Singapore is a globally recognized business hub. Its advantageous business environment and comprehensive legal system attract business people from all over the world to set up their companies here. This article will detail the process, requirements, and considerations for foreigners to register a company in Singapore, as well as how to apply for and maintain a bank account.
Company Name Approval: Before registering a company, you need to get your company name approved. This can be done via the website of ACRA (Accounting and Corporate Regulatory Authority of Singapore).
Submission of Registration Information: After the company name is approved, you need to submit the information for company registration. This includes detailed information about directors and shareholders, registered address, and the content of business activities, etc.
Payment of Registration Fee: Once all the information is submitted, you need to pay the registration fee. The fee varies depending on the type and size of the company.
Wait for Approval: Generally, if all the information complies with the Singapore Companies Act, ACRA will approve your registration application within a few hours.
According to the Singapore Companies Act, the registration of a company requires:
The company needs at least one director who is a Singapore citizen, permanent resident, or a holder of an employment/entrepreneur pass in Singapore.
The company requires a registered address in Singapore. This address cannot be a P.O. box.
The company requires at least one shareholder. The shareholder can be a natural person or a legal entity.
Choose Company Type: Singapore offers various types of companies, such as private limited companies, public limited companies, etc. You need to choose a suitable company type based on your business plan.
Tax Planning: Singapore's corporate tax system is relatively complex. Before registering a company, you need to understand this system and plan accordingly.
Hiring a Secretary: According to Singapore law, all companies registered in Singapore must hire a company secretary within six months of their registration.
Opening a company bank account is an important step after registering a company in Singapore. Here are the basic steps:
Choose a Suitable Bank: Singapore hosts several local and international banks. You need to choose a suitable bank according to your needs.
Submit Application Materials: These include the company registration certificate, company constitution, identity proof of directors and shareholders, and proof of company registered address, etc.
Wait for Bank Approval: After submitting all the materials, the bank will conduct approval. The approval time may vary from bank to bank, generally taking a few business days.
Open Account: After approval, you can officially open the company bank account.
Regular Reporting: Companies in Singapore need to submit annual reports and financial statements to ACRA every year. Also, in accordance with tax regulations, they must submit income tax declarations to the Inland Revenue Authority of Singapore (IRAS).
Ensure Compliance: You need to ensure that the company's activities always comply with Singapore's Companies Act and other relevant regulations.
Update Information: If there are any changes to the company's information (such as directors, shareholders, or registered address, etc.), you need to update ACRA and the bank in a timely manner.
Keep the Account Active: You should use the bank account regularly to keep it active and avoid it being classified as a "dormant account" by the bank, which could potentially lead to account closure.
In conclusion, the process of registering a company in Singapore for foreigners is relatively straightforward. However, it requires a certain level of understanding of Singapore's corporate law and tax system. It is advisable to seek professional legal and financial advice before registering a company to ensure that your company can meet all legal requirements and avoid potential legal risks.
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