All About Business Registration In Singapore For Foreigners
The Singapore government provides opportunities to foreigners to establish their business presence in Singapore, provided they comply with the business registration requirements. However, you need to fulfil several requirements prior to registering your business with the Accounting and Corporate Regulatory Authority (ACRA). In the below article, we have covered solutions to several questions that usually arise while setting up a business entity in Singapore.
If you are a dependant pass holder, you can still register a business in Singapore. For additional information associated with company registration, you can check our complete guide on How to Start a Business via a Dependant’s Pass in Singapore.
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How much does it cost to start a business in Singapore as a foreigner?
The cost involved in starting a business in Singapore as a foreigner depends on the business structure you are choosing. However, it is less expensive to start a sole proprietorship and partnership business, especially when compared with starting a company. Still, the first thing to legally operate your business in Singapore is to get your entity registered with Accounting and Corporate Regulatory Authority (ACRA). Irrespective of the business structure, each individual setting up a business entity must pay a name approval fee of $15 accompanied by a registration fee of $300.
After getting your business registered, you will also be provided with a unique entity number known as an identification number. For additional information on unique entity numbers, you can check our complete guide on How to Get a UEN Number in Singapore.
How much capital do you need to start a business in Singapore?
One of the most fantastic things about establishing a business in Singapore, besides its straightforward process, is reasonable minimum capital. It’s pretty reasonable to set up a business entity in Singapore.
Let us have a glance at how much share capital you need to register a business entity in Singapore:
- You need to pay the minimum paid-up capital of SGD$1. Share capital is the amount to which the shareholder is committed and liability up to which the shareholders are limited.
- If you are establishing a company in Singapore under employment passes, it is recommended to pay the paid-up share capital of SGD 100,000.
Another thing you need to keep in mind is that most government project tenders might ask you to pay the highest share capital amount. You might choose to go with the highest share capital amount, leading to a better impression on your customers, which is also a good consideration factor.
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Is it easy to start a business in Singapore?
No doubt, establishing a business in Singapore is a very straightforward process, provided that you comply with all the criteria for registration. If do so, you will be able to register a business in Singapore rapidly. Instead of setting up business in Singapore on your own, you can also get assistance from the incorporation specialist to help you in this regard.
To find further details on setting up different types of business entities for foreigners, you can read our article on types of business entities in Singapore.
Can you run a business from home in Singapore?
Yes, you are granted to run a home business from HDB flats, provided that you follow all the regulations specified in the home-based small business scheme. If the non-resident employees are visiting your flat, you have to acquire the home office scheme permit.
Is it hard to start a business in Singapore?
Singapore is one of the most promising destinations for establishing a business. Whether you are willing to set up a new business or open up an existing business branch in Singapore, it is one of the most reliable destinations with numerous benefits. Strong trade and investment make Singapore the most competitive Asian country and the most accessible place to do business.
By setting up your business in Singapore, your business entity will be entitled to the following benefits:
- Singapore is equipped with a network of more than 50 comprehensive double taxation avoidance agreements.
- Your innovative ideas will be secured, special thanks to Singapore’s strict enforcement of strong intellectual property laws.
- Your business entity will get entitled to enjoy the benefits of Singapore’s numerous free trade agreements and investment guarantee agreements.
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Can foreigners sell in Singapore?
Yes, after setting up business in Singapore, the foreigner gets entitled to sell goods and services. However, Singapore usually grants foreigners to establish a business in Singapore. However, several foreigners who are presently staying in Singapore under certain passes might get restricted from establishing a business in Singapore by the terms of the particular pass.
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The foremost reason for choosing a translation agency singapore for legal translation services or any other foreign language document translation service is affordable pricing. Our professional translator team is always ready to assist you with the best translation service at a pocket-friendly price.
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With a professional team of certified translators, our team members hold good expertise in delivering the best translation service. After sending the document to our translation agency, you can sit and relax, as we always deliver the best work considering your translation expectations and requirement.