Guide On Setting Up A Business Or Expanding Into Singapore

You are required to comply with ongoing financial, taxation and legal regulations. This includes the annual filing of financial statements prepared under the Generally Accepted Accounting Principles (GAAP), corporate tax returns, and the holding of an annual general meeting.

The process of registering a company in Singapore is straightforward when you incorporate. It typically takes 1-2 days if all documents are in order and ACRA approves your preferred company name.

Certain industries like banking, finance, and media have stricter regulatory requirements. It is important to obtain legal advice for your industry if you are looking to set up your business in Singapore.

Various grants and tax incentives are available through agencies such as Enterprise Singapore and Singapore Economic Development Board (EDB).

Yes, foreign citizens including Australian, British and American citizens can live in Singapore. If you plan to live, work, or study in Singapore then you will need to apply for the relevant working Visa, such as an Employment Pass or Entre Pass. Once you have held an Employment Pass for at least 6 months you may be eligible to apply for the right of permanent residence.

Typically, if you become a tax resident of Singapore, you will only be required to pay tax in your country of origin if you have any income that is sourced in that country. Some types of income are taxed at concessional rates through a tax withholding system. If you are only in Singapore on a temporary basis, or you merely earn income from Singapore while residing in your home country and remain a tax resident of your home country, then you will need to check to see whether Singapore will want to tax the income sourced from Singapore. Most countries tax residents on their worldwide income, which means that you may be eligible for a foreign tax credit in your home country if you pay tax on Singapore sourced income.

Foreigners wishing to work full time in Singapore can apply for a work permit to allow themselves to live and work in Singapore. As a key business hub in Asia, foreigners will often travel to Singapore on a transient basis for work and can enter and work on a short-term visitor pass. Should your work require you to stay for an extended period, you should seek advice from an immigration specialist to ensure you do not need to apply for a work permit.

You will need to determine your business structure, location, and trading name. You will then register your business and may need to apply for the appropriate licences. Companies require a resident Director and Company Secretary. You will also need to have a company bank account and a Corppass Administrator to transact with Singapore Government agencies.

Business types include sole trader, partnership, Limited Liability Partnership and incorporated private company.

All businesses must obtain a business licence to trade in Singapore.

Certain types of industries and occupations require additional licences or permits to operate in their industry, with some requiring permission from the Singapore government or their industry regulatory body to set up.

Businesses that import or export goods may also need additional permits, depending on the type of product.

Companies and other business entities are subject to income tax on their assessable income. This involves filing of an annual income tax return with the Inland Revenue Authority of Singapore (IRAS). Non-resident businesses who derive income from Singapore are also required to pay tax in Singapore.

Businesses that are required, or choose, to register for GST, must remit GST on their sales or services. The current rate of GST is 9% of the sales value, however some products and services are zero-rated or exempted under GST law.

Government fees include the registration of your company and obtaining any licences and permits required for your business.

Agent fees can include documentation services, company secretary services, nominee Director services, obtaining a company registered address and opening bank accounts. Agent fees may be higher if you are operating from overseas and require local support to meet the requirements of a presence in Singapore. 

There are no specific restrictions on foreign ownership.

Local professionals offer support to meet your local compliance obligations and provide advice regarding your company setup and operations. This includes assistance with the applications to open a bank account, guidance on applications for government grants and referrals to other professional service providers, such as lawyers, immigration specialists, incubators, and capital markets advisors.

Anyone can set up a business in Singapore. However, to set up a company you do need to have a local registered address, a corporate secretary, a shareholder, at least one Director who ordinarily resides in Singaporean, and paid up capital of at least $1.

You are required to choose a business structure, trading name, and comply with local licensing and compliance laws.