There are many factors to consider when you are thinking of setting up a company. The business location, tax structure, legal requirements and incorporation process are just some of them. As Asia’s leading business hub, Singapore satisfies most if not all of these considerations, making it a preferred destination for investors and entrepreneurs alike.
The first step towards registering your business in Singapore is to choose an appropriate name and prepare all necessary documents. Once these are ready, the next step is to submit them to ACRA for registration. This can be done online and will usually take about an hour or less.
Once the ACRA (Accounting and Corporate Regulatory Authority) receives your business registration applications, it will verify them and send you a certificate of incorporation. This is an important document that confirms your new company’s registered address, the number of directors and shareholders, and the type of business entity you have chosen (e.g. Private Limited or LLP).
The most popular company structure in Singapore is the Private Limited Company, which has a distinct legal personality from its owners and shareholders and offers limited liability protection. LLPs, on the other hand, are popular among professional services firms as they offer partnership flexibility. In both cases, directors can be either Singapore residents or foreign nationals. However, there must be at least one Singapore resident director and corporate directors are not allowed. Also, both companies and LLPs must appoint a company secretary within 6 months of their incorporation. how to register a company in Singapore