How to Register a Company in Singapore from India in 2023
Suppose you have a fantastic business idea, so why not register a company in Singapore from India to execute it? Here are the benefits. The process to register a company in Singapore is easy and takes only 2-3 days. The company (Pte Ltd) is a great vehicle to maximise your tax benefits.
Key Points to Know to Register a Company in Singapore from India
Entering a new marketplace, you are unfamiliar with can be scary. There is a lot of brainstorming, hesitation, consultation and deliberation. You may also have conceptions about the task’s difficulty based on your past experiences.
You are just signing in for a new experience.
Ease of Doing Business
Singapore ranks 2nd for the ‘Ease of Doing Business‘ indicator. It is a great place to start a new or expand your existing business. This guide on how to register a company in Singapore will help you with the required information.
What do You Need to Register a Company in Singapore?
Before you can apply to the ACRA to initiate the process to Singapore private limited company, you must fulfil the following criteria:
- At least one shareholder
- Minimum paid-up capital of $1
- At least one local or resident director
- At least one company secretary
- Registered local address (P.O. Box address is not valid)
Corporate secretaries are qualified and certified professionals who assist you statutory compliance of your company. They lodge and file all the required documents and info mandated by law to regulating agencies like ACRA, IRAS, MoM, etc.
You need to hire at least one director who is ordinarily a resident of Singapore. You also need to have a local physical address for the company office.
Why You Need a Registered Filing Agent
Yes, it is possible to register a company in Singapore from India. You need to apply to the Company Registrar, an agency Accounting and Corporate Regulatory Authority (ACRA).
Local and foreign business owners must comply with the same rules and complete the same incorporation process.
So, rest assured.
You do not have to run to collect hard-to-get documentation, permissions, or NOCs to register a Singapore company from India or from anywhere else. Many accounting, company secretarial, and law firms provide services to register a company in Singapore.
Registering a Company with ACRA
As a foreigner, you cannot self-register a company in Singapore. You need to hire a reliable registered filing agent or service provider. The agents are authorised and can transact or submit your incorporation documents and pay fees to ACRA.
These agents assign a manager to you who stays with you till the task is finished. These are experienced professionals and know the in and out of the process to register a company in Singapore.
They advise you on each step and the company incorporation documents you must submit to ACRA. They help you follow various rules and regulations.
Types of Legal Business Structures in Singapore
You can use the following legal structures for your business registration Singapore;
For Individual Owners
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Set Up a Private Limited Company
Legal business structures have their uses. However, business owners prefer registering a private limited company in Singapore. A private limited company:
- Is a scalable and dynamic legal entity
- Limits your liability to the invested share capital
- Is responsible for its debts or liabilities
- Your assets are not used to pay its debts or liabilities
In the case of a sole proprietorship or various partnerships, your liability is unlimited.
Singapore Subsidiary is a type of private limited company. Branch Office and Representative Office are not independent entities.
Step-by-Step Process to Register a Company in Singapore
Step 1: Get ACRA’s Approval for Your Company Name
Forward 3-5 company names to your agent. They will visit ACRA’s BizFile+ portal to check and register the available one for 60 days. You can extend it for another 60 days.
For speedy acceptance, your Company Name should be:
- Unique and related to your business activities
- Should not contain vulgar or obscene words
- Should follow copyrights or trademarks guidelines
Step 2: Documents for Company Incorporation
The documents you need to submit to ACRA are listed below.
- Company name approved by ACRA
- Brief details of business activities
- Registered local office address
- Details of shareholders, directors, company secretary
- Foreign Individuals: A copy of passport & proof of residential address (overseas)
- Foreign Companies: Memorandum & Articles of Associations (M&AA), Certificate of Incorporation
If your documents are not in English, get them translated from an authentic source.
Step 3: Apply to ACRA
Submit all your documents to your agent. They will then login into the ACRA’s BizFile+ portal to initiate the incorporation process to set up your company.
Certificate of Incorporation
Generally, ACRA takes only 1-3 days to process your application. Sometimes these applications are forwarded to the higher authorities. In that case, you may need to wait up to 2 months for approval.
On successfully registering your new company, ACRA sends you a notice of incorporation in email form. You can use this soft copy in Singapore as the Certificate of Incorporation.
Certificate of Incorporation contains details of your company like:
- Name of the company
- Registration number/ Unique Entity Number (UEN)
- Date of incorporation
- Type of the entity – private limited company or public limited company, etc
- Previous names of the company (if applicable)
You may need the hard copy of the Certificate of Incorporation for administration purposes. Ask your agent to pay the required fees to ACRA via the BizFile+ portal. ACRA sends you a link to a PDF file you can download and print.
A certificate of incorporation is an important document. It establishes the proof of existence and type of your business for:
- Signing formal agreements/contracts
- Dealing with foreign governments/agencies
- Open corporate bank accounts
- Apply for loans/funding
- Show business’ legal standing
- Sell your business
ACRA’s Fees to Register a Company in Singapore
You need to pay $315 to register your new company in Singapore. It includes $15 for registering your company name with ACRA. And $300 to process your application to set up a new business.
You must complete a few essential tasks after registering your company and before starting your intended business activities. These post-incorporation tasks are as follows:
First Board Resolution
After the business registration, shareholders in the company must hold a meeting. The purpose is to pass resolutions to appoint company directors, auditors, secretaries, company secretarial services, etc. They must also pass a resolution to open a corporate bank account for your new company.
The company secretary is responsible for issuing share certificates to the shareholders. These certificates denote their ownership in the company.
Company Seal & Stamp
Send for company seal and stamp. The documents showing the company seal and stamp appear authentic.
Open a Corporate Bank Account
You will need to visit Singapore to open a corporate bank account for your new company. Doing so will streamline its cash flow. It will also keep the company’s and your personal finance separate.
Business Licenses and Permits
Before starting your business activities, you must check if you need any licenses or permits. Accordingly, you or your agent should apply to the appropriate authorities, pay the required fees, and acquire them.
Register for Goods and Services Tax
If you believe your company’s annual turnover will be more than S$1 million, seek your agents’ help and register it for GST.
Get CPF Submission Number (CSN)
Visit the portal run by the CPF board and apply for the CPF submission number for your company. If necessary, top up your CPF account.
You will also need to take out an adequate business insurance policy. It will limit your liability in the case of a mishap at your workplace.
As you can see, it is easy to register a company in Singapore from India, especially if you have an experienced agent like SBS Consulting Pte Ltd to assist you. Call us at +65 6536 0036 or email us at firstname.lastname@example.org to know our promotional Singapore company registration package.