Epica Learn Series
Do I need to visit Singapore to set up my company?
Do I need to visit Singapore to set up my company?
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Can I incorporate a Company in Singapore Without a Visit?
Singapore is an ideal place for foreigners looking to incorporate a business. Its pro-business policies, strategically-placed geographic location, and low corporate tax rates attract foreign business owners and entrepreneurs every year.
The company registration process in Singapore is not much complex. After submitting all the documents to ACRA, it takes a few hours for the application to process. However, there are many circumstances where foreigners need to consider remote incorporation. This article discusses whether foreigners can set up a Singapore company without visiting and the necessary steps for Singapore company registration.
This point becomes all the more important as during the covid-19 period the international travel has virtually stopped and businessmen are unable to visit Singapore for company incorporation.
Key Factors about Singapore company incorporation
There are three key factors you must know about Singapore company incorporation before registering your business in Singapore.
Two parts of Singapore company incorporation
Singapore company registration takes place in two steps.
Company registration with ACRA
The company registration with ACRA is the first step. You do not need to visit Singapore for it as foreigners cannot self-register and need to hire an authorized filing agent like Epica to register on their behalf. The procedure includes:
The entire procedure can be done remotely without any need to visit Singapore.
Opening a bank account for Singapore Company remotely
Before the Covid-19 pandemic, it was mandatory to visit Singapore to open a corporate bank account. Without the company's bank account, no business transaction can take place. Hence, opening a bank account is a significant part of the company's incorporation.
Due to the Covid-19 situation, many Singapore banks started allowing the remote opening of corporate bank accounts for foreigners. The steps are similar:
The entire procedure can be done remotely without any need to visit Singapore.
Things to note
To make sure that your application for remote incorporation and bank account opening gets successful, you must refrain from the following:
The bank may not allow the remote opening of the corporate bank account in these situations. Even for regular cases, the account opening procedure is slow and takes about 4-5 weeks currently.
Conclusion
You don't need to visit Singapore to set up your company. However, you had to visit the city-state to open a corporate bank account before the Covid-19 situation. Since the mid-2020, many banks have started to allow remote bank account opening. Hence, it is possible now to register a company and open a bank account without visiting Singapore.It is also estimated that in 2021 more banks will adopt this digital approach to provide more options to the customers for corporate banking accounts.
Foreigner Package
New Company Setup
S$2,400
Local Package
New Company Setup
S$1,100
Transfer Package
Existing Company
S$1,000
Singapore Branch
New Branch Setup
S$4,000
Representative Office
New Setup
S$2,500
BVI Company
Singapore Bank Account
US$2,200
