How to start a business in Singapore from Malaysia?
Setting up a business in Singapore as a Malaysian resident involves a few key steps:
1. Company Requirements:
Local Director: Singapore law mandates at least one resident director for your company. This director can be you, but it requires obtaining a work pass. Alternatively, you can appoint a nominee director (fulfills residency requirement but has limited power).
Company Secretary: Every Singapore company needs a qualified company secretary to handle administrative and reporting duties.
Registered Address: Your business needs a physical address in Singapore to register.
2. Registration Process:
Corporate Services Provider: Using a local corporate services provider is recommended for navigating the registration process and complying with regulations.
3. Additional Considerations:
Minimum Capital: The minimum paid-up capital for a Singapore company is S$1.
Work Visas: If you plan to work in Singapore, you'll need the appropriate work visa based on your role and company activity.
Setting Up a Business in Singapore from Malaysia
Here's a breakdown of setting up a business in Singapore from Malaysia:
Requirements:
Local Director: Singapore requires at least one director residing in Singapore. You can be the director if you obtain a work visa, or appoint a nominee director (local resident with limited control).
Company Secretary: Every company needs a qualified professional to handle administrative duties and filings.
Registered Address: Your business needs a physical address in Singapore for registration.
Registration Process:
Corporate Services Provider: Due to regulations, using a local company registration agent is recommended. They can handle the process and ensure compliance.
Documents and Fees: Prepare necessary documents like company constitution, director/shareholder information, and business plan. Fees include registration fees and service charges from the provider.
Additional Considerations:
Minimum Capital: The minimum paid-up capital is S$1 (symbolic), but you may need more for operational purposes.
Work Visas: If you plan to work in Singapore, research the appropriate work visa based on your role and company activity.
Costs:
Service fees: Expect S$3,000-S$5,000 for the first year, covering registration, government fees, and agent services (including nominee director and address if needed).
Next Steps:
Research your industry and business concept in Singapore.
Choose a business structure (sole proprietorship, partnership, etc.).
Select a company name and check availability.
Find a reliable corporate services provider in Singapore.
Gather required documents and fulfill registration procedures.
Apply for work visas if needed for yourself or employees.
Remember, this is a general overview. It's wise to consult with a professional for specific guidance on your business situation.
In-Depth Guide to Setting Up a Business in Singapore from Malaysia
Expanding your business to Singapore can be exciting, offering access to a global market and a pro-business environment. Here's a detailed guide to navigate the process:
Pre-Registration Steps:
Business Research: Thoroughly research your industry and target market in Singapore. Analyze competitor landscape, regulations, and potential challenges specific to your business.
Business Structure: Choose the most suitable business structure. Common options for Malaysians include:
Sole Proprietorship: Simplest option, but owner carries all liabilities.
Partnership: Two or more individuals share ownership and responsibilities.
Limited Liability Company (LLC): Most popular choice, separates personal assets from business liabilities.
Company Name Check: Ensure your desired company name is available through ACRA (Accounting and Corporate Regulatory Authority) online portal.
Corporate Services Provider: Engage a reputable Singapore-based corporate services provider. They can handle registration, legal compliance, and ongoing support.
Registration Process:
Gather Documents:Â Â Prepare the necessary documents as per ACRA requirements. These may include:
Singaporean Identification Card (for nominee director, if applicable)
Director(s) and shareholder(s) information (passport, residential address proof)
Company constitution
Business plan
Registered address lease agreement
Online Registration:Â Â Your corporate services provider will guide you through ACRA's online portal (BizFile+) for company registration. The process involves:
Filling out online forms with company details, directors, shareholders, and registered address.
Paying registration fees (around S$160)
Approval and Issuance of Certificate of Incorporation:Â Â ACRA typically processes applications within 1-2 business days. Upon approval, you'll receive a Certificate of Incorporation, marking your company's official registration.
Post-Registration Steps:
Open Corporate Bank Account: Choose a Singaporean bank and open a corporate bank account for business transactions.
Apply for Business Licenses and Permits: Depending on your industry, you may need additional licenses or permits to operate legally. Research requirements based on your business activity with relevant government agencies.
Work Visa Applications: If you plan to work in Singapore or require employees to be physically present, apply for the appropriate work visas through the Ministry of Manpower (MOM).
Compulsory Registrations: Register for Goods and Services Tax (GST) if your annual turnover exceeds S$1 million. Register with the Central Provident Fund (CPF) if employing staff in Singapore.
Additional Considerations:
Minimum Paid-Up Capital: The minimum paid-up capital is S$1, but some industries might have higher requirements. Consider the actual capital needed for operations.
Corporate Secretary: Appoint a qualified company secretary to ensure adherence to corporate governance regulations and handle filing requirements. Your corporate services provider might offer this service.
Accounting and Tax Compliance: Establish a system for bookkeeping and tax compliance. Consider hiring a Singaporean accountant familiar with local regulations.
Remember:Â This guide serves as a general framework. It's crucial to consult with a professional for personalized advice based on your specific business needs and industry regulations.
Resources:
How Bestar MY can Help
How to start a business in Singapore from Malaysia?
Bestar MY can be a valuable asset in your journey to setting up a business in Singapore from Malaysia, due to our familiarity with the nuances of this process. Here's how we can potentially assist you:
Understanding Pros and Cons:
Bestar MY can help you weigh the advantages and disadvantages of registering a subsidiary company in Singapore based on your specific business goals. This might involve factors like tax implications, access to regional markets, and regulatory environment.
Guiding the Registration Process:
We can handle the entire registration process ourselves (due to Singaporean residency requirements), Bestar MY's experience can be helpful in navigating the steps. We can:
Explain the different stages of registration and the documents required.
Advise on choosing a suitable business structure for your needs (sole proprietorship, LLC, etc.).
Connect you with their reliable corporate services provider in Singapore who can manage the official registration with ACRA.
Additional Support:
Bestar MY offers services like:
Opening a corporate bank account in Singapore through their partnership with CIMB (subject to eligibility).
General tax and accounting advice.
Overall Benefit:
By leveraging Bestar MY's knowledge and connections, you can streamline the process and gain valuable insights specific to Malaysian entrepreneurs venturing into Singapore.
By combining Bestar MY's guidance with a qualified Singaporean corporate services provider, you can increase your chances of a smooth and successful business setup in Singapore.