How to Set Up a Company in Singapore
Considering Singapore’s world-renowned business environment, setting up a company here is quite an exciting prospect for both local and international entrepreneurs. However, there are a few unique requirements for incorporating your company in the city-state.
You must first decide on the type of business entity you wish to set up, whether it’s a private limited or public limited company. It’s important to understand the differences between these two types of businesses, such as how much personal liability each shareholder may be liable for and whether you can restrict share transfers. You should also consider the tax implications of each option.
Next, you’ll need to reserve a name for your new company. This is done through ACRA, and if it passes all criteria then it can be reserved within an hour. If your company is in a regulated industry, it will require additional vetting by the relevant government agency, which can lengthen the process.
Finally, you’ll need to prepare a company constitution. This is the legal document that dictates how your company should be run, and it’s best if you engage a professional firm to help with this. They will provide you with a standard template for your company to follow or draft one from scratch, depending on the package you’re choosing.
If you’re a foreigner, you’ll need to fulfil extra compliance requirements like hiring a local director and registering with a corporate service provider. You’ll also need to open a corporate bank account and acquire office utility services, such as internet and telephone. how to set up a company in Singapore