Singapore Company Formation

Opening a company in Singapore

Why open a company in Singapore? What are the advantages in the country of Singapore?
The state of Singapore is a convenient solution for many entrepreneurs.

The local currency is the Singapore dollar (SGD), and living is relatively cheap in the country.

Singapore is a convenient gateway to the Asian market, with access to cheap labor, low maintenance costs and a local market that understands the English language very well.

Singapore is a perfect place for investment and business expansion. The Singapore government is keen to boost the economy.

The process of opening a company in Singapore
Opening a company in Singapore begins with the signing of a notarial power of attorney to open a company by a local agent. The document was then sent with a courier urgently to Singapore to be processed by a local Singaporean notary public. After several processes in Singapore, the customer is required to sign the application for registration in the commercial register, and again send the document to Singapore. At this stage the company already exists legally and can start business activities.

After the company is opened, a company form is issued from the commercial register (this is the Singapore certificate of incorporation).

Tip: If you want to start the process of registering a company in Singapore and want to check the availability of the company name you came up with, you can search here for company names in the Singapore Companies Registrar. If the name does not exist, it is probably available for registration.

In Singapore a local director is required but a local shareholder is not required.

In Singapore you also do not need any European citizenship to open a company. You can open a Finnish company even if you are a foreign citizen.

This means that it is possible to open the company with 100% shareholding in the name of a foreign citizen - in your name, or even in the name of a foreign company. The director can be foreign, but a local director will be needed.

The requirement for a local director for a limited company in Singapore
In Singapore, at least one local director who lives in Singapore is required to represent the company in the process of opening the company in Singapore.

Opening a bank account in Singapore - a current account for the company
After opening the company, it is time to open a current bank account for the company.

In Singapore, those who want to open a bank account are required to physically come to Singapore. The easiest bank to open is HSBC, which not everyone knows that the letters are an abbreviation of Hong Kong Singapore Bank Corporation, meaning the bank corporation of Hong Kong and Singapore. In other words, Singapore is HSBC's home court, so this bank is the easiest to open an account in.

However, there is an alternative, and that is opening an internet bank account. Indeed, similar to our "Zero One" bank, there are internet banks that would be happy to have your company in Hong Kong as a customer.

VAT registration
After the opening of the company, at the same time as the opening of the current bank account for the company, the registration of the new company in VAT will also be carried out. The company will receive a VAT number and can start trading.

Company maintenance
The company requires annual maintenance of payment of fees, annual submissions, local address (which we will provide for you), as well as submissions to the tax authority.
However, all costs in Singapore are low due to the relatively cheap cost of living.

Tax in Singapore
The corporate tax in Singapore is only 17%, but the company in Singapore is completely exempt from any tax on profits whose source is outside of Singapore. In other words, 0% tax on all income outside Singapore. In Singapore there are many tax exemptions and discounts in all kinds of directions.

For sales to the local Singaporean market, the VAT is 8%.

Questions and answers
Question: Is it necessary to physically fly to Singapore to open a company in Singapore?
Answer: The entire process is carried out remotely and at no stage is it necessary to physically come to Singapore. There is no need to fly to Singapore to open the company, nor the company's bank account. The entire process of opening the company and in most cases the company's bank account as well, are carried out remotely without setting foot on Singapore soil.

Question: Who provides the local address for the new Singapore company?
Answer: We will provide the local address.

Question: How can I find a good accountant to handle our new Singapore company?
Answer: We will connect you with a local accountant.

Question: If I want to come to Singapore to open a bank account, what should I do?
Answer: We will try ahead of time to arrange a meeting for you at the branch in order to sign the account opening forms, so that everything will be in order before you arrive, so that you will not just walk around the city in order to find which branch will accept you and open a bank account for your new company in Singapore.

Question: What type of company in Singapore should I open?
Answer: In Singapore there is only one type of limited liability company and therefore a reason to be confused. The type of company in Singapore is called
"Pte Ltd", which is the private company.

Question: How long does it take to open a company in Singapore?
Answer: The process of opening the company is very fast and can take only 24 to 48 hours in total. After that, the process of opening the bank account can take 1-2 weeks, depending on the readiness of the banks to accept the new company as a customer. Of course, these times depend on the parties C. and therefore it is only an estimate.

Question: Is it possible to open a company in Singapore for a person with American citizenship or a person living in the USA?
Answer: Yes. We know how to open a company in Singapore for a person with American citizenship or a person living in the USA.

On the face of it, it seems trivial that a person with ties to the USA could open a company in Singapore, but we assure you that this is not the case. Today, all banks in Singapore without exception refuse to open an account for a new Singaporean company if its owner has any ties to the USA. Therefore, we are probably the only ones, and certainly one of the few in Singapore, who know how to open a company in Singapore for a person with American citizenship or who lives in the USA.

Question: Is it possible to define that any foreign company will be a subsidiary of a company in Singapore?
Answer: Yes, absolutely, we know how to do such a process with the foreign Registrar of Companies without any problems and in a completely smooth manner.

Question: How much does it cost to open a company in Singapore?
Answer: Click here and get in touch and get a current quote without obligation!