According to the 2020 Ease of Doing Business ranking conducted by The World Bank, Singapore holds the second spot for the easiest place to start a company. With its robust economy and low tax rates, it’s easy to see why. Getting your new venture off the ground is no easy task, though. You will need to register your business, open a bank account and comply with local regulations.
The process for registering a private limited company in Singapore is similar to other countries. You will have to choose a trading name and register it with ACRA, along with appointing a director and registering your shareholders. You will also need to have paid-up capital of at least S$1 per share. Additionally, you will need to appoint a company secretary to track changes, compile papers and report to the government. Many businesses choose to hire a company secretarial firm like Timcole for this purpose.
Aside from a private limited company, other types of companies you may want to set up in Singapore include partnerships (you will need at least 2-20 partners) and community development corporations. You will need to check the specific requirements for these different types of companies before starting the registration process.
Some of the other compliance filings you will need to keep up with are GST, CPF and IRAS submission numbers. Depending on your business activities, you will also have to obtain the appropriate approvals and licenses from the government. starting a company in Singapore