A foreigner can start a business in Singapore by fulfilling all the conditions required by ACRA (Accounting and Corporate Regulatory Authority).
First you must prepare all the required documents so the process can be done faster and will not take long. You must also provide documents for your identity verification other than just registration.
Documents required for verification are:
- You must provide a copy of your passport.
- You are required to provide your residential address proof of the country you are living in.
- You are required to share your personal and business profile as well.
- KYC details must be provided as asked by the ACRA.
- You are also required to submit a copy of identity documents and address proofs of other shareholders or board members.
Once the verification of documents is completed you are required to fulfill some other requirements. The requirements for a foreigner to start a business in Singapore are listed below:
- You must take the services of a registered filing agent. There are a lot of company registration service providers in Singapore that will take care of everything at a reasonable fee. They are required to submit the online application on your behalf.
- You are obligated to appoint at least one director that is the resident of Singapore.
- You are required to provide an address for your company in Singapore.
- One of the most important things is to register a unique business name.
- The business name you decide to use must not match with any other registered business name.
- A secretary must be appointed within the first six months of incorporating the business. Secretary is required to be a citizen / PR of Singapore as well.
- You can register a company in Singapore with a capital of S$1 to any amount.
- The registration cost is $300 payable to the government, and you are required to pay it beforehand.
Obviously, if you engage a Corporate Secretarial Agent then the agent will arrange all these things for you.