There are three main steps to starting a company in Singapore: determining the type of legal entity, settling on a name, and preparing all the documents required. Foreigners can only register a company in Singapore if they have a SingPass. Hence, they need to partner with a professional corporate services provider such as Piloto Asia to assist them with the process.
A registered company is considered a separate legal entity from its directors, shareholders, and owners. This way, you can enjoy a host of benefits such as tax deductions for business expenses and personal income, and the protection of your assets.
Incorporating a company in Singapore can be done within 24 hours. Upon successful registration, you will receive a digital certificate of incorporation and a business profile. You will also need to open a bank account for your company. This is an essential step, as you need to use a company bank account to transact with customers, suppliers, and even the government.
As a global finance and trading hub, Singapore has premium banking options. You can choose from a wide variety of local and foreign banks. The good news is that you can start a bank account without having to be physically present. To do so, you will need to provide your ACRA company registration number and an official seal or rubber stamp. In addition, you will need to have at least one director and secretary (or nominee director and secretary, if you are setting up your company from abroad). Our team of experts is on hand to provide more information about the different types of banks in Singapore. how to start a company in Singapore