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Singapore is a renowned startup hub. Every year more than 50,000 businesses get registered in Singapore. The incorporation procedure contains no red tape and generally takes a few hours.
Someone who is not a Singaporean can also register a Singapore business. However, there are some statutory requirements as per the Singapore Companies Act that must be fulfilled to register a Singapore company successfully.
This question comes quite often. People who are residing in foreign countries often ask us if they can register a Singapore company with their ownership. Foreigners and foreign companies are allowed to register a business in Singapore.
Foreigners are not allowed to self-register in Singapore. The entire company registration in Singapore is online and is processed on ACRA’s online portal, BizFile+. ACRA is the Singapore Company Registrar.
Non-Singaporeans do not have access to SingPass and government systems that are required to file the documents online for registration. Hence, foreigners must engage the services of a corporate services provider, like Epica.
There are three key requirements for registering your business in Singapore.
Both the resident director and the company secretary need to be ordinarily residents in Singapore. A person who is an ordinarily resident is either a citizen, PR, Entrepreneur Pass, or Employment Pass holder in Singapore.
A foreigner can also act as a resident director in Singapore given he/she secures an Employment Pass or an EntrePass.
Foreigners who do not know any Singaporeans to act as their company’s local directors have another option. They can engage Epica’s nominee director service. Epica will provide a nominee director who will serve as the company’s regional director to fulfill the statutory requirement.
A nominee director is only a director on paper, and the authority (as well as responsibility of what happens in the company) the company lies with its foreign directors only.
A company must appoint a corporate secretary within six months from the company’s incorporation date. Epica also provides corporate secretary service along with the nominee director service.
A local address is required for company registration in Singapore. This address must be a physical address and not a PO Box.
However, Epica also provides a local address for company registration with its other services.
Once your company is successfully registered with ACRA, opening a corporate bank account is your first priority. You cannot make any business-related transactions without a bank account.
However, once your corporate bank account is opened, you have two options.
New Company Setup
New Company Setup
New Branch Setup
Singapore Bank Account