Singapore offers a very attractive proposition for a foreign business that wishes to get a foothold in a South East Asian market; an English-speaking island state with a very strong economy, this nation welcomes foreign investors and offers attractive benefits to foreign businesses that wish to register their business.
As with most countries, there are numerous types of business that you can register in Singapore, which are as follows:
- Representative Office – Known as an RO, this type of business is idea for a foreign company that wishes to carry out some market research in Singapore. Business development does not require that the entity is a trading one and a non-trading business ticks all the boxes for a company that is testing the market. There must be one corporate shareholder and a chief representative member from the Head Office, while this entity is not bound by local laws. When looking for Singapore company registration, you need an experienced commercial lawyer who assists foreign business owners set up a company.
- Private Limited Company – The PLC is ideal for a business that wants limited liability and this trading entity requires 1 resident director, at least one shareholder and a company secretary. The business is subject to local compliance and is not restricted regarding activities. The shareholders will not be held liable for any more than the registered capital and every business in Singapore must be registered with ACRA (Accounting & Corporate Regulatory Authority).
- Limited Liability Partnership – This is the perfect business type for a professional such as a lawyer, engineer or architect, or can be used by a group of equity funds with limited investors. Zero capital requirements and a need for at least one manager and 2 partners, you are totally unrestricted in your business activities. Click here for information about customer reviews and testimonials.
The above are the options when it comes to registering a business in Singapore and we recommend seeking an experienced Singapore based law firm that can offer you the best advice regarding company formation. If you start with the RO, you can transition to PLC and start trading, or you might prefer to partner up with a local business; there is much to consider and having advice from a Singapore business expert ensures you take the right path.
Accounting & Corporate Regulatory Authority (ACRA)
Every business that is registered in Singapore must be under the wing of this governing body and the law firm would facilitate ACRA registration. Some investors use Singapore to set up a business structure as a gateway to Southeast Asia, as there are many benefits from being based in Singapore. If you would like to learn more about doing business in Singapore, search online for a company that specializes in foreign business registration in Singapore and let the experts guide you. Such a provider ensures 100% compliance, which is essential when doing business in a foreign country and with their many contacts, you can source a wide range of services.
Accounting & Bookkeeping
The same law firm that processes your business registration can provide you with accounting and bookkeeping services at very affordable rates. Grant them access and they can work remotely, keeping your company accounts up to date. Tax returns must be filed in good time and when you outsource all your accounting to a single local provider, you no longer have to worry about compliance.
Free Zoom Consultation
You might be unsure which type of company registration is right for you, in which case, the lawyer is happy to discuss your situation online and then you can formulate your plan of action. Once you have a clear picture of how business structure works in Singapore, you can plan ahead with some confidence, plus the law firm can help you in many other ways, such as:
- Sourcing nominees
- Outsourcing secretarial, accounting and payroll services
- Carrying out essential company processes
With an experienced lawyer in your corner, you can negotiate the complex world of doing business in Singapore and make all the right decisions, thanks to the expert advice of your legal advisors.
Once you have decided that Singapore is the best location for your business, you are ready to seek legal advice as to the best way forward; Google will help you find a Singapore law firm that handles foreign business registration and have a free and informal chat with one of their lawyers about your business plans. Bank accounts will have to be opened and the lawyer will inform you of everything you need to prepare, document-wise. Making informed decisions will ensure that you don’t make any costly errors and your legal partner will keep you informed every step of the way.