Guide to Incorporate Company in Singaporeby Leslie S. Professional Content Writer
Global investors prefer Singapore to set up their new businesses. The process is simple, transparent and free of red-tape. Most importantly, the initial paid-up capital required is only S$1.
You should know that foreigners cannot self-incorporate their Singapore company. They need to employ an experienced provider of Singapore company incorporation services for foreigners for the task.
What You Need to Form a Company in Singapore
Before you initiate the process to incorporate Singapore company, it pays to know things that can directly affect the outcome. Knowing these important things will allow you to be well-prepared in advance and complete the process hassle-free.
Company Name Approved ACRA
First, you will need to check the availability of the name you have selected for your company. If it is, you need to pay ACRA fees of S$15 and register it.
You need S$1 as the minimum initial paid-up share capital. Afterwards, you need to bring in more funds for your company's expenses and business activities.
You need at least one shareholders to incorporate a Singapore company which can be local or foreign individuals while Singapore allows 100% foreign shareholding.
As per the Singapore Company Law, you need to provide at least a local or resident individual as a director. Ensure the appointee is an ordinarily resident of Singapore and is a Singapore citizen, Permanent Resident or an EntrePass holder.
Registered Local Office Address
You need a registered Singaporean address for your company office. ACRA and other agencies need it for official communication. Please do not provide a P. O. Box address as it is not valid for the purpose.
You hire at least one company secretary within six months from the registration date of your company. The appointee needs to be a resident of Singapore and qualified to handle the task capably.
Documents for Company Incorporation
You need the following documents to set up a business. Submit them to your agent.
Company name registered with ACRA
Business activities in brief
Registered local office address
Particulars of shareholders/directors/company secretary
Foreign Individuals: A copy of passport & proof of residential address (overseas)
Foreign Companies: A copy of their company constitution or M&AA
Singaporean Residents: A copy of Singapore ID card
2 Steps to Incorporate Singapore Company
Singapore company incorporation process is a 2-step process. You can initiate it online by visiting BizFile+ portal made available by ACRA.
Step 1: Company Name
Your company name should explain the activity of your business. It should be unique and straightforward and easily remembered.
Your incorporation agent can visit the BizFile+ to check name availability and register it. Send them a list of 3-5 company names. Make sure company names are not malicious, black-listed, or vulgar.
Check out the Guide: Free Singapore Company Name Check
Step 2: Apply to ACRA for Singapore Company Incorporation
A Singaporean resident can self-register a company by visiting the BizFile+ portal. If you are a foreigner, submit all documents to your agent.
These experts can take care of the task for you. It is beneficial to hire these professionals. They know what the process needs like Standard Industrial Classification (SSIC) codes. These codes used to indicate what your company does and in what field.
SBS Consulting is a registered filing agent in Singapore. If you are contemplating a Singapore company incorporation and need any assistance, contact us on +65-6536 0036 or email us at firstname.lastname@example.org for more info.
Created on Jan 29th 2021 03:33. Viewed 86 times.