A Foreigner's Guide: How To Set Up A Company In Singapore?

Determine the Cost to Register a Company in Singapore

Let’s be honest: the cost of a business in Singapore is one of the first things that you need to know about. It determines your long-term goals and your ability to start the business in the first place. While the secondary costs of your business will eventually follow, the cost of registering the company comes first.

If you search “How to set up a company in Singapore?”, you will find plenty of guides, but not all of them have accurate information.

All you need to remember is that the company registration process in Singapore is online and applied via the Bizfile+ portal. The portal is administered by the Accounting & Corporate Regulatory Authority (ACRA).

It is simply a registrar firm in Singapore that oversees the process. You will need to pay the registration regardless of the type of office space you set up your business in. The fee for the registration generally looks as follows:

Company name application fee = S$15

 Registration Fee = S$300

Along with the office space you choose, you will also need a couple of other things. For starters, A SingPass ID is necessary for those who want to sign into the account. You also need this ID as a foreigner. It will help you set up a company on your own. However, you need a corporate secretarial firm to do it for them.

These services in Singapore have packages for company setups that may cost anywhere between S$500 and S$1,500. It all depends on what kind of services you are looking for. The more complex the needs, the higher the costs generally.

The Process of Setting Up A Company in Singapore

Choosing your office space is important in Singapore because it sets the limits to what your company can do. However, searching for an office space isn’t the only thing you should be looking out for.

The process to set up a company in Singapore is simple and one can do it online. You can register the company much like a Singaporean citizen. The best part is that Singapore offers 100% ownership to foreigners as well.

If you’re someone who is above 18 years old, you can set up a company in Singapore. However, if you have a previous history of crime or bankruptcy, you may not be able to do it.
 
That being said, here are some of the primary ways in which you can start your company in the country:

• Come to Singapore and apply for a company registration with an Employment Pass.
• Foreign applicants may also opt for EntrePass or Work Permit for company registration.
• Stay overseas and still register the company with a local or resident director.

Required Documents

The documents needed for your business depend on the business structure you choose. It determines a successful company registration in Singapore and will impact the business taxes you pay out.

If you’re a foreign entrepreneur, you need to know the different business registration titles that you can choose from. All these titles have their individual pros and cons. But here’s the primary list of options you have.

• Private Limited Company (Pte Ltd)
• Limited Liability Partnership (LLP)
• Sole Proprietorship

• Minimum of 1 Shareholder: This can be either a single person or another company.
• At Least 1 Resident Director: This director must be a Singapore citizen, permanent resident, or hold an Employment Pass.
• Company Secretary: You need to appoint one company secretary.
• S$1 Minimum Paid-Up Capital: You only need to invest S$1 initially to register the company.
• Singapore Registered Office Address: The company needs a physical address located in Singapore.

Finding Your Ideal Property in Singapore

With such high prospects and opportunities in business, you also have plenty of options for coworking office spaces. These offices are up and running, available for tours, and packed with essential amenities. They are available round the clock and are professionally administered.

But before you get confused about where to search for these properties and their leasing terms, the experts at Office Hub can help you with it. All you have to do is visit the website and search for your required property. Then, you can check out the available property listings in Singapore and book the tour for the one you find ideal.

Bottom Line

This guide saves you from searching for “How can a foreigner start a business in Singapore?” and provides all the info needed. However, for detailed insight into renting properties in Singapore, we recommend getting in touch with Office Hub. For quick and effective assistance, you can contact their representative, provide all your requirements, and set up a company in Singapore today!