For many of us, life goes on as usual. Then the idea bug bites and a few of us wake up to an idea. And their conscious start itching to break away from the 9-5 rut. Independence. Company incorporation in Singapore is the way to follow.
What really happened in your case? Did you arrive at your innovative business idea gradually? Or was it a quick blast that revealed value addition to the existing solutions? Whatever the case, now your job is to opt to set up a business in Singapore and execute your idea.
How to Setup Business in Singapore
It is easy for you as a Native or Permanent Resident to set up a business in Singapore. It is natural and is expected of you. Many foreign entrepreneurs also opt for company incorporation in Singapore. And the authorities here have made it easy too. You can hire a company incorporation service provider or an agent.
The process for company incorporation in Singapore is a highly streamlined one. Local and even foreign entrepreneurs can complete it efficiently. An expert incorporation agent drastically increases your chances of completing the task.
Providers of services for company incorporation in Singapore advise and assist you in completing the legal requirements. They interact with the Company Registrar, i.e. Accounting and Corporate Regulatory Authority (ACRA), on your behalf. They are authorized to submit documents and deposit official fees to this agency.
What are the Pre incorporation Requirements?
There are many law and accounting firms that work as agents in Singapore. You can contact them and ask for advice to set up a business in Singapore. They advise you to be ready with the following:
Minimum initial paid-up capital of S$1
At least one shareholder
At least one local director
At least one company secretary
Registered local address
Appoint an individual over the age of 18 who is ordinarily a resident of Singapore. You can hire a Singaporean, Permanent Resident, or an Employment or Entrepreneur pass holder. You also need one local or resident director to form your company.
If you know no such person, you can seek your agents’ help. They can assign a nominee local director to you for a fee. Without a local director, your company’s incorporation in Singapore is not complete.
As per the Company Law, you must hire a company secretary within the 6 months of the incorporation of your company. You can hire an individual over the age of 18 who is ordinarily a resident of Singapore. You can hire a Singaporean, a Permanent Resident, and an Employment pass holder for this role.
Registered Office Address
You need to provide an address of the residential or commercial property in Singapore as the address of your company office. Singaporean regulating agencies use it for official communication with your company. P.O. box address is not valid for the purpose.
If you cannot submit an address of a residential or commercial property as your office address, there is an alternative. You can pay the agent for the registered address service.
Steps in Company Incorporation Process
After fulfilling all the pre-incorporation requirements, you are all set for your company incorporation in Singapore.
The agent will help you, especially if you are a foreigner, complete the two steps to set up a business in Singapore. The steps are as follows.
Take ACRA’s Approval for the Company Name
Submit a list of possible names for your proposed company to your agent. Their experts will check on ACRA’s website which one is available and pay the official fee of S$15 to register it in your name. You have 60 days to use it to register your company.
Choose a proper name that will hint at your business’ activities. ACRA rejects vulgar, blacklisted, or indecent company names.
Documents for Singapore Company Incorporation
You need to submit the following documents along with your application to set up a business in Singapore:
Company name approved by ACRA
Brief description of business activities
Registered local office address
Details of company shareholders, directors, secretary
Foreign Entrepreneurs: a copy of their passport & proof of residential address (overseas)
Foreign Companies: Memorandum & Articles of Associations, Certificate of Incorporation
Local Entrepreneurs: A copy of their Singapore identity card
As per ACRA’s rules, you need to submit all these documents in English. If necessary, get these translated into English from an authorized source or vendor.
Apply to ACRA for Company Incorporation in Singapore
Your agent will apply to ACRA to register your company. They will use the appropriate Singapore Standard Industrial Classification (SSIC) code, etc. They will also submit your incorporation and KYC documents to ACRA on your behalf.
On successful company incorporation in Singapore, ACRA sends you an email. It gives you details of your new company.
You can use this email as the Incorporation Certificate. Your agent can pay the required fees and get it in PDF format, which you can use to print a hard copy.
Afterward, do not forget to:
Open a corporate bank account
Apply and acquire business licenses and permits
Build a business website to market your products and service to your targeted customers online
Register for Goods and Services Tax
Register a CPF account and top it up
Register for tax with IRAS
Anyone above the age of 18 can set up a business in Singapore. If you are opting for company incorporation in Singapore, get in touch with us. Please send us a mail at [email protected] or call us at +65 6536 0036 to know our affordable company incorporation packages.