It can have a maximum of 50 shareholders, offering benefits like corporate tax exemptions and access to various government schemes and incentives for business growth. Shareholders of a private limited company can be other companies, individuals, or a mixture of both. In comparison to other types of companies in Singapore, a Private Limited Company (Pte Ltd) is the most scalable, advanced, and flexible business structure for Singapore companies. It is also the most common and preferred type of business compared to limited liability partnership (LLP) or sole proprietorship (SP). If your business venture falls under other business structures, operating income vs net income head on over to BizFile+ to register your business name directly, or appoint a registered filing agent, such as a law firm, to submit an online application.
This person can be your authorized representative that manages your business. Use your Corppass Administrator account to manage your business’ digital transactions with the Government. Do note that Housing Development Board (HDB) flats and private residential properties are intended for residential use, and there are conditions and guidelines that need to be followed. Most importantly, the property must still be used for residential purposes and history of federal income tax rates the business activity must be kept at a small scale to avoid causing disamenities to your neighbours. There is no minimum paid-up capital requirement for registration.
If you’re a first time entrepreneur, check out the Start-up Guide which will take you through an overview of the process of registering your small business, and six steps you can take to get started. Learn more about the benefits of registering a business, and get an estimate of the cost of establishing and running your investigation own business in Singapore with the Setup Cost Calculator. Once you have officially incorporated your Singapore business, the Companies Act requires specific annual filing requirements to be made. Check out our guide on the annual filing requirements for companies established in Singapore.
Limited liability partnerships (LLP)
- Once you’ve reserved your business name and completed your registration, your next move is to set up a Corppass Administrator account.
- Get more information on the documents required and the process of applying for an EntrePass here or consult our visa experts.
- In addition to the ocean of venture capital pouring into Singapore, the Singapore government has also adopted several very pro-innovation and entrepreneur-friendly policies in a bid to attract foreign startups.
- Upon successful registration of your business entity, you may need to apply for a licence or permit from other government agencies before commencing business.
- The right structure ensures compliance, minimizes risks, and maximizes operational efficiency, influencing the company’s long-term success.
Business is best when it’s done face-to-face – and with a base in Singapore, there are several key emerging markets like Indonesia, Malaysia, and the Philippines a few hours’ plane ride away. For YA 2020 onwards, 75% of the first S$100,000 of profits earned in Singapore for the first 3 years from a company’s incorporation are exempted from taxes. More information in our 5 minute Guide to Singapore’s Corporate Tax System.
A private limited company in Singapore, often denoted as “Pte Ltd,” is a separate legal entity with limited liability. The application fee for sole proprietorships and partnerships, LP and LLP is $100. MOM approves EntrePass for eligible foreign entrepreneurs to start and operate businesses in Singapore that are either venture backed or possess innovative technologies. Understand the benefits and requirements of opening a corporate bank account. Though it can be optional depending on your type of business, having a dedicated business bank account helps you separate personal and business transactions, which will make it much easier for you to file taxes.
You must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration. You will need to understand the key differences between the structures and decide which is right for your business.
Tax Benefits – the Delaware of Asia
More information on the eligibility requirements and application process here. On top of tax exemptions, an incorporated company can further lower its taxable income by setting up benefits programs for its employees. Specific programs can be classified as business expenses such as leasing of vehicles, pensions, and retirement funds. For a hassle-free experience, timely filings, and expert support you might want to consider hiring a professional company secretary, like Sleek!
What are the documents needed for foreigners to incorporate a company?
Take your learning even further and read up on tips to creatively market your brand, or learn to manage your new business on the GoBusiness Dashboard. Upon successful registration of your new company, you will be issued a Unique Entity Number (UEN) which will be used in all your transactions with government agencies. Yes, foreigners can fully own and operate a company in Singapore. It’s one of the easiest places to start a company in the world – it’s currently ranked #2 in the World Bank’s Doing Business rankings.
What are the documents needed to register a company in Singapore?
And, depending on what activities your company is involved in, you might need to apply for a business license. If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. You can hire a company secretary firm like Sleek who can help with the entire business registration process and also provide services such as nominee director and as well as a local registered address in Singapore.
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