Because of Singapore’s record of attracting investments; both local and global, setting up a business here is now much more convenient. You can now easily register your business, including foreign branch offices and other company structures with the Accounting and Corporate Regulatory Authority (ACRA). 

Moreover, there are minimal restrictions on what type of business can set up and operate in Singapore. When starting a company, it is vital to learn if your business is viable in a particular region. In this article, we outline who is eligible and what are the necessary documents required to incorporate a company in Singapore.

Eligibility Criteria for Incorporation in Singapore

If you plan to operate a business in foreign and unfamiliar territory, it is crucial to ask whether the state will allow your business idea. In other words, you have to learn if you will be able to operate your business. Fortunately, for those who want to start a business in Singapore, the eligibility criteria are not very rigid. 

In general, one has to be at least 18 years old to register with ACRA. And as long as one complies with ACRA statutory requirements, then he/she has no issues to incorporate a business in Singapore. Moreover, the business owner applying for incorporation must not be bankrupt and be free of criminal or misbehaviour charges or judgements.

For foreign entrepreneurs, ACRA recommends that they seek professional assistance from company formation service firms. This recommendation is founded on the ground that a foreigner cannot act as a local resident director during company registration. That is why, unless the foreign entrepreneur has a Singapore resident partner or associate, he must look for a local agent to help him process the business processing.

Further, upon incorporating a business, the ACRA will require at least one shareholder, at least one Singapore resident director and a corporate secretary (can be appointed within six months after incorporation).  A shareholder can both be a natural person or a corporate entity, local or foreign. A Singapore company can also be fully foreign-owned. Further, a secretary must be a natural person and a resident of Singapore.

Additional Documents for Incorporation for Foreigners in Singapore

 Foreign entrepreneurs have at least three options when starting a business in Singapore. They can either register a subsidiary, a branch office or a representative office. Similar to locals, foreigners can complete their application and registration within a day. Here are the additional requirements a foreigner must comply within Singapore.

Apply for Entrepreneur Pass or Employment Pass

Before a foreigner can register a Singapore company, he has to first apply for an entrepreneur pass (EntrePass) or an employment pass (E-Pass). These passes are compulsory for foreigners planning to run a business in the country. Here are the basic requirements to apply for these passes.

• A business proposal that is innovative or entrepreneurial or that passes the criteria for a good investment track record.
• Has intentions or already started a private limited company that is ACRA registered. 

Apply for SingPass

Once a foreign entrepreneur receives his EntrePass or E-Pass, he is now qualified to apply for a SingPass. This pass is not mandatory but will enable you to access and perform digital transactions for e-government services.

Comply Requirements for Subsidiary Company

Registering a subsidiary is the top option for international entrepreneurs, especially for multinational companies and SMEs. The following are the additional requirements for registering a subsidiary in Singapore. 

• A certificate showing that the subsidiary is part of the parent company;
• Document indicating the amount of issued capital by the shareholder (the minimum issued capital is US$1);
• Appointment of at least one director who should either be a Singaporean citizen, permanent resident, or EntrePass holder;
• Registered local office address.

Comply Requirements for Branch Office

A branch office is favourable for those who want to ensure that its business activities will not deviate from the parent company’s scope. If you opt to register a branch office, rather than a subsidiary, the requirements include:

• Company name sent to ACRA that must be the same name as the parent company;
• Notarised copies of the parent company’s certificate of incorporation;
• Information about the directors of the parent company;
• Notarised copies of the parent company’s article of association;
• At least two local representatives who will act on behalf of the branch office in Singapore;
• A Singapore-registered office; and
• List their intended business activities, chosen from the SSIC directory.

Comply Requirements for Representative Office

Lastly, a foreigner can set up a representative office in Singapore to act as a temporary administrative office. This office will coordinate the non-commercial activities of the foreign company. Here are the requirements to set up a representative office in Singapore.

• The parent company has been established for more than three years;
• The parent company has incurred an annual sales turnover of more than US$250 thousand;
• The RO has a representative from their HQ or a Singaporean citizen; and
• The RO does not hire more than four local employees as support staff.

Why 3E Accounting Is the Preferred Choice for Incorporation Service

Suppose you are finding the business registration or incorporation service too arduous to do on your own. In that case, you might prefer to hire a professional agent to do it for you. 3E Accounting offers incorporation services Singapore in its company formation packages at a very reasonable cost. Our company is a top choice for business services in Singapore because of the following reasons.

Accreditations & Awards Received, Incorporated >4000 Companies

3E Accounting offers only the best services to our clients. Our efforts to continue providing quality services have been recognised repeatedly with our accreditations and awards proving just that. Our firm is a recognised ACRA filing agent that gives us all the qualifications to facilitate company incorporation and ACRA compliance filings. Since 2011, our service firm has successfully incorporated more than 4,000 companies in Singapore alone.

One-stop Solution for Business Needs in Singapore

Our array of services is diverse and includes incorporation services and accounting, tax, immigration, and compliance services to start-ups, SMEs, and multinational companies. As such, 3E Accounting is your one-stop solution for any of your business needs in Singapore.

Can Assist in Application for Other Documents Needed Such as Employment Pass

3E Accounting provides in-between services like consultation and providing solutions to concerns like acquiring the EntrePass or E-Pass for foreigners. Our teams can ease these concerns by facilitating the processing of these solutions.

Professionals to Look After Your Business Needs

Our teams in the firm consist only of highly experienced and competent professionals in Singapore. Bearing diverse and commendable qualifications, our teams endeavour to deliver care and excellent professional services.

Competitive Package Fees With Free Value-added Services

Every single package we offer caters to our clients’ business growth. We offer a list of various business service packages that range from company incorporation to business advisory. Our service packages vary depending on our client’s capacity and goals, with supplementary value-added services free of charge.

Set up your company today, and outsource your services from 3E Accounting today. Setting up a business in Singapore is now much easier and convenient with our company formation services.