As one of the most business-friendly regulatory environments in the world, Singapore offers a wealth of opportunities to both local and foreign entrepreneurs. However, opening a company in Singapore is not as straightforward as some may think. Here at Timcole, we help our clients successfully navigate the complex process of setting up a company in Singapore.
The first step is deciding on the type of business you want to register. This is essential because different structures come with varying costs and requirements. It is also important to consider whether your business requires a permit or licence. If it does, you will have to apply and secure a business license from the appropriate authorities.
Next, you must decide who will be the shareholders of your company and what percentage of shares each shareholder will own. It is also important to note that if your company operates in a regulated industry, you will need to fulfil additional compliance requirements, such as registering the business and appointing directors, among others.
Once your application has been approved by ACRA, you will receive a soft copy of the company business profile via email. This will serve as your official certificate of incorporation. You can also request for a hard copy of this certificate by paying a nominal fee.
You will also need to decide whether you want your company to be taxed at a flat rate of 17% or to pay GST (Goods and Services Tax) on its income. The decision will depend on your company’s anticipated turnover and profit, as well as the types of goods and services it intends to offer. how to open a company in Singapore