Guide to Incorporating a Company in Singapore
Incorporating a company in a foreign country can be challenging, particularly for new businesses. However, Singapore stands out as an ideal destination for company incorporation due to its low corporate tax rates, robust intellectual property protection, and ease of doing business. Whether you’re looking to establish a new company or expand an existing one, Singapore offers the perfect environment for growth. At Global Business 360, we aim to make the incorporation process seamless and stress-free. Here’s a comprehensive guide to help you navigate company incorporation in Singapore.
Private Limited Company
The most common business structure in Singapore is a Private Limited Company, which requires approval from the Accounting and Corporate Regulatory Authority (ACRA). To begin, you’ll need to submit incorporation documents along with a proposed company name for ACRA’s approval. After obtaining approval, you can apply for business licenses, open a bank account, and register for GST if applicable.
How Global Business 360 Assists with Company Incorporation
When you engage with Global Business 360 for company incorporation, our team handles the entire process, allowing you to focus on your business. Our services include:
- Verifying and reserving the company name
- Preparing and filing necessary documents with ACRA
- Registering the company name after approval
- Assisting with opening a company bank account
- Offering corporate secretarial services
- Managing annual filing services as required by the Companies Act
Minimum Criteria for Incorporation in Singapore
To incorporate a company in Singapore, the following pre-incorporation requirements must be met for ACRA registration:
- A local registered office address
- At least one resident director
- A minimum of one shareholder
- A company secretary
- A minimum paid-up share capital of S$1
Requirements for Incorporation
Below are key factors to consider before incorporating your company:
| Requirement | Details |
|---|---|
| Company Name | The company name must be unique and approved by ACRA. It should not conflict with existing trademarks or business names. |
| Resident Director | You must appoint at least one director who is a Singapore citizen, Permanent Resident, or holder of an Employment Pass or EntrePass. Additional directors can be local or foreign, with no restrictions on the number of directors. |
| Company Secretary | A company secretary, who must be a Singapore resident, should be appointed within six months of incorporation to ensure regulatory compliance. |
| Shareholders | A company must have at least one shareholder. Under the Companies Act, a Private Limited Company can have between 1 to 50 shareholders, with 100% foreign or local ownership allowed. |
| Registered Office | Your company must have a registered physical office address in Singapore for official correspondence. In some cases, a residential address may be used. |
| Share Capital | The minimum paid-up capital required is S$1, which can be increased after incorporation. |
| Governance Structure | Your company’s governance structure, including the relationship between shareholders and the company, is determined by its constitutional documents (Articles of Association). |
Steps to Incorporate a Company in Singapore
- Choose a Company Name and Address
- Once your company name is approved, you should search for its availability on BizFile+, ACRA’s business portal. You must also confirm the registered office address for your company.
- Prepare Incorporation Documents
- Key documents required for the incorporation application include:
- Company constitution (also known as Articles of Association)
- Signed consent from each director to act in their role
- Signed consent from the company secretary
- Residential address and identification details of each shareholder
- Verification of identity and address for shareholders
- Professional background of each shareholder
- Complete Registration on BizFile+
- After verifying all documents, submit your application through BizFile+. Once all required information is entered, pay the necessary fees. Your company can be incorporated within 15 minutes upon successful submission.
Post-Registration Documents
After registering the company, ACRA will issue several key documents:
- Certificate of Incorporation
- Upon successful incorporation, ACRA will send an email confirming your company’s registration. This email includes the company registration number, serving as the official Certificate of Incorporation. A hard copy of the certificate is optional, but if required, you can request it online for an additional fee and collect it from the ACRA office.
At Global Business 360, we ensure that the entire incorporation process is handled efficiently, enabling you to focus on the success of your new venture in Singapore.