Many expats come to Singapore and love working here. Some end up having great business ideas and want to start a business in Singapore. But many don’t have any knowledge or experience about the foreign company setup process in Singapore. Today, we’ll be going over the company formation process as well as some of the advantages of setting up a company in Singapore.
Overview of foreign company setup process
Firstly, you need to decide on a company name. It can’t be a name that already belongs to an existing company. You can head over to Bizfile (the Singaporean government platform) to check for available company names and names that have already been taken.
You will need to have a local resident authorised representative. All Singaporean companies can be 100% foreign owned. You don’t have to have a local shareholder. However, you do need a Singaporean to be your company’s representative and the point of contact.
Finally, you will need to apply with ACRA with the help of a company formation specialist. You can’t register a local company as a foreigner yourself. You will have to go through the process with a company formation intermediary such as WLP Group.
Advantages of company formation in Singapore for foreigners
Starting a company in Singapore as a foreigner has its benefits especially when it comes to processing requirements and the ease of application. The advantages of starting a company here for foreigners especially with the help of a third-party agency are the following:
#1 Fast processing
Once you have set up a company in Singapore by applying for a company name, it can be processed within an hour or so if you want it expedited but for a higher fee. When it comes to applying for whether a sole proprietorship, partnership, or corporation, the processing of these company taxes typically takes a few weeks to a month before it gets approved given that it passes Accounting and Regulatory Authority of Singapore (ACRA) standards.
#2 Online Processing through Website or Phone Call
As the COVID-19 pandemic has made it easier for foreigners to apply for businesses online, all it takes is a visit to websites that specialise in incorporating businesses and calling their company numbers while processing these applications online.