Any local or foreign individual, firm or corporation, carries out business in Singapore are required to be registered with the Accounting & Corporate Regulatory Authority (ACRA), and abide by the Companies Act.
There are various types of business set up allowed in Singapore:
Sole Proprietorship / Partnership
A person who carries out business either as a sole-proprietor or in partnership with others in Singapore must register a business name with the ACRA. Practically, a sole proprietorship is not an option for foreigners. A partnership may be an option for foreigner with a local manager who is Singapore resident being appointed.
Limited Liability Partnership (LLP)
LLP combines the flexibility of a partnership with limited liability features of a company. LLP allows two or more partners incorporate a partnership entity in Singapore which enjoys a separate legal personality, and has the right to own property in its own name. A minimum of two partners are required with at least one partner being ordinarily resident in Singapore.
Private Limited Company / Subsidiary
In Singapore, the most common type of incorporations are Private Limited company, where maximum number of shareholders does not exceed 50. A company may be registered with shareholder(s) who can be an individual or a corporation, without Singapore resident restriction.
A subsidiary is a private limited company incorporated in Singapore whose majority shareholder is a foreign company. As it is considered a resident company and entitled to Singapore tax benefits, the Singapore subsidiary is the most preferred choice of business registration for establishing a presence in Singapore.
A foreign company incorporated outside Singapore may also carry on business in Singapore through a Branch, under the corporate title of the foreign corporation. Legally a branch of a foreign company is only an extension of its Head Office, and its activities are limited to those stipulated in the constitution of the head office.
A foreign company may establish a presence in Singapore by establishing a Representative Office (“RO”). A RO, though no legal corporate status in Singapore, is to be registered with International Enterprise Singapore (“IE Singapore”), or Monetary Authority of Singapore (“MAS”) depending on nature of activity carried out.
Being ACRA licensed agent, we assist in new business formation and establishment in Singapore in any above form. Incorporation services we render for a new set up including:
- Provision of consultancy advice for a recommended business set up that fit best to your need
- Application to ACRA for prior approval of a preferred business name
- Preparation and submission of all necessary documents and particulars required for incorporation of a company or a new business set up to relevant authority
- Delivery of statutory documents for your business eg certificate of registration, Memorandum & Articles of Association, business profile, share certificate and first board of director resolution, whichever applicable.
- Advisory service on other corporate secretarial matters relating to formation of companies, as well as continuing obligations of your Singapore business including managing renewal of certificate of registration, annual filing of accounts.
We also extend our services to assist client on matters relating to:
- conversion of partnership/sole proprietor business to a private limited company
- cessation of business in Singapore or liquidation of the Singapore Branch
- strike off of company