{"id":363,"date":"2020-02-03T16:15:53","date_gmt":"2020-02-03T08:15:53","guid":{"rendered":"https:\/\/www.pbcorporate.com.sg\/infocenter\/?p=363"},"modified":"2020-02-04T10:22:00","modified_gmt":"2020-02-04T02:22:00","slug":"7-faqs-on-registering-a-company-in-singapore","status":"publish","type":"post","link":"https:\/\/www.pbcorporate.com.sg\/infocenter\/7-faqs-on-registering-a-company-in-singapore\/363\/","title":{"rendered":"7 FAQs on Registering a Company in Singapore"},"content":{"rendered":"
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 <\/td>\n1. How long does it take to register a company in Singapore?<\/strong><\/a><\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n2. Can a foreigner register a company in Singapore?<\/a> <\/strong><\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n3. How much does it cost to set up a company in Singapore? <\/strong><\/a><\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n4. Do I need to register a business in Singapore?<\/a> <\/strong><\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n5. Is it illegal to run a business in Singapore without registering?<\/strong><\/a><\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n6. Do freelancers need to register a company in Singapore?<\/strong><\/a><\/td>\n <\/td>\n<\/tr>\n
 <\/td>\n7. Why is it advisable to set up a company in Singapore?<\/a> <\/strong><\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n

1. How long does it take to register a company in Singapore?<\/strong><\/h2>\n\n\n\n

It doesn\u2019t\ntake very long to register a company in Singapore. <\/p>\n\n\n\n

It can be done online via Bizfile+<\/a>, but you will need to login using your SingPass. <\/p>\n\n\n\n

If all the\ndocuments are in order, and no referrals or additional documents are requested\nby ACRA (Accounting and Corporate Regulatory Authority), or other agencies,\nthen it can be done in about 1-3 hours. <\/p>\n\n\n\n

This is a two-step\nprocess \u2013 <\/p>\n\n\n\n

Step 1 \u2013 Application for a new Company name <\/p>\n\n\n\n

As per the ACRA\u2019s\nwebsite it would take you about 15 mins to put in the application for Registering\na new company name.<\/p>\n\n\n\n

Step 2 \u2013\nIncorporation of a local company <\/p>\n\n\n\n

After successfully\nregistering a new company name, you have 120 days to Incorporate your company. ACRA\u2019s\nwebsite suggests that you might need about 20 minutes to complete this. <\/p>\n\n\n\n

This can also be outsourced to competent Registered Filing Agents<\/a> that will register the company on your behalf. They will advise on the right documentation, the structure of the company, its constitution, shareholding, and highlight other technical matters, such as available tax exemptions for newly incorporated companies. <\/p>\n\n\n\n

Most good Registered Filing Agents<\/a> will also offer supplementary business services (such as accounting, tax filing, etc.) so that you can concentrate on your business and not worry about the nitty-gritty of compliance obligations. <\/p>\n\n\n\n

Back to top <\/a><\/p>\n\n\n\n

2. Can a foreigner register a company in Singapore?<\/strong><\/h2>\n\n\n\n

Foreigners can register a company in Singapore, with at least one director above the age of 18 who is an ordinary resident in Singapore.<\/p>\n\n\n\n

The foreigners who are interested in registering a Singapore company must engage the services of a Registered Filing Agent. The Registered Filing Agent is required to carry out \u201cpre-onboarding\u201d due diligence checks on the prospective client, before making an application for registration on his\/her behalf.  <\/p>\n\n\n\n

With a Competent Registered Filing Agent<\/a>, your incorporation process can be a smooth one. The agent will support you with local know-how and offer support with cost-effective compliance utilities like company secretary services, bookkeeping, accounting, etc.<\/p>\n\n\n\n

Back to top <\/a><\/p>\n\n\n\n

3. How much does it cost to set up a company in Singapore?<\/strong><\/h2>\n\n\n\n

Setting up a company costs a total of S$315 in Singapore Government fee, for Singapore Citizens and Permanent Residents, who are registering their company themselves on the ACRA portal using their Singpass.<\/p>\n\n\n\n

Firstly, you will need apply for approval of the new Company name (Govt. fee. S$15) under the Business Names Registration Act (BNRA) via Bizfie+. You will need to specify the primary and secondary activities of your Company by choosing the most relevant Singapore Standard Industrial Classification (SSIC) code corresponding to your business activity.<\/p>\n\n\n\n

Once approved, you need to Incorporate the company within the next 120 days, and the Registration fee payable to ACRA is  S$300.<\/p>\n\n\n\n

A Good Registered Filing Agent<\/a> can advise you on the intricacies of setting up your company. They will do the necessary form filing on your behalf and advise on legal requirements. They also provide efficient backup services to assist with compliance, accounting, document legalisation etc. <\/p>\n\n\n\n

Back to top <\/a><\/p>\n\n\n\n

4. Do I need to register a business in Singapore? <\/strong><\/h2>\n\n\n\n

You do NOT\nneed to register a business in Singapore, if <\/p>\n\n\n\n