Starting Your Business in Singapore
Starting Your Business in Singapore: A Guide for Foreigners
Before you can set up your Singapore business you need to prepare the following information:
- Company Name. To be approved by the Accounting and Corporate Regulatory Authority (ACRA).
- Singapore Address. You need a Singapore address. It must not be a P.O. Box.
- Business Activities. You need to give a brief description about your business.
- Paid-Up Capital. The minimum paid-up capital for setting up a Singapore company is S$1.
- Shareholders Particulars. Shareholders are the people who own shares of the company.
- Company Secretary Particulars. You need to have a company secretary who is a Singapore Citizen/Singapore Permanent Resident/Employment Pass Holder/EntrePass Holder/Dependent Pass Holder, in ACRA Registrar.
- Director. You need one (1) local director.
STEP 1: CHOOSE A BUSINESS STRUCTURE
Decide which business entity you wish to set up:
- Sole-Proprietorship. A sole-proprietorship is a business firm with only one owner. It is the simplest and most flexible business structure.
- Partnership. A partnership is a business firm owned by more than one individual or company.
- Limited Liability Partnership (LLP). LLP combines the limited liability features of companies with the operational flexibility of partnerships.
- Limited Partnership (LP). LP provides limited personal liability for partners who do not take part in the management of the LP.
- Company. A company is a business entity. Most companies in Singapore are private companies limited by shares – “Pte Ltd”.
STEP 2: REGISTER YOUR BUSINESS
You can do a DIY / Self-Registration by using Bizfile. Or you can seek the help of professional incorporation companies in Singapore. We would highly recommend the services of Sandhurst Consultancy Pte Ltd or Janus Consulting.
- DIY Registration over the Internet
Log into BizFile at http://www.bizfile.gov.sg and register on your own. BizFile only accepts: Credit Card (Visa or MasterCard), CashCard (You will also need a smart card reader), or eNETS Debit with Citibank, DBS or UOB.
- DIY Registration at ACRA Self-help kiosks located at: 10 Anson Road #05-01/15
International Plaza, Singapore 079903. The operating hours are from Monday to Friday,
8:00am - 5:30pm.
Fees
|
Fees For Approval Of Business Name
|
|
|
All types of businesses
|
S$15*
|
|
* The fee is non-refundable even if your application for a business name is rejected.
|
|
|
Registration Fees
|
|
|
Sole-proprietorships, Partnerships & Limited Partnerships (LPs)
|
S$50
|
|
Limited Liability Partnerships (LLPs)
|
S$150
|
|
Conversion from company or business to LLP
|
S$100
|
|
Company limited by shares
|
S$300
|
|
Company limited by guarantee
|
S$600
|
STEP 3: APPLY FOR AN ENTREPRENEURPASS
The Entrepreneur Pass or EntrePass is a special type of an employment pass especially made for entrepreneurs who do not have a strong tertiary education. Download your EntrePass application here. (http://www.mom.gov.sg/publish/etc/medialib/mom_library/work_pass/files4....)
To apply for an EntrePass, follow these procedures as provided in the Ministry of Manpower (MOM) Web Site:
- Submit the EntrePass application format any SingPostpost office. An administrative fee of $40 will be charged for each EntrePass application. Payment can be made using cash, NETS or CashCard;
- A successful applicant will be issued an Approval In-Principle (AIP) letter. He/she is to register the company/business with the Accounting and Corporate Regulatory Authority (ACRA);
- Upon receipt of the company's Business Profile/Instant Information with ACRA, the applicant needs to send/fax the following documents to the Work Pass Division for processing of the EntrePass:
- A copy of the company's Business Profile/Instant Information; and
- Approval In-Principle Letter.
STEP 4: COMPLY WITH THE REQUIREMENTS FROM ACRA
Rules for Business Firms (sole-proprietorships and partnerships)
- Business must be carried out under the registered business name.
- Print your registration number on all letterheads, invoices, bills or other documents used for the purposes of the business.
- Renew your business registration on time using BizFile.
- Notify ACRA immediately if there is a change of business particulars, such as a change of address, business activity or partners using BizFile. The fees and notification deadlines can be found on ACRA's website.
- Notify ACRA the moment you decide to end your business using BizFile.
Rules Specifically For Limited Liability Partnerships
- Make an Annual Declaration to ACRA stating whether the business is able or unable to pay its debts as it becomes due in the normal course of business.
- The first Annual Declaration must be made within 15 months of the date of registration.
Rules For Companies
- Appoint a company secretary within six months of incorporation.
- Your registered office must be open and accessible to the public for not less than three hours between 9am and 5pm on weekdays.
- Print your company registration number on all letterheads, invoices, statements of accounts, official notices and publications. Instructions on where and when to print the registration number can be found in ACRA’s practice direction.
- Notify ACRA within the prescribed time if there is a change of company particulars, such as a change of address, business activity or directors using BizFile. View a list of common changes.
- The first Annual General Meeting (AGM) of your company must be held within 18 months of the date of incorporation.
- You must appoint an auditor within three months of the date of incorporation. Your annual accounts must be audited and filed with ACRA within one month of the AGM. Get a list of what and when to file on ACRA's website.
- Companies with less than 20 individual shareholders (Exempt Private Companies) do not need to appoint an auditor, audit their accounts or file them with ACRA if their revenue is less than S$5 million for the financial year.
Source: Enterprise One (http://www.business.gov.sg/)