Only certain industries such as food and beverage, retail, healthcare, finance, and education have licensing requirements. Opening a corporate bank account is an important task after incorporating your company in Singapore. On top of tax exemptions, an incorporated company can further lower its taxable income by setting up benefits programs for its employees. Specific programs can be classified as business expenses such as leasing of vehicles, pensions, and retirement funds. For a hassle-free experience, timely filings, and expert support you might want to consider hiring a professional company secretary, like Sleek! We support over 7000 businesses in Singapore , and would be thrilled to help you with your business needs.

1. Shareholders of a private limited company can be other companies, individuals, or a mixture of both.
2. It is also the most common and preferred type of business compared to limited liability partnership (LLP) or sole proprietorship (SP).
3. For a hassle-free experience, timely filings, and expert support you might want to consider hiring a professional company secretary, like Sleek!
4. Incorporating in Singapore is a strong choice when deciding where to base yourself.

Known for its simplicity in establishment and management, this business structure is designed for a single individual who assumes unlimited liability as the business and owner are legally indistinguishable. This is often the first step for individuals wondering how to start a company in Singapore. While Singapore has a few different types of business structures, setting up a Private Limited Company (also known as PTE LTD, PVT LTD, or LLC) is by far the most preferred and popular choice.

Resources for new business owners and directors

Once you have officially incorporated your Singapore business, the Companies Act requires specific annual filing requirements to be made. Check out our guide on the annual filing requirements for companies established in Singapore. This fee includes both company registration and 1 year of our company secretary services. Our expert team will also help you to prepare any other documentation your company will need to get started and running. This particular company setup in Singapore is a business arrangement where there must be at least one general partner with unlimited liability and one or more non operating expenses limited partners whose liability is capped at their investment. This setup allows for separating management and investment roles, with the general partner handling daily operations.

Additional considerations for company registration in Singapore

This structure is often recommended by company formation consultants for understanding a balance sheet definition and examples foreign businesses needing a strong local presence. If you are a foreigner, you might not be aware of the regulations in Singapore or know the processes involved. You can hire a company secretary firm like Sleek who can help with the entire business registration process and also provide services such as nominee director and as well as a local registered address in Singapore.

Count on our experienced team for the incorporation, corporate secretarial, and compliance of your company. A Representative Office is an ideal setup for foreign companies looking to explore the viability of doing business in Singapore without committing to a full-fledged incorporation. This setup allows companies to conduct market research, understand the business environment, and facilitate meetings with potential clients and partners.

Setting Up Business In Singapore for Foreigners

It determines how the business is governed, its legal status, and the extent of personal liability. The right structure ensures compliance, minimizes risks, and maximizes operational efficiency, influencing the company’s long-term success. Depending on your company’s operations, certain business licenses and permits may be required.

Additionally, a minimum of two partners must be appointed, and at least one manager must be a resident who is at lower of cost or market method least 18 years old. Let InCorp’s business incorporation services in Singapore help you streamline this process. Additionally, every foreign company setting up in Singapore must have a registered address within the country. After your company has been incorporated, you can apply for an Employment Pass under the new company. The approval of the pass is subject to eligibility requirements and prevailing government policies. When your pass is approved, your family will also be eligible to relocate on the Dependant Pass visa.