Anyone above 18 years of age can easily start a company in Singapore. The procedures involved are simple, quick and free from too many complications.
In fact, the procedure can be viewed as 2 simple steps:
- Company Name Approval
- Company Registration
Things to consider for Singapore Company Incorporation:
- A foreigner requires a suitable work visa/pass to work in Singapore. The most common ones are Employment Pass (EP) or EntrePass.
- The holder of the EP or EntrePass has the right to act as a director of a Singaporean company.
- Given that they have not been convicted of legal offence or bankruptcy, any person above the age of 18 is allowed to register a company.
- Company incorporation is to be carried out electronically using the online filing system provided.
- If you are a foreigner who wishes to conduct business without moving to Singapore, then you do not necessarily need an EP.
- You can check with the Economic Development Board (EDB) for securing a business space in Singapore.
- The Singaporean government offers generous grants for start-up companies. There are no limitations imposed against foreigners for these grants. Consider agencies like the Standards, Productivity and Innovation Board (SPRING) and International Enterprise Singapore (IE Singapore) for consultation.
- According to the Fair Consideration Framework (FCF), Singaporean nationals are given priority for employment. If you wish to employ foreign nationals for your company, you must have an official statement explaining why.
- Law enforcement and regulation is strict in Singapore. Make sure you understand the laws of MOM, ACRA, IRAS (Inland Revenue Authority of Singapore) and abide by them.
