Legally, a sole proprietorship is not a standalone entity, which means that the owner – whether an individual or a legal entity – and the business are considered as one. If you’re starting a business in Singapore, the first question to consider is whether you need to register it. It is a flexible structure, but it does not have a separate legal identity, meaning the partnership itself the notion and useful examples of unearned income cannot own assets or sue. Registration with ACRA is required, and a partnership agreement is recommended to define the terms of the partnership.

Entrepreneur-friendly government policies

Learn about the different business structures and find out which one best suits your business. Simply use InCorp’s business incorporation services and let us speed up your Singapore business formation. To see a quick summary of various business structures in Singapore, click on one of the two options below. Learn more about what you need to register your business, depending on the business structure you’ve chosen atStep 1.

Registering Your Company with ACRA Singapore (Accounting Corporate Regulatory Authority)

If you’re relocating to Singapore to start a company, you can register your company only if you have the relevant work visas. You can also choose to start a company without moving to Singapore by appointing a local resident director. In addition to Singapore citizens and permanent residents, only foreigners with a Dependant’s Pass, Overseas Networks & Expertise (ONE) Pass or Letter of Consent are allowed to register a sole proprietorship. Learn more about what you need to register your business, depending on the business structure you’ve chosen at Step 1.

Approved company names will be held and secured for 60 days from the date of your application. If you need to extend the name reservation for another 60 days, you may do so by filing an extension just before the initial hold expires. An LLP is typically established to carry a profession, such as attorneys, architects, etc. where two or more would like to join together and form a practice in their shared field.

Intellectual Property – International Trademark Registration

Goods and Services Tax (GST) registration in Singapore is optional for companies with an annual taxable turnover below SGD 1 million. revenue streams in the business model Designed for Singapore citizens and permanent residents of Singapore who do not need our local director and Employment Pass application filing service. One example is the Productivity Solutions Grant (PSG), which subsidizes the cost of digitally enhancing your business. Sleek is a pre-approved PSG vendor, which means entrepreneurs can get some of our services subsidized by the government.

1. Additionally, a minimum of two partners must be appointed, and at least one manager must be a resident who is at least 18 years old.
2. Our platform allows you to easily communicate with us online for any clarifications you may need at any step of the process.
3. A VCC is an innovative corporate structure introduced in Singapore to enhance the attractiveness of Singapore as a hub for fund management and domiciliation.
4. In today’s world, the availability of lightning-fast internet communication infrastructure is crucial to the success of any new business.
5. This Know Your Customer (KYC) process is an important component of the company incorporation process in Singapore.
6. 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.

The best visa option for foreign entrepreneurs looking to move to Singapore and incorporate a company is the EntrePass, also known as the Entrepreneur Pass. This visa is specifically designed for foreign entrepreneurs who want to start a business in Singapore. To be eligible for the EntrePass, applicants must fulfill certain criteria, such as having a viable business plan, possessing relevant qualifications or experience, and demonstrating a track record of successful entrepreneurship. Additionally, the EntrePass offers flexibility and benefits such as the ability to bring family members to Singapore and the opportunity to apply for permanent residency in the future. Your company can be a private limited (Pte Ltd), a sole proprietorship or a limited liability partnership (LLP).

This means when your business is not able to pay back a particular debt, the creditors can go after your assets as well as those of the company. A private limited company in Singapore, often denoted as “Pte Ltd,” is a separate legal entity with limited liability. Choosing the right business structure in Singapore is crucial as it impacts liability, taxation, and regulatory obligations.

Singapore banks also offer excellent Letters of Credit (LC) support to Singapore companies engaging in international trading. 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 understanding accounts payable ap with examples and how to record ap both.

The cost of registering a Singapore company includes a government fee of SGD 315, along with the service fees from your chosen corporate service provider in Singapore. Typical services provided by your corporate service provider may include annual company secretarial services, nominee local director, registered address, accounting, and tax filing. A branch office in Singapore functions as an extension of a foreign parent company, allowing for direct engagement in business activities within the region. The parent company remains liable for the branch’s actions and debts, necessitating careful consideration. To set up a branch office, at least one resident agent must be appointed to handle compliance, and the branch must have a registered Singapore address, ensuring adherence to local corporate regulations.