Singapore is one of the most accessible places globally to conduct business. Setting up a company and opening a bank account are seamless and efficient processes for foreigners looking to start their business in Singapore. Whether you are a corporate or individual investor, there are vital processes to be aware of as you begin your investment journey in Singapore.
How to Set Up a Company in Singapore?
If you're wondering how to set up a small business in Singapore, you'll be glad to know that it's a simple procedure that can be summarized in three steps, whether you're setting up a physical or online business.
1. Choose the Business Entity
The Accounting and Corporate Regulatory Authority (ACRA) issues licenses and enforces regulations for businesses operating in Singapore. In Singapore, a variety of business structures can be established. The ACRA website provides further information about your company's most suitable business structure.
2. Set Up the Company
As you learn how to set up a small business in Singapore, you should know that every Singapore company must comply with the Companies Act and register with ACRA. Business owners can complete the registration process online through Bizfile, ACRA's online portal.
The following requirements must be met to register a business in Singapore:
Company name - It needs to have ACRA approval.
Directors - At least one director must reside in Singapore.
Shareholders - There must be at least one.
Company secretary - The company secretary must also be a Singapore resident.
Registered address - It is necessary to provide a physical office address.
Paid-up capital - It must be at least S$1.
When contemplating establishing a new company in Singapore, it might be beneficial to engage the services of a company incorporation service provider such as Premia TNC SG. With their team of experienced professionals, they can assist you in navigating through the intricate process of incorporating a company in Singapore, which includes selecting a local director and much more.
3. Open a Corporate Bank Account
Opening a business bank account is crucial when you want to set up a small business in Singapore. For sole proprietorships and partnerships, it is feasible to keep using your personal bank account. However, considering opening a different business bank account may be beneficial. Separating your personal and business expenses simplifies account management for your business. Several national and international banks are available for you to pick from.
If you are looking for a stress-free experience while opening a corporate bank account in Singapore, it is advisable to engage a corporate service provider such as Premia TNC SG. With their expertise, they can assist you throughout the entire process - from selecting the most suitable bank to preparing the required documents and completing the application process seamlessly.
How to Apply for a Bank Account?
Step 1: Choose a Bank
Choosing a bank to handle company funds is one of the most important financial decisions when learning how to set up a small business in Singapore. Different banks provide varying service levels, charge additional fees, and offer their clients significantly different telegraphic transfer rates.
Step 2: Prepare Documents
For the majority of banks, the following constitutes the primary documentation needed for opening a bank account:
Application form
Resolution by the company's board of directors
Company's constitution (certified copy)
Company's business profile (certified copy)
Company's certificate of incorporation (certified copy)
Passport or Singapore ID copies of the proposed bank signatories
Minimum deposit
Step 3: Go Through the Business Bank Account Opening Process
The amount of time needed to process and set up a bank account usually relies on several variables, the most important of which is whether you have included all essential documentation with your application. As you figure out how to set up a small business in Singapore, it is advisable to enlist the help of a professional corporate service provider with expertise in opening bank accounts for clients to avoid delays.
Government Grants
The Singapore government actively promotes entrepreneurship and new businesses. Foreign companies with plans to conduct high-value and substantive activities in Singapore and grow their businesses may be eligible to apply for various incentive programs.
Need any advice or help with incorporation services?
If you want to know the best way to set up a small business in Singapore and register your company quickly and easily, consider using a company registration service provider. They'll help ensure that your new company adheres to ACRA regulations.
Premia TNC SG can guide you through the company incorporation process in Singapore and provide advice on related issues. Their team of experts can help you register your company with ACRA and provide ongoing support for your business needs.
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