Setting Up a Business in Singapore – What you Need to Know

Setting Up a Business in Singapore

Singapore is very much the economic tiger of Southeast Asia, with a stable economy, English fluency and a very large domestic market. You might have a manufacturing facility in Europe and you are looking at potential foreign markets, in which case, Singapore is an obvious choice to get your foot in the door, so to speak.

There are 3 main forms of company registration for foreign investors, which are as follows:

  1. Representative Office (RO) – The RO is designed for a foreign company that wishes to carry out some market research in Singapore; a non-trading entity that is allowed to carry our R&D – activities are restricted and the business is not bound by local laws and regulations. By using an accounting company in Singapore, you can remotely manage the office and local secretarial services are always available. You can have 1 foreign manager to oversee the operation and working visas can be obtained.
  2. PLC – A private limited company is the go-to solution if you want to trade and be unrestricted in your business activities. The entity requires 1 resident director, 1 or more shareholders, a company secretary and you are compliant with local rules and laws. A PLC can be created in a single day, with a simple process when handled by an international law firm, then you are ready to trade; the law firm has extensive associations and can source any service you might need. Click here for the best productivity apps in 2024.
  3. LLP – Limited liability Partnership – Perfect for professional people such as professors, lawyers and doctors, the LLP is also attractive for foreign investors who set up hedge funds and trusts. This trading entity must have 1 manager and at least 2 partners; there are no capital requirements and activities are not restricted. By consulting with a leading international law firm with offices in Singapore, you will receive the best advice and when you are ready to implement, they will oversee the registration, while providing a range of essential business and tax services.

Regardless of which form of business you choose, compliance is paramount and the only way to ensure that is to use the services of a leading law firm with offices in Singapore.

Bank accounts & capital deposits

Where applicable, you will need to deposit capital into the Singapore bank account you created for this purpose; your lawyer will give you a list of requirements when the application is being prepared and dealing with someone who has extensive contact with government officials is comforting.

Outsourcing essential business services

If you need a local bookkeeper/accountant, look no further than your law partner; they have connections with many 3rd party local providers to ensure your business runs smoothly.

Once you have registered the business with the Singapore government, you can go about the business of setting up your offices

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BSV Staff

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