If you are a foreign businessman or entrepreneur and wish to open a company in Singapore, it is understandable if you have any questions regarding the procedures and many other aspects of doing business in the country.
One of the most common questions is whether it is possible for a foreigner to open a business in Singapore without being present or without residing in the country. The answer is that it is possible. You can even incorporate a Singapore company without having to go all the way to visit the country.
To do this, you must hire a professional firm or agency to handle the procedures of your Singapore company registration. They will handle all the formalities for you. The discussions can be done through e-mail or phone. You can also send the necessary documents this way. Payments, as it is now common to use, can be done with PayPal or bank transfer.
Read further to know other requirements and tips you will benefit from as a foreigner who aims to start a business in Singapore.
As stated before, engaging with a professional agency to help you with Singapore company registration is essential. Not only that it will make the procedure a lot easier, but it is also obligatory for foreigners to register their companies with the help of a professional agency. You are not allowed by any means to register your company on your own.
To incorporate a company in Singapore, you don’t need to acquire any visa. However, if you wish to relocate to the country, then you must register for a visa. Your Singapore company can be maintained from your origin country. But in order to do so, you must appoint a local director for your company. This is a must and cannot be overlooked. The requirement for a local director is that they must be either a Singapore citizen, Singapore permanent resident, or the holder of an employment pass holder. The local director must be at least 18 years old to be approved. If you don’t wish to appoint a local director and run your business yourself, then you must reside in Singapore and obtain an employment pass or an entrepreneur pass. Only then you can be the director of your own company in Singapore.
Singapore Company Registration Document Requirements
To incorporate your company in Singapore, there are several documents you need to provide in English.
However, first of all, you will need to pay an incorporation fee to the professional agency. Then you can start the registration by deciding on a company name. The company name must not break any law or infringe any copyright. You will get the assistance of the professional agency regarding your company registration as well. You must check the availability of your company name and then apply through the ACRA website.
Next, you must submit the copy of your passport, copy of the official residential address, and fill up questionnaire regarding address, passport number, and the local director name of your company as well as its shareholders.
All the registration procedures are done online and will be done in about five working days.