As one of the most business-friendly economies in the world, it’s no surprise that many international companies are drawn to Singapore. The city-state offers a highly favourable environment for both SMBs and large enterprises to conduct business. However, unlike registering your company in the US or Europe, setting up your business in Singapore comes with unique requirements and costs that should be taken into account.
To open a company in Singapore, you must first determine which business structure is the best fit for your business. This could involve comparing the advantages and disadvantages of a private limited company, sole proprietorship, and LLP, among others. Once you have decided on the right business structure, you can proceed with the company registration process.
Once your company is registered, you must fulfil added compliance requirements, including preparing financial statements and director’s reports, filing annual returns and conducting audits. You will also need to hire a resident company secretary and get a local registered address for your company. This may all add up to a significant initial and yearly cost, especially if you are a foreigner looking to register your business in Singapore.
Aside from complying with the above mentioned requirements, you must also have at least one locally resident director. This could be a Singapore citizen, permanent resident or Employment Pass holder. You must also have at least one shareholder, who can be either a natural person or another corporate entity. You must also appoint a company secretary within six months of your Singapore company registration. You can choose to appoint a local resident or engage Piloto Asia as your corporate secretarial service provider. how to open a company in Singapore