Start Business in Singapore

It is easy to start a business with ACRA (Accounting and Corporate Regulatory Authority, the Company Registrar of Singapore. The process for company registration in Singapore is also streamlined. In the most of the cases, it takes on 1-3 days to register a private limited company in Singapore.

As per the Companies Act of Singapore, any individual over 18 years of age can set up a local company. The locals, as well as the foreign entrepreneurs, can own 100% shares of their company. The following are the types of company registration in Singapore that may interest individual business owners.

Types of Companies in Singapore for Individuals

Singapore Private Limited Company (Pte Ltd)

A private limited company incorporated in Singapore is a type of limited liability company. It has a minimum of 1 to the maximum of 50 shareholders. Its name ends in Pte Ltd or Private Limited. It is a separate legal entity from its owners.

The business owners prefer to register a private limited company. It limits the liability of its members (shareholders) to the amount they have invested in its shares. Their personal assets are not used to pay the debts of the liabilities of the company.

A Pte Ltd company is robust, dynamic, and scalable. On the strength of its credible image can secure loans. It is the most advanced and type of Singapore company registration. The individuals, as well as corporate, can register it and be its shareholders.

Sole Proprietorship

A sole proprietorship is registered and operated by a single owner. It is easy to set up. However, it has no separate identity from its owner. It does not limit the liability of its owner.

The owner of a sole proprietorship has unlimited liability. It means the owners are responsible for business' debts and liabilities and may have to use their assets to pay them.

On the positive side, a sole proprietorship has a simple set up procedure, low registration cost, and minimal compliance requirements. It is a perfect business vehicle to start no-to-low-risk businesses.

Limited Liability Partnership (LLP)

A group of 2 or more professionals, having complimenting skills, can come together to form a limited liability partnership. The advantage of registering an LLP is that its partners cannot be held personally liable for the commission or omission of other partners.

The partners in an LLP can be persons or companies. Of course, you have the choice of registering a General Partnership or Limited Partnership. It is the most advanced type of partnership in Singapore. It combines the advantages of a partnership and a private limited company.

An LLP has a separate identity from its owners (partners). However, an LLP is not taxed as a business entity. Its income is treated as that of its partners. They have to pay personal income tax on it. Accountants, lawyers, architects, and other professionals benefit from forming an LLP.

Public Limited Company

The public limited company is a type of limited liability company. It has more than 50 shareholders. Unlike, Pte Ltd company, its shares are shares are available to the public. It has terms like “Ltd” or “Limited” in its name.

Since a public limited company raises funding from the public, it must follow compliance requirements. A public limited company can get listed on a stock exchange. It is registered to start a large business activity.

Public Limited Company by Guarantee Singapore

The non-profit organizations in Singapore use this business structure.

Types of Business Registration for Foreigners

Subsidiary Company

Registering a subsidiary company is the best option for a foreign company to start its business activities. The parent company can own hundred percent its shares. It is a type of limited liability company. In Singapore, the subsidiary company is treated as the local entity and qualifies for tax benefits and schemes offered by the authorities.

Branch Office

Registering a branch office in Singapore is the most convenient way for a foreign company to extend its activities and retain its control. A branch office does not have a separate identity and the parent company is responsible for its debts and liabilities.

Representative Office

A foreign company can register a Representative Office (RO) in Singapore. However, an RO cannot conduct any business activities. Its purpose is to do market surveys and market research and send to the data to the parent company. It is not a separate legal entity.

Pre-Incorporation Requirements

Singapore is one of the favored business destinations for the entrepreneurs. It also offers the ease of doing business. Its low tax regime and support to the small businesses attract many for setting up a private limited company in Singapore. They have to complete the following requirements:

• Minimum initial paid-up capital of S$1

• At least one local director

• At least one shareholder

• At least one company secretary

• A local registered office address

SBS Consulting Pte Ltd is an experienced registered filing agent that is capable of handling all types of company registration in Singapore. We have an affordable promo incorporation package that offers services to register a company, FREE company secretary and FREE registered address services for the first year.

SBS Consulting Pte Ltd

Phone: +65-6536 0036