COMPANY INCORPORATION FOR FOREIGNERS
- 75% tax exemption on the first $100,000 chargeable income for the first 3 years (subject to criteria).
- 50% tax exemption on next $100,000 chargeable income for the first 3 years (subject to criteria).
- Limited Liability, where the company’s liability is restricted to the paid-up capital and compensation payments only.
- Directors’ and Shareholders’ personal assets are protected and not liable for the company’s debts or liabilities
Are Work Passes Required?
For companies with Foreign Directors who are residing in Singapore, they are required to apply for either an Entrepreneur Pass* (EntrePass) or an Employment Pass* (EP).
However, foreign Directors who do not reside in Singapore do not need to apply for any passes.
Need a Singaporean Director? We Can Help!
Private Limited Companies in Singapore are required to have at least one Director who is ordinarily resident in Singapore i.e. Singapore citizen or permanent resident (PR) or employment/entrepreneur pass holder. If you do not have a local Director, you can engage our services as a Nominee Director for a nominal fee.
At PACE, we offer a range of affordable secretarial service packages for company incorporation in Singapore. Our company incorporation services include:
- Preparation of secretarial documents in relation to incorporation of Company
- First director’s resolutions on incorporation of Company
- Form 45 declaration by directors
- Appointment of named secretary
- Preparation of share certificate
- Confirmation of year end
- Name reservation
- Maintaining and updating of the Company’s statutory registers and records
- Filing of statutory returns and other necessary documents with the ACRA
- Advising on matters which require notification to the Accounting and Corporate Regulatory Authority (ACRA) and effect such notification upon being in possession of the relevant facts from you.
- Acting as company secretary and named Company secretary
- Safekeeping of Company’s Constitution
- Consultation of accounts and company compliance
- Monitoring of tax and annual return filing deadlines
- Declaration of controller and nominee registers
Singapore offers several types of business entities, including:
- Sole Proprietorship: A business owned by an individual.
Partnership: A business owned by two or more individuals or entities. - Private Limited Company (Pte Ltd or LLC): A separate legal entity with limited liability for its shareholders.
- Limited Liability Partnership (LLP): A partnership where partners have limited liability.
To set up a business in Singapore, you need to:
- Register your business with the Accounting and Corporate Regulatory Authority (ACRA).
- Have a local registered address for your business.
- Appoint a director who is a resident of Singapore.
- Prepare the necessary documents, such as the Memorandum and Articles of Association (for private limited company), partnership agreement (for partnership), or constitution (for LLP).
- Obtain any necessary licenses or permits for your specific industry, if applicable.
Singapore offers a range of funding options for businesses, including:
- Bank loans: Many banks and financial institutions in Singapore provide business loans to eligible businesses.
- Government grants and schemes: There are various grants and schemes offered by the Singapore government to support startups and SMEs in areas such as research and development, innovation, productivity, and internationalization.
- Angel investors and venture capitalists: There are angel investors and venture capitalists in Singapore who invest in promising startups and high-growth businesses.
- Crowdfunding: Crowdfunding platforms are gaining popularity in Singapore, providing an alternative funding option for businesses.
Certain business activities in Singapore may require licenses or permits. For example, businesses in industries such as the following list may require specific licenses or permits to operate. It’s important to check with the relevant government agencies, such as the Ministry of Manpower, National Environment Agency, and Enterprise Singapore, to determine if your business requires any licenses or permits.
- food and beverage,
- financial services,
- import/export,
- construction,
- education
Interested in incorporating your company as a Singaporean or PR?
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