Foreigners starting a business in Singapore – looking for advice

[PNGMK]

It's best to speak with an actual company that sets these up. DM me if you want a recommendation

[Strong Eagle]

Hi all,
I’m exploring the idea of setting up a business in Singapore and would appreciate guidance from people who’ve already gone through the process.

I’m trying to understand:
– What’s needed for incorporation as a non-Singaporean
– How nominee directorship usually works
– Annual compliance I should be aware of
– Whether it’s difficult to open bank accounts as a foreign-owned company

I’ve been reading various Singapore business resources online, but hearing from real experiences here would be very useful.
Thank you!

Are you aware that as a non-resident director (or senior company manager, for that matter), your income will be automatically subject to a 24 percent withholding tax that the company must pay prior to sending funds to you?

Any firm that will provide a "normally resident" director for you will insist on a number of conditions since their rented director is responsible for all actions of your company

a) You will need to be a director of the company.
b) You must provide transparency into all your financial transactions.
c) All contracts, employment passes, and money transfers must be approved by the company supplying the rented director.

Accounting firms have learned the hard way that it is dangerous to be a director for a company in which you have no direct involvement. If you setup a money laundering company, it is your rented director who is legally responsible. As a result, companies that offer this service will charge a premium, will insist in having control over your financial transactions, and will want to keep the relationship temporary (the expectation is that you will be taking steps to gain Singapore residency).

[lepharaon]

Hi all,
I’m exploring the idea of setting up a business in Singapore and would appreciate guidance from people who’ve already gone through the process.

I’m trying to understand:
– What’s needed for incorporation as a non-Singaporean
– How nominee directorship usually works
– Annual compliance I should be aware of
– Whether it’s difficult to open bank accounts as a foreign-owned company

I’ve been reading various Singapore business resources online, but hearing from real experiences here would be very useful.
Thank you!

Pretty straightforward:

– You need one local director on paper if you’re not a resident.
– Nominee directors are common, just make sure it’s a legit firm.
– Annual filings: ACRA return + tax with IRAS.
– Bank accounts are the annoying part — expect interviews and slow approvals.

Plenty of foreigners do it, just budget time and fees.