consultation with our team.

If you wish to switch to Apsolute as your Corporate Secretary, we’ve made the process fast so that your transfer is just a few clicks away. Here is what you should know before leaving your current service provider and moving to Apsolute:

First, you need to get in touch with us to carry out a series of KYC (Know Your Customer) processes. After the approval, we will require you to notify your current service provider of the determination statement for records. 

We are happy to assist you with any queries from general corporate secretarial queries to transferring your existing company secretary to us!

First, you would need to assess the eligibility requirements for a work visa in Singapore with the help of visa specialists like Apsolute. Next, you would need to apply for a work visa that allows you to relocate to Singapore so you can run and operate your business..

If you meet the eligibility requirements, you can apply for a work visa such as the Employment Pass or EntrePass. The process and requirements for each type of visa may vary, so you should check the specific requirements and application process.

You can appoint 1 or more directors for your company. They have to be individuals and at least 18 years old.

Every company also needs at least one local resident director, i.e. a Singapore citizen or a Singapore permanent resident.
If he or she is not a Singapore resident and wishes to fulfil the local resident requirements, the director must have an Entrepreneur Pass or be an Employment Pass holder and have a letter of consent from MOM to act as a Director (if applicable).

In order to incorporate your company in Singapore, the Accounting and Corporate Regulatory Authority (ACRA) in Singapore would require you to provide your company name for name registration, a brief description of your business activities, details of your shareholders and directors, as well as their KYC (Know Your Customer) information. The KYC is the process of obtaining customer identity information and history for company compliance purposes. You will need a registered Singapore business address, share capital details and your company’s constitution.

Gathering all the right information for your company registration could be the trickiest part, get in touch with Apsolute if you need any assistance.

All Singapore registered companies must have a registered address in the country. It must be a place with a physical local address. A P.O. box is not accepted.

In Singapore, all companies are required to complete annual filing so they are compliant with the law. The complexity of requirements depend on the company’s structure, size, and industry.

Here are the requirements for a Private Limited company in Singapore:

Annual General Meeting (AGM)
Every company must hold an AGM once every calendar year and not more than 15 months from the previous AGM. The AGM must be held to present the company’s financial statements and to provide updates to shareholders on the company’s performance.

Annual Return
Every company must file an Annual Return with ACRA within 7 months of its financial year-end. The Annual Return contains information about the company’s directors, shareholders, and share capital.

Financial Statements
Every company must prepare financial statements according to the Singapore Financial Reporting Standards (SFRS). These financial statements must be filed with ACRA together with the Annual Return.

Tax Return
Every company must file its annual income tax return with the Inland Revenue Authority of Singapore (IRAS) within 3 months from its financial year-end.

It’s important to note that failure to comply with the annual filing requirements can result in penalties and fines. You can hire corporate secretarial providers like Apsolute to support you with the filing process.

As a foreigner relocating to Singapore, you may still need to appoint a nominee director for your company, depending on your circumstances.

If you are a foreigner and do not have a local residential address, you will not be able to fulfil this requirement. In this case, you may still need to appoint a nominee director who is a Singaporean resident or a person who has the right to work in Singapore.

However, if you are a foreigner with a local residential address in Singapore, you may be able to fulfil the requirement of having a director who is residing in Singapore, and do not need a nominee director.

To incorporate your company in Singapore, you will need 1-50 shareholders. A shareholder can either be an individual or a corporate entity.

Your company name must be approved, before you can proceed with registering your company. We recommend having a shortlist of three name options in case your first choice isn’t available. Names can be reserved for up to 60 days.

If you are an individual:

• Passport
• Proof of residency that’s less than 3 months old.

If you are an existing company looking to have a Singapore entity:

• Certificate of Incorporation/Registration
• Business Profile/Certificate of Incumbency
• Group ownership structure chart
• Certificate of Appointment of Corporate Representative and/or Directors’ Resolution in Writing authorising the representative

After incorporation in Singapore, the company is considered a legal entity and can start conducting business activities and hiring employees.

You will receive a Certificate of Incorporation.
ACRA will send an email notification confirming the registration of your company. This is your official Singapore Company Incorporation Certificate and will include your business registration number. If you want a hard copy of the certificate, you can make an online request to ACRA for S$50.

You receive a Business Profile (”Bizfile”).
ACRA will also provide the business profile of your new company for free. The business profile is the identity card of the company.

You are able to open a corporate bank account.
After you have successfully registered your Singapore business, you will be able to open a corporate bank account with any of the banks in Singapore.

If you expect your business’ annual turnover to exceed S$1 million, then you must register for Goods & Services Tax, or GST (also referred to as value added tax, VAT, in many countries).

If you do not expect your business’ annual turnovers to reach S$1 million, you are not required to register for GST.

How much does it cost to run a company in Singapore?

The cost of running a company in Singapore varies depending on the size of the company, the nature of its business activities, and its location.

Common expenses include: office rent, employee salaries, utilities, and business taxes.

The government has implemented various measures to support businesses, such as tax incentives and grants, which can help offset some of these costs.

Singaporean companies can tax incentives, such as a partial tax exemption on up to S$100,000 taxable income, with 75% of their first S$100,000 corporate profits exempted for the first 3 tax filing years, a 50% further tax exemption on up to S$100,000 taxable income, and can also enjoy further partial tax exemption for 8.5% tax rate on taxable income on up to S$100,000 per annum.

The government has also introduced various schemes to support businesses, such as the Productivity and Innovation Credit (PIC) scheme, which offers tax deductions or cash payouts for investments in innovation and productivity.

They can also apply for the Productivity and Solutions Grant (PSG), which funds productivity and innovation investments, including new technology and equipment adoption. This grant supports companies in enhancing their productivity and staying competitive. Apsolute is a pre-approved PSG vendor, and eligible clients can get up to 70% of their yearly fees for accounting covered with this grant.

To open a corporate bank account in Singapore, you will need to provide the bank with various documents, such as your company’s certificate of incorporation, business profile, and the personal identification documents of the company’s directors and signatories.

Different banks may have different requirements, and some may require a minimum deposit to be made. It is best to check with the bank directly for specific requirements.

As a local:
No, locals do not need a visa to start a company in Singapore.

As a foreigner:
However, if you are a foreigner who wishes to relocate to Singapore to run your business, you will need to obtain the relevant work visa or pass, such as the Employment Pass (EP), Dependant Pass with Letter of Consent (LOC), ONE Pass, EntrePass or Personalised Employment Pass (PEP). The type of pass required will depend on your qualifications, work experience, and the nature of your business.

Yes, as an EP holder, you are allowed to start a Private Limited Company in Singapore. However, you can only run the company that is sponsoring your Employment Pass.

However, if you as a EP holder just lost your job, your EP will be cancelled. You will have a 30-day grace period to either find a new job and have your new employer apply for a new EP, or to leave Singapore.

If you intend to start a business to keep your EP, you will need to meet the eligibility criteria for the EntrePass, which is specifically designed for foreign entrepreneurs who wish to start and operate a business in Singapore.