The first step is to decide what kind of company you want to set up. The type of business you are forming will dictate many of the registration and compliance procedures that you must follow.
A private limited company with share capital is the usual choice for most entrepreneurs and SMEs. Once you have finalised the type of company, you must decide on your shareholders (owners) and directors. If you are a foreigner, you will need to hire a Singapore resident director to ensure that the company’s paperwork is completed correctly. You will also need to determine the initial paid-up capital of your company. Unlike some countries, the minimum amount required in Singapore is relatively low, and you can increase it later.
After you have sorted out the company structure, you must register your company with the Singapore authorities. This process takes approximately a week, and involves completing an online application with the Accounting and Corporate Regulatory Authority (ACRA).
As part of your business registration, you will need to open a corporate bank account. Singapore hosts a wide range of banks, from large legacy institutions to innovative newcomers. You can choose the right bank for your business based on their location, fees, services, and more. It is also important to take into consideration whether your business will require a work permit for employees and the relevant taxes.
The next step is to secure a suitable office space for your business, and install any necessary wiring and electronics. You will also need to apply for the appropriate permits and licenses if needed. If you are a foreigner who plans to operate your business in Singapore, you may need to obtain an Employment Pass or EntrePass to be able to do so. We can help with this, and handle the full process of registering your company with ACRA and acquiring the necessary work visas. how to start a company in Singapore