With one of the fastest growing regional economies, Singapore’s development has led to the country’s recognition as a global financial hub. With a low-tax regime and an openness towards foreign investment, company registration in Singapore has gained in popularity. With Singapore Company Law being incredibly commercially minded, the country has seen many entrepreneurs and multinationals utilize the country as a vehicle for their cross-border businesses.
Company registration in Singapore is simple with minimum requirements. Singapore company set up only requires a company to have at least one shareholder (who can be a local or foreign individual or company). In addition, at least one company director and one company secretary must be appointed with both positions requiring the individual to be a resident of Singapore.
Furthermore, for company registration purposes, a Singapore company must provide a local physical registered address in Singapore which can be provided by a third-party service provider. Lastly, the minimum registered capital required for Singapore company formation is one dollar in the currency of the shareholder’s choice.
Yes. Under Singapore’s Home Office Scheme a residential address may be used in the Singapore company registration process. However, prior approval must be obtained from Singapore’s Housing & Development Board or the Urban Redevelopment Authority before company registration may begin.
No. However, while there are no restrictions on the type of business activities that a Singapore company can engage in, certain business activities such as those related to financial services or education will require licenses from Singapore authorities before business can commence.
Yes. To the extent that the individual in question is not the sole director of the Singapore company and meets the requirements to act as its company secretary, then the company director may hold both positions.
No. There are no nationality restrictions regarding who can start a business in Singapore. In addition, with the help of a professional service provider like FastLane, you can complete your Singapore company registration processes online!
The process of setting up a company in Singapore can be completed within a day. However, if the logistics of the Singapore company registration process have not been completed, such as collecting and preparing necessary documents, the company registration process may extend to a few days.
ACRA charges a total fee of SGD 315 for Singapore company registration. This includes a fee for name approval of SGD 15 and registration fee of SGD 300.
Please refer to our blog for more details on Singapore company registration process.