Foreigners Own Over 40% of Registered Companies
Singapore is a global business hub, with over 40% of new companies having foreign ownership. Its business-friendly policies, strong legal framework, and strategic location attract entrepreneurs worldwide. With low corporate taxes, a simple incorporation process, and a skilled workforce, foreign investors can easily establish and grow their businesses.
What Does This Mean for Foreign Entrepreneurs?
Related Read: Current SME Trends and Growth Outlook 2024
Understanding Singapore Company Registration Requirements
The requirements for registering a company in Singapore are straightforward.
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What is the Process to Register a Company in Singapore?
Here is our step-by-step guide on Singapore company registration, you can check your company name availability here!
Who Can Register a Business in Singapore?
Singapore’s business-friendly policies allow both locals and foreigners to incorporate a company with minimal restrictions. Singapore Citizens and Permanent Residents can register a company without additional requirements. Foreign entrepreneurs, however, must appoint at least one local director while still being able to own 100% of the company. Additionally, foreign companies expanding into Singapore can choose between setting up a Subsidiary, Branch Office, or Representative Office, each offering different levels of operational independence.
For foreign entrepreneurs who do not have a local director, we offer Nominee Director Services, allowing them to fulfill regulatory requirements while maintaining full control over business operations. This service ensures compliance while giving foreign investors and business owners an easy pathway to establish their presence in Singapore.
Tax Benefits for Singapore-Registered Companies
Singapore is known for its business-friendly tax policies, making it one of the most attractive destinations for entrepreneurs. Companies in Singapore benefit from a flat corporate tax rate of 17%, one of the lowest in the world. New startups receive tax exemptions, with the first SGD 100,000 of taxable income exempt from taxes for the first three years. Additionally, companies enjoy a 50% tax exemption on the next SGD 190,000 of taxable income, further reducing tax burdens.
Apart from low corporate tax rates, businesses in Singapore benefit from no capital gains tax, meaning that profits from investments, sales of assets, or company shares remain tax-free. The country has also established Avoidance of Double Taxation Agreements (DTAs) with over 80 countries, ensuring that businesses do not face double taxation on international income. Companies that register for Goods and Services Tax (GST) can further optimize cash flow by claiming GST input tax on business expenses, making Singapore an ideal environment for growth and profitability.
Requirements to Register your Company in Singapore as a Foreigner?
What If I’m A Local?
Our Singapore Company Incorporation Services
With extensive expertise in business registration across Singapore, Malaysia, Indonesia, and Hong Kong, we specialize in incorporating private limited companies (Pte Ltd) in Singapore. Our in-depth knowledge of Singapore’s incorporation process and proven success in facilitating seamless registrations make us the trusted partner for businesses. Let us guide you through a smooth and efficient journey, ensuring your company is set up quickly and without hassle.
Experienced Business Consultants
Our 2 Decades of Proven Expertise Will Guide Your Business
With over two decades of experience across Singapore, Malaysia, Indonesia, and Hong Kong, we have facilitated the successful incorporation of more than 2,000 companies in diverse jurisdictions. In Singapore, our expertise shines through our high success rate in securing work passes and navigating intricate regulatory landscapes, showcasing our unwavering dedication to client success. As trusted advisors, we leverage strategic networks and deep market insights to empower businesses, ensuring seamless incorporation processes and a robust foundation for growth in Singapore’s competitive business environment.
What is the timeline to incorporate in Singapore?
The safest timeline for setting up a company in Singapore ranges from 5 to 7 working days. This timeline’s variability can depend on factors like how efficiently the company secretary collaborates with shareholders/directors.
One significant factor influencing the timeline is the promptness with which each shareholder and director. They must provide their personal documentation, including proof of identification and residential address, to the secretary for verification. This ensures a streamlined process and facilitates the necessary verification steps.
The faster these documents are submitted. the quicker the secretary can proceed with the necessary paperwork and registration process. Some company setup can be complete within a few hours. Others may take a few days if there are delays in gathering the required documentation.
For shareholders and directors, understanding the importance of timely document submission is crucial. It expedites the company setup process and ensures a smooth and efficient incorporation experience.
Singapore Company Registration Guides
Supplement your existing knowledge with additional insightful readings that we’ve crafted based on our 20 years of experience.
