5 Things Every Foreigner Needs to Know Before Setting Up A Business In Singapore
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Are you thinking of setting up a company in Singapore but you’re not sure where to start? If you’ve heard of ACRA (Accounting and Corporate Regulatory Authority), you’re off to a good start. If not, one of the first things you’ll need to know is that your business will need to be registered with them in order to function in Singapore.
Now that you’ve got the basics down, read on for the next steps you need to take to kick start your business in Singapore.
1) Registered Filing Agent
First of all, you need the services of a Registered Filing Agent to submit the online business application on your behalf. This is a requirement from ACRA, and they will also be the ones who will process the transaction for you. A Registered Filing Agent can be a law firm, accounting firm, or a Corporate Secretarial firm.
Accela’s corporate secretary team is familiar with the local laws and will do all necessary background checks on the directors and shareholders before incorporating. We will also ensure the company has prepared all the correct legal documents before lodging the incorporation.
2) Local Director
This is something that often comes as a surprise for people coming from overseas to start a business in Singapore. A Local Director, also known as a Nominee Director, must be someone (a person, not a company or business entity) that resides in Singapore.
Ideally the Local Director should be a Singapore Citizen, however they can also be a Singapore Permanent Resident, or someone with an Employment Pass or Dependent’s Pass. If you are planning to set up a business in Singapore but don’t have any local contacts, Accela Finance & Corporate Secretary can provide this Local Nominee Director Service for you. If you are planning to move to Singapore and run the company, once your Employment Pass is approved, we can also appoint you as the local director and end the nominee service.
3) Registered Office Address in Singapore
If you want to open a company in Singapore, you must have a local Singapore address that will be the registered address of the company. Not big surprise here, but this can’t be a PO box address; ideally, it will be a business address. This is especially important if you will be hiring any staff in the future.
Accela Finance & Corporate Secretary can offer our office address as a “virtual address” for your business. If necessary, we will handle the mail management to ensure any important mail is always brought to your attention.
4) Bank Account
Unlike other Corporate Secretary service providers, Accela can also help you with the bank account set-up. We have a relationship with a local bank in Singapore and you will be able to meet the bank officer with a set appointment in our office on your trip to Singapore – no visits to the banks or long queues.
5) Overseeing Company Compliance
Incorporation is the first step of your business journey in Singapore. There are mandatory yearly compliance requirements to abide by each year, includes holding an Annual General Meeting and filing an Annual Return each year.
If you incorporate with Accela, we include one year of corporate secretary services as part of the package. In addition, our finance team can offer bookkeeping support, preparation of accounts and corporate tax filing. We will track every step of your company’s necessary compliance.
An additional point you will need to consider is ensuring you (and your eventual employees) have the correct visa to work in Singapore. Our team at Accela Talent can help manage every step of Employment Pass applications, and in the event of a rejection, we will appeal for you.
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The thought of opening up somewhere that’s not home can be daunting, but hopefully this cheat sheet has helped break things down a bit. If you’re ready to take the first step towards registering a company in Singapore, get in touch with our team: [email protected].
