Foreign Company incorporation in Singapore with Paciol
Do you want to expand your global business overseas with Singapore company incorporation for foreigners? Then get your company registered, appoint a nominee director, get a work pass and start your company in Singapore within no time with Paciol.
Adhering to the Companies Act and starting your own private limited company can be challenging in Singapore. Especially when you are not a permanent resident and are looking forward to setting up a branch or opening a subsidiary office, then company incorporation can cost you more time and money. That's when you can get in touch with the best company secretary in Singapore to set up a company. Wondering how? Here is a guide from us.
The pre-incorporation process
- For the pre-incorporation process, foreign companies should
decide on a unique and non-conflicted company name, get a director of the company,
finalise the paid-up
capital for the company, decide their business activity, obtain
the employment pass,
etc. To avoid confusion or unnecessary delays, businesses should go for a
corporate secretary who can help with the overall process.
- The next step is deciding on the company
structure. Foreign professionals must evaluate each option close and
finalise the company types based on their business needs. They can go
for a sole
proprietorship or private limited company. However, there is
this opportunity for foreign companies to open their company's
representative office or subsidiary office in Singapore.
The subsidiary company is a Singapore registered company that is completely operated and owned by a foreign company. On the other hand, the branch office is an extension of the parent company. The branch needs to appoint at least one authorised representative who is a Singapore resident or an employment pass holder. Foreign companies can also set up a representative office to conduct market research and understand the opportunities in the Singaporean market.
- The company must also come up with a company constitution that includes vital aspects such as registered office address, business activities, rights and liabilities of the company directors, secretary and shareholders and the process to manage internal operations.
How to register your business?
Once you get your documents in place, register your company and submit all the necessary information. If you are a foreign resident, hire corporate services to make the process seamless. In addition, submit the following documents, including:
- Company name registered with ACRA
- Particulars of your shareholders, directors, and company secretary
- A brief overview of business activities with the SSIC code
- Copy of passport and residential proof for foreign directors and endorsed shareholders
- Details of the registered address of the company
- EntrePass for non-local directors
- A signed document of consent to act as director
- KYC documents such as bank reference letter business and personal profile, etc.
- Foreign companies also need to submit the memorandum and articles of associations and the incorporation Certificate. They must appoint an authorised representative from the parent company to be accountable for all the business operations in Singapore.
Post Incorporation Process
The incorporation isn't the end for companies in Singapore. There are several steps after that as well. Some of these are listed by our experts. Dive in to find out more!
- Foreign business owners, directors and shareholders need an employment pass or an entrepreneur pass to stay in Singapore permanently. If you are planning to relocate, ensure to get these work permits for seamless handling of your company.
- Assign at least one audit to your company within three months of your registration, unless your company is exempted from all the audit requirements
- Open a corporate bank account.
- Choose the Financial Year End for your company. It is the final day of its accounting period, which can either be for 12 months or 52 weeks. File your annual return and annual return and holdings depending on your company's FYE.
- Maintain company registers and a ledger of all the board and general meetings.
- Keep your company's information up to date. When any changes take place, you need to notify the update to ACRA within 14 days from the change of filing. Any change in the company's business activity, director or shareholder change, change in company address or cessation of the company secretary, CEO, or auditor should be informed to ACRA.
- Ensure to follow the trademark registration. Typically, companies use trademarks to show their uniqueness and authenticity. File your trademark via the IPO's website or mobile app and create your unique business identity
When you decide to go for our foreign company incorporation in Singapore, here are the services that you can avail of:
- Company incorporation or registration service
- Compliance regulatory with ACRA
- Basic Secretary package
- Assistance in setting up digital business accounts
- Support with ACRA company profile, company constitution, e-notice of incorporation, share certificates, and more
- Nominee director service
- Accounting and bookkeeping package
- 1-year registered address service along with our profound cloud storage
Are you still looking for services regarding foreigner incorporate companies in Singapore? Get in touch with Paciol now to start your business in Singapore.
1. How long can the company incorporation take?
Once you complete all the pre-incorporation steps, it won't take you more than a day or two to register your company.
2. What services do you provide?
We offer corporate secretary services, local registered addresses, nominee director services, and company constitution services for businesses looking forward to incorporating their brand.
3. Do I need a company address?
Yes, as per the Companies Act, all businesses in Singapore are required to provide a local registered address. At Paciol, you can get a local registered address along with the nominee director and accounting and bookkeeping services to meet your company's compliant regulations.
4. Do I need to relocate to Singapore to start a business there?Yes. Relocating to Singapore isn't a mandate as you can appoint a nominee director for your company. However, you can always apply for the EntrePass or Employment pass to set up your business in Singapore and move there.