Singapore is ranked as the second-best country to do business in the global hub. This land offers several incredible growth opportunities to startups and creative business ideas.
The great news is that the Singapore government has prepared favorable regulations for foreign investors in the business industry. They have opened doors for new company registration in the country while making it easier to access resources and growth opportunities for foreigners.
In case if you are a foreign investor, you might be interested in finding reliable tips and tricks for company registration in Singapore. Don’t worry! The article below can guide you better for the process and Singapore company registration service fee.
How to register a company in Singapore?
As a foreign investor, you have to take three simple steps for company registration in the country. We have listed them below:
- Get approval for company name
The first most step that you should follow is registering the name of the company with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. The company name has to be unique and should not infringe some existing trademarks in the country. When all documents are prepared well, the team of experts may need not more than an hour to give approval. However, in case if your business belongs to specialized categories such as law, finance, and medicine, the name approval may take few weeks.
- Prepare registration documents
As soon as the company name is approved, it is time to prepare registration documents. ACRA may demand consent of act from company secretory and director along with proof of residential address and identification for all shareholders and officers. The process is usually very seamless, and you can receive an approval within one day. However, you have to be aware of the cost to open a company in Singapore in advance.
- Company registration
Once the name of your company has been approved, and the registration documents are submitted, you can begin the process for Singapore company registration. It can be done online, and the time taken is not more than an hour in most cases. However, in few cases, the documents may be processed by different departments, which automatically increases the time duration.
Once your company has been registered correctly, you can apply for business licenses, open a bank account, register for goods and service tax, apply for work visas and stay in compliance with ACRA.
The Latest Singapore Company Registration Service Fee
You will be happy to hear that the company registration process in Singapore is completely computerized. It can be completed through BizFile and a portal that is controlled and managed by ACRA. In order to execute the company registration process, ACRA charges the estimated amount of S$15 for a business name application, you have to pay S$300 as the cost to open a company in Singapore, and the total administrative fee is S$315.
A valid SignPass ID is a must to log in to BizFile + Portal. Note that foreign investors cannot incorporate a company themselves without SignPass. Rather, they need to get services from a trusted corporate secretarial firm. Many Singapore firms provide a reliable package for company incorporation services that may cost somewhere between S$500 to S$1500 only.