Six steps to starting a business in Singapore: Foreigner’s Guide

It mostly depends on when you are comfortable with providing all the details, as well as the service hours of the authorities. Once all the documents are ready, it takes us less than an hour.

Anyone can incorporate a Singapore company, be it a foreigner or a local. This is according to the Singapore Companies Act. You just need a local registered address, a corporate secretary, a shareholder, and a resident director. You’ll also need a paid-up capital of at least $1. It is possible to increase the share capital after incorporation. Foreigners would need to appoint a nominee director who is a local resident of Singapore, that is either a citizen or Permanent Resident.

As one of the world's top countries when it comes to tax benefits, favorable government policies, central location, and ease of incorporation, Singapore has continued to be a popular choice for entrepreneurs and directors to incorporate companies or expand businesses.

Our top tip is to do some calculations. While many people wonder how to start a small business in Singapore, their main concern is economic feasibility. Small businesses not planning to scale up may find the company maintenance in Singapore quite costly, especially if they use a nominee service. Yet we still advise comparing Singapore’s tax rates to your home state’s. For certain businesses, the tax savings may cover the incorporation and maintenance expenses.

The most basic business structure in Singapore is a sole proprietorship. It is suitable, however, only for businesses whose owners are single owners with no risks to the business. In contrast to a private limited liability company, sole proprietorships do not offer limited liability protection, and your personal assets will not be protected.

These are what you need to register a sole proprietor company in Singpaore:

1. Proposed business name.
2. Description of principal activities.
3. Local business address for the proposed business.
4. Copy of owner's Singapore ID.
5. Local residential address of sole proprietor.

A Singapore Limited Liability Partnership (LLP) is a type of business structure where two or more partners form an entity that shields co-partners from liability when one partner or a group of partners commits gross negligence or willful misconduct.

A Limited Liability Partnership (LLP) can only exist if there are at least two partners. Even though Singapore's Limited Liability Partnership Act of 2005 does not restrict LLPs to only certain categories of professionals, in practice, LLPs are most effective when two or more such professionals come together, such as lawyers and accountants. Private limited companies are the preferred choice for entrepreneurs who wish to start a company.

Private limited companies are limited by shares and are separate legal entities from their shareholders. It is regarded as a taxable entity in its own right. Because of this, shareholders of a Singapore private limited company cannot be liable for the debts and losses of the company beyond their share capital.

These are what you need to register a private limited company in Singpaore:

1. At least one shareholder (individual or corporate entity)
2. One resident director
3. One company secretary
4. Initial paid-up share capital of at least S$1
5. A physical Singapore office address

Each bank has a different process to open a corporate bank account. It also depends on the passport and the nature f your business. Usually Singapore citizens and Permanent Residents can open a bank account without any documents and signatures, but usually you’ll need certified true copies of important documents such as passport or identity card, residential address proofs, certificate of incorporation, certified copy of the company business profile from the Registrar of Companies, a Board of Directors Resolution, and a certified copy of the Company Constitution.

Bank accounts can be opened for Singapore citizens and PRs remotely. Certain banks will now let foreigners apply for business account opening and pass the bank interview remotely.