We focus is to prove that your company has a tax substance and select an account that best fits your business needs. We work closely with our trusted bankers to give you a higher success rate in opening a corporate bank account. First, You will have to incorporate your company under the name of a local Singapore director (Nominee Director).
Is it necessary to appoint a company secretary for a PTE LTD in Singapore?
Companies are separate and distinct legal entities from their owners. Hence, company owners are not personally liable for the company’s debts or any legal action taken against the company. If you are a foreigner, you will need a nominee director (local director) to incorporate your company in Singapore. Nonetheless, if they live outside of Singapore, they must appoint an authorized representative who is a legal resident in Singapore. All Singapore companies should have at least one director who is a Singapore Citizen or one who holds a Singapore permanent resident or an employment pass holder.
This renewable work visa permits you to live and work in Singapore, whether you’re an employee, business owner, or anything in between. We can issue an IRAS-approved audit report that meets both the Singapore government’s requirements and your company’s needs. The audit function of your company is in good hands with our professional Singapore-certified auditors. For 14 years, Paul Hype Page & Co. has been coming up with creative solutions for our client’s EP applications, bank account opening, company secretary, and Filing Company Tax.
- After your company has been incorporated, you can apply for an Employment Pass under the new company.
- Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP).
- With these steps, foreign business owners can establish themselves as directors while meeting Singapore’s local compliance requirements.
- 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.
What are the documents needed for foreigners to incorporate a company?
Then, you will have to apply EPass under your company so that we can transfer the ownership to you under your methods under a periodic inventory system Employment Pass (EP). This is because a nominee director is appointed to fulfill the requirement of at least one local director of a Singapore company, thus, no foreigner is allowed. Most of the times, directors are not in Singapore to open their accounts.
The official certificate of incorporation can be purchased via BizFile+ for a fee of S$50. If you do not want to draft a company constitution from scratch, model Constitutions are available here. For Singapore companies, the registered office in Singapore must be both operational and accessible to the public during normal office hours. Get an estimate of how much it costs to start and run a business in Singapore with our Setup Cost Calculator. The purpose of the MRA grant is to support Singapore owned businesses for business development, promotion, and set-up costs when you set up a business in oversea.
Despite such small companies are exempt from auditing, they still need to prepare accurate financial statements that comply with the standards in Singapore. Your best-case scenario is if you are physically in Singapore for your account opening, or if you have an EP. If not, be ready to provide an executive summary of your business nexus in Singapore. With 14 years of experience, Paul Hype Page & Co. has achieved a high EP approval success rate of 93%. Our expertise and strong client relationships contribute to this track record, ensuring that our clients have a clear path to success. If your EP is crucial to your business plans, reach out to us for professional guidance.
Registered address
You must provide an address when registering your business with ACRA. You must inform ACRA of any address change within 40 days of registration. Annual filing of tax returns, annual general meetings, maintaining accounting records, and updating changes in company particulars. These policies include several forms of grants, tax incentives, and assistance schemes. Additionally, if your business falls within specific economic sectors, the government also subsidises labor costs for your new business. For a hassle-free experience, timely filings, and expert support you might want to consider hiring a professional company secretary, like Sleek!
Tax Benefits – the Delaware of Asia
There is no requirement that directors have to be shareholders as well. If you are thinking of starting a small-scale business from home, here’s a step-by-step guide to help you. If you are a foreigner, you cannot be the director of the company unless you have an Employment Pass. While hiring, act according to the Fair Consideration Framework of MOM which encourages local hiring before hiring foreigners. Doing business in Singapore is generally easy, most general consulting and service businesses don’t need a license. However, watch out for anything that might relate to specific industries like F&B, construction, finance, education, and more.