Incorporating a business in Singapore can be a daunting task, but it’s not impossible. If you are well-organised, the process can be completed within a day. However, it can take longer if your company falls under a particular industry that is heavily regulated at both the national and global level, such as medicine or if you are using descriptive words like “broker” or “bank”.
The first thing to decide on is what type of business structure to register. You should consider factors such as the number of owners, the capital required and the risks involved. The simplest structure is a sole proprietorship which consists of one owner. This provides the lowest cost and compliance burden. If you have more than one owner, it is advisable to register as a private limited company since this offers you the benefit of unlimited liability.
To set up a private limited company, you will need to submit the following requirements:
A proposed company name. It is advisable to have a few alternatives in case your preferred name is not available. A registered address in Singapore (this can be either a commercial or residential property). You will also need to provide the details of your directors and shareholders, including their full names, citizenship, residence status and ID documents (for foreigners).
If you are a foreigner, it is recommended that you use a professional firm to help you with the incorporation. They can assist you with the corporate secretarial work and provide a nominee director if necessary. They will also ensure that your business complies with the relevant laws and regulations. register business Singapore