Singapore Company Registration: Cost, Process, Documents, & Time

by Leslie S. Professional Content Writer

When owners decide to form a business, they search startup environment, low taxes, and minimal paperwork. Political stability, stable economy, latest communication networks, connectivity to the outside world, infrastructure, and access to easy finance gives them confidence. They also want the least bureaucratic hurdles, corruption, and red-tape. Singapore is such a place. It is why owners opt for Singapore company registration.

Singapore Company Registration Cost

For your Singapore company formation, you will need to apply to the Company Registrar, i.e. ACRA. You will need to complete 2 steps. And ACRA's fees for forming a company is S$315. Normally, you need only 1-3 days to incorporate a company in Singapore.

Any individual, local or foreign, over the age of 18 can set up a company in Singapore. However, before you proceed further, make sure that you fulfil the following requirements:

· At least 1 shareholder (maximum 50)

· At least 1 local director

· At least 1 corporate secretary

· Registered local physical office address

· Minimum initial paid-up capital of S$1

Process for Singapore Company Registration

In the first step, you will need to register the name of your proposed company with ACRA. The official ACRA fee is S$15.

#Step 1:

Company Name Registration

You begin by visiting ACRA's e-portal BizFile+ to search the availability of name. Appointing a registered filing agent such as SBS Consulting can save you the efforts. Submit a list of 3-5 names to us.

Our experts will search them on the BizFile+ and will register the available name for your use. It gives you 60 days to register your new Singapore company. We can also apply, pay additional fees, and extend this period by another 60 days.

The Company Registrar rejects names that are deemed vulgar, black-listed, or similar to the names or trademarks of existing companies. Choose something that will inform your customers about your business.

If your company name contains words like Law, Bank, Casino, Education, Media, or Finance, it may cause a delay. The application gets referred to concerned ministries and approval may take up to 2 months.

#Step 2:

Company Registration with ACRA

You will need to provide us with a bunch of incorporation documents. Our experts can advise you on these documents. We need these documents to ACRA on your behalf.

We then pay ACRAs fee of S$300 to set up your company. Within 1-3 days, after successfully registering your company, ACRA sends you an email containing Certificate of Incorporation, Unique Entity Number, business profile, and etc.

Documents for Singapore Company Formation

· Approved Company name

· Description of business activities

· Registered local address

· Particulars of shareholders, directors, company secretary

· Foreign Individuals: a copy of passport & proof of residential address (overseas)

· Foreign Companies: Memorandum & Articles of Associations, Certificate of Incorporation

· Singapore Residents: A copy of their Singapore identity card

Shareholders

You need to provide at least one corporate or individual shareholder to form a Singapore private limited company. Here, foreigners get to own 100% of shares in a company. The maximum number of shareholders that such a company allowed is 50.

Shareholders’ Agreement

The shareholders’ agreement describes rights, obligations, and relationships of shareholders of the company. Prepare it, as it helps to resolve disputes and disagreements in future.

Directors

You need to provide at least one local or resident director. You can appoint a Singapore citizen or a Permanent Resident to act as a local director. EntrePass holders can also act in this capacity.

Registered Local Address

You need to provide a registered local physical office address to ACRA for official communication. A P. O. Box address is not valid. However, you can provide a residential address.

Company Secretary

As per the mandate of law, You need to hire at least one corporate secretary within 6 months from the date of the company's incorporation. Or, You can also hire a professional company secretary services firm.

Company Constitution

Company constitution describes how you will run your company. We can buy a model constitution from ACRA for you. If you need a customized constitution, we will assist you with it.

Auditor

You need to employ at least one auditor within three months from the company's registration. Companies that are tagged as a “Small Company” or belong to “Small Group" are exempted from audit requirements and do not have to hire one.

Foreigners need a work visa or pass to live and work in Singapore. You can ask the company secretary to apply for an Employment Pass. It will enable you to relocate to Singapore and take charge of its activities.

The process for Singapore company formation, even for foreigners, is easy to complete. The paperwork is not that difficult or complicated. And you can easily supply the required documents. And an experienced provider of Singapore company registration services can help you in negotiating each of its step hassle-free.

SBS Consulting is an experienced provider of Singapore company registration services. If you have any questions for us, call us on +65 6536 0036 or email us at info@sbsgroup.com.sg for answers.

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Created on Jan 10th 2021 10:05. Viewed 347 times.

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