When it comes to business, Singapore is a top global destination. The city-state ranks highly in the World Bank’s Ease of Doing Business Index, making it a convenient location for companies to operate and thrive. However, starting a company in Singapore isn’t as straightforward as it seems – especially for foreign entrepreneurs.
In this article, we explore the key steps involved in starting a company in Singapore and highlight some of the essential requirements you need to fulfil to make your venture a success.
Before you get started, it’s important to have a clear understanding of what kind of business entity you want to register with the Accounting and Corporate Regulatory Authority (ACRA). While multiple options are available, most new companies register as private limited companies because of their scalability.
Once you’ve decided on a company structure, it’s time to start assembling all the parties that will be involved in your business. For example, if you intend to start an ordinary partnership, you’ll need one or more partners and a local manager. Similarly, if you’re looking to open a private limited company, your company must have at least 1 director who is a citizen or permanent resident of Singapore.
Furthermore, if you’re hiring employees, it’s essential that you adhere to local labour laws to ensure a seamless business operation. You’ll also need to open a business bank account which is a requirement regardless of the company type you choose to register with ACRA. starting a company in Singapore