How to register a business in Singapore as a foreigner?

Singapore is a great place for foreign entrepreneurs. It’s in a good location in Southeast Asia, has excellent infrastructure, and is easy to do business in. If you’re thinking about starting a business there, this article will guide you through the process step-by-step.

Three Ways to Register a Business in Singapore as a Foreigner

EntrePass: For foreign entrepreneurs with innovative tech or venture-backed businesses. You need to meet specific criteria as an entrepreneur, innovator, or investor.
Employment Pass (EP): Start your business first, then get an EP to work in it. You’ll need a registered filing agent to help with this.
Local Representative: If you’re an overseas registered business, you can register a company with a local representative in Singapore. This can be a Singapore Citizen, Permanent Resident, or someone with an EntrePass/EP. Again, you’ll need a registered filing agent for this.

What You Need to Register Your Business in Singapore as a Foreigner

A director based in Singapore
At least one shareholder (can be yourself or another person/company)
Minimum paid-up capital of Singapore $1 (or its equivalent in any currency)
A business address in Singapore
A local company secretary

Picking Your Business Registration in Singapore as a foreigner

Singapore provides different business types to suit various requirements.

Here are the main ones:

Private Limited Company: The top pick for many. Private Limited Companies in Singapore are versatile, can grow easily, and enjoy good tax benefits.
Partnership: Involves two or more people. Limited liability partnerships protect personal assets from business debts.
Sole Proprietorship: The most basic type. But be careful—your personal assets are at risk if the business runs into debt.

Stepwise Process to register a business in Singapore as a foreigner

1. Decide Where to Register

You can choose to register your company from overseas or while you’re in Singapore.

2. Pick Your Business Type

Choose the business structure that suits you best—like a Private Limited Company, Partnership, or Sole Proprietorship.

3. Choose a Company Name

Think of a catchy and unique name for your company. Make sure it’s available for registration.

4. Register with ACRA

Now, it’s time to make your company official by registering with ACRA, which stands for Accounting and Corporate Regulatory Authority.

Post Singapore Company Registration Procedures

Open a Corporate Bank Account

Separate your business finances from personal ones by opening a corporate bank account.

Consider GST Registration

If your business in Singapore is going to sell goods or services, you might need to register for Goods and Services Tax (GST).

Appoint Key Roles

Hire a company secretary and auditor within the specified time limits to help manage your company’s paperwork and finances.

Check for Required Licences

Depending on your business activities, you might need a specific licence. Make sure you’ve got all the permits you need to operate legally in Singapore.