Many business owners choose to incorporate their company in a foreign country for a variety of reasons. Perhaps they are looking to expand their market reach, or maybe they want to take advantage of lower taxes and less stringent regulations. Whatever the reason, if you are thinking of incorporating a foreign company, there are a few things you need to know. From choosing the right jurisdiction to setting up your business banking, the Ultimate Guide: Company Incorporation by Foreigners will walk you through the entire process.
Setting up a company as a foreign individual
Whether you’re looking to expand your business into new markets or simply set up shop in a foreign country, incorporating a company is a smart move. But the process of incorporating a company as a foreign individual can be daunting, especially if you’re not familiar with the local laws and regulations.
Documents required to incorporate a foreign company
When setting up a foreign company, there are a few key documents that are required in order to incorporate.
First, you will need to have a Certificate of Good Standing from your home country. This document proves that your company is in good standing and is in compliance with all local laws.
Next, you will need to obtain an Overseas Company Registration Certificate from the country where you intend to set up shop. This certificate indicates that your company is registered with the local government and is allowed to do business in that country.
Lastly, you will need to get a Business License from the country of incorporation. This license allows your company to operate legally in the country and shows that you have met all the requirements for doing business there.
With these three key documents in hand, you should be able to successfully incorporate your foreign company.
Steps for registering a company in Singapore
- Company registration in Singapore is a simple and straightforward process that can be completed in just a few steps.
- The first step is to submit an application to the Registrar of Companies (ROC). This can be done online or in person at the ROC office.
- Once the application has been approved, you will need to submit the required documents and fees. These include the company’s constitution, share capital, and registered address.
- After the documents have been received and processed, you will be issued a Certificate of Incorporation. This document is proof that your company has been officially registered in Singapore.
- The next step is to open a corporate bank account. This can be done at any major bank in Singapore.
What happens after registration?
After registering a company in Singapore, the next step is to open a corporate bank account. This can be done at any major bank in Singapore. The company will need to provide the bank with its registered address, company name, and business registration number. Once the account is opened, the company can start conducting business transactions.
The company will also need to apply for a Business License from the Singapore Government. This license allows the company to operate legally in Singapore. The application process can be done online through the Business Licensing Portal. After submitting the required documents, the company will receive its Business License within 5 working days.
Lastly, the company will need to register for GST if it plans to make taxable supplies of goods and services in Singapore. The registration can be done online through IRAS’ e-Services portal.
Hopefully, this guide will help you incorporate your company into a foreign land.
