Foreign citizens have two ways to set up a business in Singapore. One of them is to go to the country and deal with the incorporation procedure themselves or to request the services of specialists in company formation in Singapore. Most of the times the second option is the best because of the significant amount of time spent on the incorporation procedure. Also, when appealing to the services of professionals the only thing they will need is a power of attorney and from there they can handle the whole procedure.
Foreign investors know that setting up business in any country requires certain steps to be taken. When establishing a business in Singapore these steps imply:
These are the pre-requisites before the actual company procedure starts. Once the above documents are prepared they must be submitted together with the shareholders, directors, secretary and representatives’ identification documents with the Singapore Accounting and Corporate Regulatory Authority (ACRA).
Once the company is registered, the company will be required to register for taxation purposes, opening a corporate bank account, apply for the business license with the competent Singapore authorities and hire employees.
All actions for setting up a Singapore company will incur certain costs. Among these are:
Obtaining the business license will also involve certain costs. However, considering most operations are done online, the company incorporation procedure in Singapore will take 2 days maximum. The business license will take longer depending on the type of activity of the company.
For personalized business incorporation services and prices, please contact our agents in Singapore.