Singapore Business Register
Foreign Entrepreneur’s Guide To Singapore Business Register Process And Company Formation Requirements
Singapore currently enjoys its position as one of the world’s best business hubs. This success may be attributed to various factors like competitive tax rates and business-friendly corporate laws. There is also the straightforward Singapore business register process.
Undeniably, company registration in the Lion City is quick, easy and hassle-free. This is primarily because the procedure is fully computerised and devoid of bureaucratic red-tape. Provided that the right and the complete set of documents are presented, a company may be registered in at least a day or two.
How Foreigners Can Proceed With Singapore Business Register Process
Despite the straightforward business registration process in Singapore, entrepreneurs, especially foreigners, hoping to establish a company here are encouraged to engage the services of a professional firm offering company registration services. This is since the city-state’s laws prohibit foreign individuals or entities to self-register an enterprise. Only individuals possessing a SingPass can carry on online transactions via ACRA’s online filing system called Bizfile.
To add, for foreign entrepreneurs intending to stay in Singapore and manage their company, securing an EntrePass from the Ministry of Manpower is mandatory. Meanwhile, those intending to remotely manage their Singapore incorporated company need not apply for an EntrePass. However, it is necessary that one of the company’s directors must be a local resident of Singapore at the time of the incorporation.
Choosing A Professional Firm Specialising On Singapore Business Register Process
Company registration service providers may come as law firms, corporate secretarial agencies and some one-stop enterprises that focus on providing services for startups. In Singapore, these companies are in abundance. Some of them even have their own website making it simpler for foreign entrepreneurs to find one without travelling to Singapore.
However, when using the Internet as a primary tool in locating a firm, foreign entrepreneurs are encouraged to exercise caution. Just like in the real world, the World Wide Web is overflowing with unscrupulous individuals and entities. Hence, before businesspeople begin transacting with any firm, thorough research must be conducted. Reviews about its services should be gathered and most importantly, its legitimacy must be verified.