Singapore is one of the business-friendly countries in South-east Asia and the registration process of a business is fairly simple. An agency that regulates the business registration in Singapore known as Accounting and Corporate Regulatory Authority (ACRA).
The timeframe required for the registration process is only fifteen minutes. Some special business that requires approval from government agencies requires at least fourteen days.
The company registration fees in Singapore are varied based on the local and foreigner category. For locals, the registration fees are only $50 to $600 Singaporean dollars depends on the type of business, while the registration fees for foreigners varied from $300 to $1200 Singaporean dollars.
For obtaining the approval of business name additional $15 Singaporean dollars required per name.
Business registration in Singapore is a trim cut process and potential applicant requires paperwork based on their nationality. For registering a new business in Singapore, the law is different for local resident and foreigner.
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In Singapore, Singapore citizen and permanent resident holders are considered as local. If you are a local and you want to register a new business in Singapore then you have to apply for SingPass and this document is required for all government transactions.
There is some paperwork that is required for the Singpass application and for Singapore citizen, these papers are, NRIC, Singapore passport or Singapore driving license.
For the permanent resident holder in Singapore, these papers are NRIC, Passport with re-entry permit or Singapore driving license.
However, foreigners have to apply for EntrePass before applying for SingPass and they require obtaining different paperwork for the application.
These papers are Passport and the papers that are applicable for specific personnel – Long-Term Pass Card or Long-Term Visit Pass-Plus or valid pass issued by the Ministry of Manpower; for example Employment Pass, EntrePass, S Pass, Personalized Employment Pass, for dependents the Dependent Pass, or Work Permit.
The documents mentioned above need to be uploaded while making business registration is Singapore with SingPass online or need to be shown at the SignPass registration counter while making the physical application.
For foreign applicants should have Foreign Identification Number (FIN) with them during the application submission process.
For the national service holders in Singapore, the paper requires for making SignPass application is NRIC, National Service IDs, SPF and SCDF and Singapore Passport or Singapore Driving License.
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With required papers, the potential applicant may apply online by visiting the ACRA’s website or Online Business Licensing Service (OBLS) website.
Additionally, potential applicants may take support from professional firms and they can complete the registration process on behalf.
Foreign companies may use Singapore a branch office or representative office. For using Singapore as a branch office then all branches of the foreign company should be registered with the agency known as Accounting and Corporate Regulatory Authority (ACRA).
For this type of registration process, the company needs to hire professional firms who complete the registration process on behalf of the company.
However, the foreign companies that are exploring the opportunities to conduct business in Singapore or use Singapore as the launch pad for engaging the business with Asia Pacific countries may open the representative office.
By Singapore law, the representative office allows the foreign companies to observe the business environment before making any investment. Although the companies who wishes to maintain long-term business operations in Singapore must be registered with the Accounting and Corporate Regulatory Authority (ACRA).
For business registration in Singapore for representative office, the company needs to register with the Monetary Authority of Singapore (MAS) by following the guidelines provided by MAS.
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If the company wishes to set up RO office for manufacturing, wholesale, international trading and any trade-related business then they must be registered with International Enterprise (IE) Singapore.
Note that, any representative office is allowed to perform two activities; market research and feasibility studies.
Additionally, companies need to establish a business current account in Singapore for regular transactions.
There are many choices for making a current business account and one should consider the convenience such as the location of the branch or how any ATM etc.
Additionally, the account features should be considered as well (Minimum balance requirement, fall bellow fees, fees for early account closing, phone & internet banking facility, email alert, SMS alert etc.).
During opening any business account all signatory personnel related to the bank account must present accompanying with their original identification documents. If any additional documentation is required then the bank may ask for it time to time basis.
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Banks may collect information about any specific company and they may charge a non-refundable fee for it. Also, bank reserve all the rights to accept or reject any application without disclosing the reason.
The company may hire three types of worker for their operations and they require to obtain the employment pass (EP) or S Pass or the Work permit (WP) in Singapore.
Note: We are experts at business registration in Singapore, Before business incorporation in Singapore you should be know as well how to setup a company in SG. Contact with us for any help.