Incorporating a company in Singapore is undoubtedly an exciting prospect for both SMBs and large enterprises. However, opening a business in Singapore is not without its special requirements and costs. The safest and most practical way for foreigners to start a company in Singapore would be through a Private Limited Company, as it limits the shareholders’ liability. If you are a foreigner who intends to register your company in Singapore, the key point to note is that the director of the company must be a Singapore resident (unless you use our Nominee Director service).
A Private Limited Company is the most popular form of entity among entrepreneurs in Singapore. A Private Limited Company is not required to disclose its shares to the general public and can have up to 50 shareholders. In addition, it can be 100% owned by foreigners. Unlike a sole proprietorship or partnership, a private limited company has a distinct legal personality which enables it to sue and be sued in its own name, own property and hold assets in its own name.
The first step in registering your company in Singapore is choosing a name and having it validated by the Accounting and Corporate Regulatory Authority (ACRA). It is important to avoid names that include words like “financial institution”, “bank”, “school”, or “media” as these are reserved for types of businesses regulated by other agencies, and will not be available during the incorporation process.
After completing the company registration in Singapore, the next step is to open a corporate bank account for your new company. Timcole can help you set up a bank account in Singapore at a competitive rate. how to open a company in Singapore