Singapore
Routes to Market in Singapore
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Singapore Routes to Market
All businesses in Singapore must be registered with the Accounting and Corporate Regulatory Authority (ACRA). A helpful resource for researching a new foreign business in Singapore is the SPRING Singapore website www.spring.gov.sg
The Economic Development Board website is also a good reference point www.edb.gov.sg
Sole Proprietorship
A business owned by one person, it offers a simple and flexible way to the market. The investor will be personally liable for any losses the business makes and foreign investors need to appoint a Local Manager who is a Singapore national and over the age of 18. It is quick and easy to set up and cost $50 to register, $20 for yearly renewal and $10 to approve the business name.
- Partnership
- Limited Liability Partner
- Company
Partnership
Like a sole proprietorship, a partner will be liable for any losses the business may make. There must be a minimum of 2 owners and a maximum of 20. A Local Manager also needs to be appointed. It cost $50 to register, $20 for yearly licence renewal and $10 to approve the business name.
Limited Liability Partnership
This form of business means that the company is an entity and the owners are only accountable for losses to the extent of their investment. At least two partners are required and there is no maximum amount of partners. Each partner will be taxed based on the amount of income they receive from the business. If the partner takes the form of a company, the partner will pay the corporate tax rate. If the partner is an individual, they will pay personal income tax. The appointment of a Local Manager is compulsory and the business cost $150 to register and £10 for the approval of the company name. If a corporation becomes a partner, there is a $100 conversion fee.
Limited Partnership (LP)
A limited partner requires a minimum of two partners. One partner must be a general partner. A general partner is personally liable for any losses the business incurs. One partner must be a limited partner. A limited partner is only liable to the amount invested in the business. There is no maximum amount of limited partners in an LP. The business cost $10 for the registration of the name, $50 to register and $20 for yearly license renewal. A Local Manager also needs to be appointed.
A Company/Corporation
The owners of a company are shareholders. To open a company a minimum of one shareholder with one share is required. The business must have a director who is a resident of Singapore. The most common form of company is the limited by shares form, where there are a maximum of fifty shareholders permitted. The costs are $15 for the approval of the name, $300 for registration and there is no license renewal fee.
Branch Office
For a foreign company incorporating a branch, two Local Managers are required and must be liable for any losses. This is not a popular form of company for foreign investors, as the businesses must file the accounts of its head office with the Registrar of Companies and Businesses annually.
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