How to Self Incorporate Company in Singapore
The aspiring business owners, especially, those on a shoe-string budget, search for info on DIY company incorporation Singapore. Obviously, they want to save some bucks. And, there is nothing wrong in it.
Yes, it is possible to self incorporate your company in Singapore. However, it depends on your residency. You will have no trouble with it if you are a Citizen or Permanent Resident of Singapore.
BizFile+, ACRA’s Online Filing System
Every year several local entrepreneurs take advantage of online company incorporation Singapore process. ACRA has made the task easy for them. You can access its online portal, BizFile+, to set up your Singapore company online.
BizFile+ is an online filing system. ACRA has introduced it to ease up the delivery of online services to internet users. It is an internet-based information filing and retrieval system. Let us see how you can use it to self register your new Singapore business.
Dormant Company IRAS
A company having no revenue or income during the financial period under consideration is taken to be ‘Dormant’ by IRAS even though it may have booked expenses.
Step-By-Step Guide to Using BizFile+ for Self Registering a Singapore Company
You can use BizFile+ and benefit from the streamlined the process of company incorporation. It saves you time and a considerable amount of money in fees required for the incorporation of a company.
The steps for self-registering a new company are as follows:
- Login in with your SingPass ID
- Apply for a company name
- Get the approval of company name
- Endorsements using BizFile+ portal
- Pay ACRA’s fees for setting up your company
1. SingPass ID
Register a SingPass account or check your eligibility by visiting the dedicated site. You need it to access e-services provided by various departments of the Singapore government. You need to SingPass to complete the registration process on BizFile+ portal.
Foreigners do not have a SingPass ID and cannot self register their company. If you are such an individual, you can employ a registered filing agent to file your application to start a company to ACRA on your behalf.
2. Apply for a Company Name
Initiate the process of company incorporation in Singapore by applying for the name of your proposed company. Use your browser and access BizFile+
- Mouse-over or click on File eServices on the Home-page of BizFile+.
- Click on Local Company in the drop-down menu.
- Click on Application for New Company name.
The next window you get asks for SingPass account password.
ACRA approves your company name if it does not clash with the name of any other existing companies. And, you need to pay S$15 for reserving the company name. You will get Transaction Number of approved name application.
Generally, it takes only 15-20 minutes to get the company name approved. However, you may have to wait for 14 days to 2 months for it if your application gets referred to the concerned ministry.
3. Complete Company Incorporation Singapore Process
After getting approval for the company name, you need to initiate the company registration process. The steps for it are as below:
- Mouse-over on File eServices in Bizfile+ Home-page
- Click on Incorporation of Local Company
- Enter Transaction number of approved name application
The website shows you an e-form.
Under Company Details tab:
- Select appropriate Company Type
- Proposed Name
- Financial Year-End
- Company Activity (SSIC code)
- Officers/Shareholders Details
Select SSIC (Singapore Standard Industrial Classification) code appropriate for your business.
Enter the appropriate information in the fields provided under Share Capital Details and Shareholder Details tabs in the same e-form.
4. Endorsements Using BizFile+
The company stakeholders like directors, shareholders & secretary need to log into the BizFile+ using their individual IDs & SingPass to validate and show their consent to the application for company incorporation Singapore.
Click on Endorsement & choose applicable options:
- Endorsement by director
- Endorsement by shareholder
- Endorsement by Secretary
Employing at least a company secretary is a necessity. However, following the law, you can do so within the six months of setting up your company.
If you are going to act as a shareholder as well as the director of your company, you need to endorse as a director and as a shareholder.
5. Pay ACRA’s Fees for Setting Up Your Company
Preview all the information and verify it before clicking on Confirm.
Next, choose the Online Payment option and click on Pay Now.
You may have to enter Name Application number to proceed with payment. ACRA’s fee for registering a private limited company is S$300. When you get the receipt and acknowledgement page, print them and store them for future reference.
Is Self Registration of Company Advised?
There are several components to the process of company incorporation in Singapore. To successfully complete it, you need to know about the implications of SSIC codes, model or customised company constitution, registered office address, company groups, group shares, class of shares and their distribution.
As a first-time business owner, you may not have the full grasp of all these details. It is one of the main reasons why several local business owners choose to hire one of the reputed registered filing agents.
Before trying to opt for DIY company incorporation in Singapore, take stock of what you know. Try to fill up the gaps if there are any because the slightest mistake can have an adverse impact on the growth or shareholding of your company. If you are a foreigner, without wasting, hire an agent to set up your company.