Register Singapore Company with a Guaranteed Bank Account in Singapore For Non Residents
This package is for foreign individuals who wish to register a company in Singapore but have no plans of relocating from overseas. You will need to appoint a local resident director, as per Singapore’s Company Act. You can appoint a nominee director to comply with the statutory requirement.
We will prepare all the documents to get your company incorporated. Once incorporated you will have to visit singapore to meet with the bank with our local consultant.
Total Package is 6700 USD.
Send your proof of address and proof of ID to email@example.com to start the process.
Company Formation Singapore : Singapore Company Types
We offer company formation for various types of business entities in Singapore. These include the most preferred forms of business sets up in Singapore, and are the following:
1. Private Limited Company (Pte. Ltd.); also called a Limited Liability Company (LLC)
2. Branch office
3. Representative office
1. Private Limited Company
The Private Limited Company business entity is the most frequently used configuration to incorporate a new company in Singapore. It is practically the same as a Limited Liability Company (LLC) in terms of structure, where shareholder liability is restricted to amount unpaid on shares.
It is easy and convenient to open a Singapore private limited because formation requirements include:
• One Director
• One Shareholder
• One Company Secretary
• No minimum share capital
• A registered business address
Therefore, it is the preferred vehicle of company formation for the foreign investor who is looking for an opening to conduct business in Singapore. A private limited company can also participate in any commercial or industrial endeavors. It also benefits from the fact that there are no foreign investment limitations in Singapore.
A Singapore private limited company can appoint a maximum of 50 shareholders. If more than 50 shareholders need to be appointed, then it is more suitable to form an Unlisted Public Limited company. The same should be the case if there is a possibility making the choice of regular share transfers.
It takes less than a week to incorporate a Singapore private limited company structure. An advantage for foreign investors is that during formation, they do not have to be physically present in Singapore, nor are they required to contribute any share capital. Nonetheless, at least one company director appointed must be a Singapore resident.
Overall, a private limited company accomplishes the requirements of mostly every business use within the Singapore territory, or beyond it. The private limited structure also has minimal administrative requirements and remains flexible for any purpose, provided that there is no need for share liquidity. These advantages make the Singapore private limited company structure also suitable to be used as either a subsidiary, or as an instrument for entrepreneurial motives.
The private limited company business structure can also serve as a basis for employment in the following ways:
a) As a Special Purpose Vehicle (SPV) – An SPV can be utilized:
i. By investors for holding nominated assets on part of the investors while protecting the shareholders from accountability
ii. For raising funds from the market
b) As a Holding Company – A Holding Company structure can be utilized:
i. As an entity for holding and managing long-term investments such as real estate, debt, or shares in other businesses
ii. As a vehicle for gaining income from dividends, interest payments and rental charges
iii. As an offshore, or paper company, to handle international investments with tax effectiveness
iv. As a private wealth instrument to handle family assets.
2. Branch Office
Foreign companies do not have to establish a distinct legal entity in order to do business in Singapore. However, a foreign company in Singapore will still have to register with the Accounting and Corporate Regulatory Authority (ACRA) to start conducting business. This procedure of business undertaking is termed as a Branch Office.
A branch office is bound within the range of business activities defined by the parent company. A branch can engage in billing local customers, signing sales contracts and collecting earnings from clients.
A branch office is not a separate legal entity and is dealt with as an extension of the parent foreign company it represents. All profits, debts and liabilities incurred by the branch will be accountable to the parent company. So using a branch does bring the element of bigger risk to one’s business.
Branch registration in Singapore necessitates hiring of two resident agents, and thus demands more executive requirements, than when compared to a private limited company. A private limited company can be formed with a minimum of one resident director. The Singapore Companies Act requires that branch offices can be registered solely by foreign companies.
A branch office cannot take advantage of Singapore’s double taxation avoidance treaties, as well as any tax incentives for new organizations. This is because branch offices are declared non-resident for tax purposes.
There are only a few narrow advantages of doing opening a branch in Singapore and generally, it is recommended to form a local company instead.
3. Representative Office
If a foreign company wants to establish a presence in Singapore without having to make revenue, it can opt for a Representative Office. Annual filings are streamlined as there is no need for filing taxes or having them evaluated. A representative office cannot carry out direct sales and may only partake of supportive undertakings such as:
a) Endorsing the parent company
b) Carrying out market research activities
c) Providing after-sales support and assistance
d) Employing Research and Development (R&D)
A representative office can employ up to less than five staff members only. It has a limited business life-span due its limited scope of tasks and it is mandatory that it converts into a branch, after three years of operation.
New foreign companies are not allowed to establish a representative office in Singapore. According to law, a foreign business:
a) Has to show an annual sales of an excess of US$250,000
b) Has to be at least three years old
For a foreign company, a representative office is useful as an avenue to explore the Singapore market by conducting market research. It is a great short term investment and also incurs a simpler financial reporting, as compared for a corporation.