Establishing a business in Singapore is glamorous until you are three tabs into the ACRA site wondering whether you have just volunteered to intern in the government. The procedure is actually simple as compared to the majority of nations – however, easygoing is not the equal of apparent. You must know yet where to step. Start your Singapore company journey today with Hub as your trusted partner for seamless registration.

To begin with, all Singapore businesses should have at least one local director. That is a Singaporean citizen, Permanent Resident or EntrePass holder. This is what foreign founders fall over. As a foreigner you may still own 100 percent of the company but that local director requirement will not be compromised though Singapore does allow 100 percent foreign ownership, something of value that is hard to find in other places. Other individuals use the services of a nominee director to occupy this position. It is effective, simply do your research and give somebody signing power to your business.

Registration, in itself, is done by ACRA, which is the Accounting and corporate regulatory authority. The majority of incorporations are approved within hours and in most cases, days. You will require a local registered address, a name of company that passes their examination of approval, and minimum paid up capital will be S$1. Yes, one Singapore dollar. The entry barrier is purposely minimal and it is not by accident. Singapore is interested in businesses here. The government has literally placed a welcome mat with a cup of coffee machine beside it.

Once incorporated, the situation becomes a bit more complex. You will require a corporate bank account and the banks in Singapore may prove to be unusually picky to new companies. Write down the records of how you are doing business, where you got the money and occasionally the description of what you actually do. It is easier going to digital banks such as Aspire or Airwallex but credibility still lies with the traditional banks. Choose not only because it is convenient but according to your business model.

Something that people do not take seriously enough? Annual compliance. The Singapore companies are required to make an annual filing of returns, keep proper accounting records and audit their accounts may be necessary based on the size of the company. Failure to meet deadlines attracts punishment. This is outsourced to a corporate secretary by many founders – they are legally obliged to do so within six months. You are better to consider it as less of an overhead of the administration and more of someone keeping the wheels on the wagon as you actually create something that is worthy of registration in the first place.