How to Register a Company in Singapore Online in 2024
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- Опубліковано 5 лип 2024
- If you are exploring your options to expand your business or simply register your company in Singapore for its tax-friendly and crypto-friendly policies, this video is for you.
This is an outline of my experience registering my company in Singapore and I hope it helps you in the same process too.
00:00 The 3 Steps
01:10 Tax Structure & Other Benefits
03:18 Consider Your Spending & Location
05:08 Walkthrough of the Process
The registration process is 100% online and can be done remotely without you having to travel to Singapore.
You can also get started with a Virtual Bank Account once your company is Registered.
There are options to get a full-fledged bank account and EP in case you'd like to travel to Singapore for work in the future.
Registering a Singapore Company: high-level overview
Company name: We recommend having a shortlist of three in case your first choice isn’t available.
1 or more directors: Directors must be individuals, aged 18 and above, who have not been disqualified to hold a directorship in Singapore or elsewhere.
1 or more resident directors: At all times you will need at least one locally resident director. At the time of company registration, this is someone who is a Singapore citizen, Permanent Resident, or holder of an EntrePass visa.
Between 1 - 50 shareholders: A shareholder can either be an individual or a legal entity like a trust or another company. Singapore permits 100% foreign ownership of Singapore companies.
Paid-up capital: The minimum paid-up/share capital for a company to register in Singapore is S$1. Any time post business registration, the share capital can be increased.
A registered address in Singapore: The address that is provided for the company must be located in Singapore. It must be a physical address and a P.O. box will not be accepted.
Company secretary: Every company must appoint a company secretary. This individual will help the directors to prepare and file all necessary documentation to keep the company compliant.
Auditor: Unless the company has been exempted from audit (which is the case for most start-up companies), within 3 months of registration, every company must appoint an auditor.
NOTE:
If you decide to register your Singapore company with Sleek, You can use the code AF288929 during checkout on www.sleek.sg to get SGD $100 off on any of their services.
Thank you, will check sleek out
This was rather helpful, thanks!
Have been mulling over what country to pick for company incorporation, US or Singapore, for a tech company.
SG looking more favorable all things considered.
Sure, I've recently made an updated video on this here:
ua-cam.com/video/YyY_wxpJN6U/v-deo.html
@@remoterish thanks, checking it out. 👍
Hi Rishab, does the singapore business registration really benefecial only for software and startup companies or even trading companies who are into hardcore import and exports
I have only run online businesses and startups so I’m not very sure about this. I would suggest speaking to one of the Singapore consultants they can explain if it’s a right fit
Can we register LLC in Singapore for our crypto business & stay in India ? & does any licenses needed for providing crypto services & for accepting crypto as payment ?
Yes you can stay in India. As long as your banking is managed in Singapore with the company account.
Question - In India, we can also invest the money in FDs and equity/mutual funds for corporate accounts as well. What are the options for SG?
Good question. First off, SGD itself is a basket of currencies and it's easy to open a USD account with your SG company so just keeping the money in USD will give you some benefit in the long run compared to keeping the money in INR. Next, reg investment options, Singapore is an international standard economy and you have various options. However, I personally invest mostly from my Indian bank account. The Singapore is for corporate purposes only.
Thanks
all the best!
Hello Rishabh! Can I open a virtual office there for my export business?
Yes there are many virtual office service providers in SG. I'm using one in Singapore Business Federation.
Hi RIshabh,
I have one question, I hope you answer this..
I run my online classes, and I want to register my company in Singapore. If I will register, how can my student pay me; so that money go to my singapore account. Like in most cases they will pay me through UPI or QR code, is it possible that they pay in my upi in INR and that money will deposit in my singapore account. and once I will receive my amount how can I use it. I mean, I can only use it online or I have option to withdraw it in cash like ATM.??
The good news is Singapore now supports india with the new link up. Read this m.economictimes.com/industry/banking/finance/banking/india-singapore-digital-payment-link-clocking-100-transactions-per-day/amp_articleshow/105064491.cms
Awesome Rishabh,
If we want to get that money in India, it will taxable so how can that be done. What can be the benefit of having 20-30 Lakhs in singapore account if we can’t use it in India??
Please answer the query if you get time.
Yes, that's a valid question. I don't take this money to India. If I do need it, I might take some as salary. But otherwise I use it for company expenses mostly. You can get a company credit card from the Singapore co. and use it for many official expenses (or other expenses that can be shown as official expenses). I also use it to travel around South East Asia. I live in South East Asia (currently in Vietnam) so it helps too. You'll need to have a way to spend the money without taking it to India.
@Rishabh it was really nice video, I would like to know I need to open a Recruitment consultancy in Singapore, can you advise any other way where I can get all in one package
I feel both Sleek and Osome are good options and both of them provide end to end services so you can have a call with both of them and take the one you prefer.
I use a few other services when it comes to banking and virtual cards etc. so I can keep funds in multiple currencies and can avoid PayPal or stripe fee. That’s a bit more personal to my business but if you ever want to discuss those details you can book a consulting call with me at topmate.io/rishabhdev
Do you declare your singapore co and bank accounts on Indian returns. Doesn't your foreign income become taxable in India as you are a resident..
The income made by Singapore company is not taxed in India. it has nothing to do with India.
Of course, If you decide to take the money from your SG company to your personal Indian bank account, you will get taxed for that in India.
@@remoterish I heard that India and singapore have treaty that you just need to pay tax once. it means if you pay tax in singapore then you dont need to pay in India. is it correct??
Can we open manpower services office in singapore.. and bring demand in nepal?
For sure
I just want to consult about a little query with you as you know that forex trading is not legal in India, I was just thinking can we open a singapore savings account/trading company and send money into that account from our Indian bank account & then Depositing money into broker's account from that singapore bank account. Will this system will also come under legality according to you?
Same question?
Do you get any solution for that?? If yes, than please share with me .
Any update guys?
Hi,
Need assistance for company incorporation. Have some queries..
Can you pls help
You can ask here and will try to respond if I have an answer.
Yoo do we also need to register our company in our home country if we are incorporating else where? Let’s say sg or us or uk?
don’t we get double taxed from our home country and sg (as an example) in a scenario if you are receiving money from your sg company bank acc and transferring it to your local home country bank acc for your personal use?
No you won't get taxed in India unless you take money from the Singapore company to your Indian bank account.
@@vibewithdipen8473 there is double taxation agreement between countries. There is a DTA between SG and IND. You will get taxed according to your residency. If you're Indian resident you will be taxed in India. If you are Singapore resident you will be taxed there. If you are resident of another country you may or may not be taxed there, depends upon the tax law of that country, eg Dubai.
You don't need to have a company in home country to register a company in any other country. But if have a home company you can open a branch.
Hi Rishabh
I want to setup a crypto trading company in Singapore. Will i get work pass to visit Singapore in that case. I want to legally avoid my crypto tax in India. Any suggestions will be appreciated
You can setup the company first, wait a while to show good standing, then later apply for EP (Employment pass) for your own co. This will improve your chances of getting the pass.
@@remoterish , I also have the same question. For now I am in Canada and still hold Indian Nationality. If I register a company in Singapore for crypto trading whether I will be able to spend money or transfer to India without any tax on profit I earned?
Also, what If I transfer fund from here to Singapore crypto account? whether any tax implication on that?
do you have to be a permament resident to open a company in singapore?
No
Can you make a video... How to register?
Hi Akash I was going to do a follow up video on this one with updates and my new Singapore company process I will make and upload it soon!
I want to start a print on demand online shop in sg and I haven’t really earning yet. Should i still register it here in Singapore?
No.
You should setup the business first and start making money
because it's easy to fail unfortunately
If you see signs of success and get the money to incorporate, only then you should move to incorporation because in the initial stages of the business, incorporation is not a very useful expense as per me
Actually the paclage at Sleek is not inclusive and a bit vague for beginner. It is better to seek a service provider who can include all service in 1 package with no hidden fee.
Makes sense. Try Osome they have some packages for incorporation + accounting too
How to transfer money to India tax free from singapore company?
Is it possible?
You'll have to pay tax in india if you receive money in india
Can you have a Sole proprietorship in Singapore for a online business?
You need to have a nominee director who is a Singapore citizen but this is a service you can get from any Singapore company registration service provider and pay an annual fee for this nominee director.
Ey Rishab. I am running multiple UA-cam channels and making money via adsense and affiliates.
Since the adsense earning is taxable.(18% GST) , I want to shift my firm to Singapore.
Will that be a good idea?
I think that could be a good idea. If you’re ok to take the youtube income to the Singapore company and figure a way to use that money later
You can also make payments to editors etc from the co and those will become your expenses further reducing the tax burden
@@remoterish right, that's what I am thinking. In India, I will have to pay GST on ad revenue as soon as I get it. But I can use that 18 Percentage to cover the cost of thumbnail makers accross all my channels
If i registered a company in singapore can i stay there with my family?
Please let me know about cost of company formation including visa ??
You can check the costs on sleek.sg and visa too
Video uploaded two years ago and talks about 2024 , Looks like you have a time machine dude
The process is the same. I've registered a new company this year and followed the exact same process. Adding the year shows it's still a relevant video.
@@remoterish Thats incorrrect info. The charges have been increased and there are other ways to open companies also. This video looks like a sponsored video from Sleek.
Awesome video Rishabh, how can I contact you in private?
What is it about? I don't have any direct contact detail here so be careful if you have seen any scam comment
@@remoterish About some case like mine and where to register company.
Please share your contact