Many foreigners who are interested in company incorporation search for relevant data. Many of them want to know if it is possible to register company in Singapore for foreigner.
When it comes to registering a Singapore company, the services providers offering relevant services can offer you expert advice. All you need to do is to submit your incorporation and KYC documents to them.
After receiving their fees, they initiate the company registration process with ACRA.
In the first step, they register your company name with this agency. They pay the required fee of S$15
In the second step, they submit an application to form your company and relevant documents to ACRA. They pay the processing fee of S$300
After successfully registering your company, ACRA sends you an Incorporation Email giving details of your company.
However, before starting your business activities, you need to open your corporate bank account in a local Singapore bank. Some of them want the presence of shareholders, company directors and secretaries for it.
Many foreigners find this requirement hard to comply with as it involves a lot of expense and planning to travel physically. It is discouraging but a fact of life.
However, the good news is that a few of the banks in Singapore are now allowing business owners to open their business accounts online.
Before choosing a bank, it will help if you know your business needs. Check info on the minimum deposit required, monthly charges, multi-currency transaction facility, etc.
So, now it is easy to register company in Singapore for foreigner. Visit the bank's website, and provide all your relevant information and the details of your company online. On approval of your business account, you can immediately get your bank account number.