How to Register a Business in Singapore
Robust foreign trade and investment have made Singapore an ideal place for company incorporation. In fact, the country has ranked as the world’s best place for doing business by the World Bank for last eight consecutive years. It has a set of encouraging factors which lure the worldwide entrepreneurs and investors to start a Singapore company in order to gain unparalleled access to the promising Asian market. This blog will guide you about the steps you need to take while starting company in Singapore on cost effective incorporation packages & fees.
At the very first step of Singapore company registration, you would be required to decide on the business structure of your business.
You can form a Singapore company either in the following forms:
- Sole Proprietorship
- Limited Liability Partnership (LLP)
- Private Limited Liability Company (Private Limited Company)
Above all, private limited company is the most preferred form of business incorporation Singapore. Regardless of company structure or type, all businesses have to register with the Accounting and Corporate Regulatory Authority (ACRA). For registering of sole-proprietorships, partnerships, limited partnerships and limited liability partnerships, the person registering must be an owner. This blog will provide an overview of a Singapore company registration process of private limited liability company.
Pre-Registration Requirements of Private Limited Company are as follows:
A Unique, Meaningful and Decent Company Name:The company name must be approved by the ACRA before incorporation of company in Singapore.
Particulars of Directors:Every business must have minimum one local resident director (a Singapore citizen, permanent resident, or holder of employment pass, entrepreneur pass, or dependent pass). The directors must be above 18 years of age and must not be bankrupt or possess any criminal history in the past.
Shareholders: There must be at least one shareholder in a private limited company in Singapore. The number can be exceeded to 50. 100% foreign shareholding is allowed. The director and shareholder can be the same person. The shareholder can be a person, entity or trust.
Appointment of Company Secretary: Appointing a well-qualified company secretary within sixth months of incorporation of company in Singapore is mandatory in pursuant to the Singapore Companies Act. The secretary must be a natural person who is ordinarily a citizen of Singapore or permanent resident of Singapore or a holder of employment pass, entrepreneur pass or dependent pass.
Paid-Up Capital (Share Capital):The minimum paid-up capital required for Singapore business incorporation is S$1. There is no concept of authorized capital in Singapore. The amount can be increased at any point of time after incorporation.
Registered Address: It is compulsory to provide a registered local Singapore address at the time of Singapore company registration. The address must be a physical address (residential or commercial). P.O Box address is not accepted.
When you start a Singapore company, you are likely to hire a professional service provider. These service providers will help in arranging local nominee director, provision of registered address, nominee secretary and assistance in opening a corporate bank account in Singapore. They will provide end-to end company registration service from start to finish and beyond.
In case you do not engage the service of a professional firm, you can register your company by submitting an online application via BizFile portal. In order to access the website, you are required to have a SingPass. The Singapore company registration can be done at home, your office or at kiosks at the ACRA office.
It is just a matter of a day or two to get your company registered in Singapore if all the required documents are in order. Even though, the process of business incorporation in Singapore is relatively easy and simple, it is highly advised to take assistance of a professional firm, especially for the foreign entrepreneurs who have very little knowledge about the Singapore company law and procedures.
Do you need assistance of SBS Consulting for Singapore company registration? You can send a mail to us at firstname.lastname@example.org or can give a call on +65 6536 0036