Are you thinking about extending your business frontiers into Singapore? Then you are on the right track. The Asian gateway is a city-state with an impressive economy, which encompasses robust economy; strategic geographical location and business-friendly environment that has made it an attraction for entrepreneurs all over the world. Hence, this article aims at guiding you in registering a company from India to Singapore by simplifying the procedure.
Singapore is a lucrative destination for entrepreneurs seeking to establish or expand their business internationally. This nation has a reputation for investment friendly laws and ease of doing business making it an ideal destination for companies seeking global exposure. In case you are an Indian entrepreneur asking yourself can I register a company in Singapore from India? Just know that this process is simple and fast. Well then, let us get into the details of starting up enterprises in Singapore.
Benefits of Registering a Company in Singapore
Ease of Doing Business
Singapore is second globally regarding ease of doing business hence making it an attractive destination to new businesses or expanding existing ones. Therefore, combined pro-business policies with its strategic location have made it be among favorite destinations for entrepreneurs globally.
Tax System Favourable to the Business
Singapore’s favorable tax system is one of the main reasons why many businessmen choose it as their base. In this country, one can get lots of tax incentives and exemptions that encourage entrepreneurship, boost business growth and have a low corporate tax rate that makes it attractive for investors.
Access to Skilled Workforce
There are several advantages associated with running businesses in Singapore such as availability skilled workforce who are educated and literate hence making sourcing talent much easier. Furthermore, liberal immigration policies enable foreign professionals to easily find work here thus enabling diverse selection of experienced workforce.
World-Class Infrastructure
Moreover, it boasts excellent digital infrastructure like telecommunication that ensures seamless connectivity needed by modern businesses operating remotely.
A Strong Stand against Corruption
This culture of intolerance to corruption sets apart Singapore from other countries. Anti-corruption laws in Singapore create an environment in which companies can succeed based on their own merits by ensuring fairness and transparency.
Types of Companies in Singapore
Before embarking on the process of company registration in Singapore, it is crucial to understand the different types of business entities you can establish. In Singapore, you can choose from the following types of business structures:
Business Entity | Description |
Private Limited Company (Pte Ltd) | A widely chosen option offering scalability and advanced structure. Shareholders enjoy limited liability, protecting their personal assets. Ideal for businesses aiming for growth and expansion. |
Sole Proprietorship | Simplest form of business where one person has complete control. However, the owner bears unlimited personal liability for the business’s debts. Suitable for small-scale or individual ventures. |
Limited Liability Partnership (LLP) | Combines partnership flexibility with limited liability for partners. Popular among professional services like law or architecture firms, allowing partners to safeguard personal assets. |
Subsidiary Company | A private limited company controlled by another local or foreign corporate entity. Operates independently, providing limited liability protection to the parent company, often used for diversification or specific ventures. |
Branch Office | An extension of a foreign company, not a distinct legal entity. Allows foreign companies to establish a presence in Singapore. While offering market access, the parent company retains full liability. |
Representative Office | A temporary establishment for foreign businesses to conduct market research and assess Singapore’s business environment. It cannot engage in profit-making activities, making it an exploratory step before significant investment. |
Step-by-Step Guide to Company Registration in Singapore
A Step-by-Step Guide on How to Register a Company in Singapore
When registering a company in Singapore, there are several stages to go through starting from choosing the business structure and post-incorporation obligations. To facilitate your company registration procedure, here’s an elaborate step-by-step guide.
Step 1: Select a Name for Your Company
Therefore during Singaporean firm registration it is important to consider how unique and meaningful the chosen name would be. The new venture must not have similar or identical names with those already registered by local companies. Ensure that the chosen name does not fall into vulgarity, profanity; should not infringe copyrights or trademarks.
Step 2: Company Name Registration
The following step after deciding on the name is therefore its registration with ACRA (Accounting Corporate Regulatory Authority). In case you meet all requirements swift approval process applies which will make it easy for your preferred name to be approved.
Step 3: Prepare Incorporation Documents
For incorporation purposes, you need several documents such as:
Company Constitution: This file depicts how your organization is going to function.
Shareholders’ Information: All details of shareholders including address proof and identification papers are required.
Directors’ Information: Personal particulars plus supporting documents like passport, national identity card or driving license as well as address proof should accompany this document.
Registered Address: This is the local address for which the company will be registered
Step 4: Apply for Registration of Business Entity
Once all these papers are ready you can go ahead with applying for company registration at ACRA. You cannot register yourself in Singapore if you’re foreigner – just engage an expert who’ll be making submissions instead of you.
Step 5: Open a Business Bank Account
The most important thing that must also be done when your company gets registered is opening up corporate bank account in Singapore. It will make easier financial transactions processes and boost firm’s cash flow.
Step 6: Apply for Licenses and Permits as Required
You might need to have some particular licenses or permits before opening the business depending on the nature of your business. Make sure you get all necessary approvals in good time to avoid any legal problems later on.
Step 7: Register for Goods and Services Tax (GST)
Registration for GST is required to be done by companies projecting their annual turnover of more than SGD 1 million.
Post-Incorporation Requirements
Once you have successfully registered a company in Singapore, there are several things needful in post incorporation stage.
First Board Resolution
First task is holding shareholders’ meeting whereby resolutions appointing directors of the company, auditors and secretaries can be passed. In addition, it requires someone passing a resolution authorizing opening a bank account for this new entity.
Issue Share Certificates
Share certificates are normally issued by the corporate secretary of the company. These indicate who actually owns the firm.
Obtain Necessary Licenses and Permit
Before starting up your business enquire whether you have all licenses and permits needed. For example, depending on nature of activities carried out by a firm different licenses or permits may be required here.
Set Up a Corporate Bank Account
Set up a corporate bank account for managing your organization’s money properly. Open an account with trusted banks that provide full banking services.
Register for Goods and Services Tax (GST)
If you expect your company’s annual turnover to exceed SGD 1 million, you need to register for GST. Should you anticipate that the yearly turnover will exceed SGD 1 million, registration becomes necessary. Failure to meet this requirement might expose your business to unwanted tax consequences.
Conclusion
With proper guidance and assistance, it is not difficult to register a company in Singapore from India. If you want to take advantage of this opportunity, Growwth Partners can offer its services for you. From registration through ongoing compliance, Growwth Partners offers customized solutions according to your requirements for all aspects of doing business.
Still interested in registering your company in Singapore? Book a free call with Growth Partners today. We will guide you through the process and help you set up your business successfully in Singapore!
