Singapore is politically stable and has pro-entrepreneur policies. Its lower tax rates, simple company incorporation process, and ease of doing business attract entrepreneurs. It also ranks high as a business hub.
Singapore is one of the wealthiest nations that offer a quality of life to its citizens. It is a melting pot for different people, languages, lifestyles, customs, cultures, and traditions. It is a place with tremendous potential for the individuals and the business community to grow.
Types of Business Structures to Incorporate a Company
- Private Limited Company
- Sole Proprietorship
- Limited Liability Partnership
- Public Limited Company
- Public Limited by Guarantee
- Subsidiary Company
- Branch Office
- Representative Office
Choosing the most appropriate structure conducive to your business could prove to be a difficult task if you are a newbie entrepreneur. Well, you could always put your queries to providers of Singapore incorporation services like SBS Consulting. We are a registered filing agent in Singapore. We assist clients in registering their businesses.
Initiating the Process for Setting Up a Company
Before you initiate the process of company incorporation in Singapore, you need to be prepared with:
- At least one shareholder
- Minimum initial paid-up capital of S$1
- At least one company secretary
- At least one local or resident director
- Registered local address for the office
Shareholder: A shareholder can be anyone over the age of 18. Foreigners can own 100% equity in their company.
Resident or local director: An individual ordinarily resident of Singapore. A shareholder can be a director.
Company secretary: The appointee must be an experienced and qualified professional who is a resident of Singapore. Appoint one within six months of the date of incorporation.
Procedure for Forming a Singapore Company
Singapore has one of the simplified and straightforward business incorporation processes. It has only two steps: company name approval and registration and company registration with ACRA.
Company Name Registration
As your agent, we will initiate the incorporation process on your behalf. You need to provide us with a list of at least 3 names for your proposed company. Our experts will check if any of those names are available for your use. We will pay the ACRA’s fees and reserve the available company name for you.
It will give you 60 days to put together incorporation documents that you need to submit to ACRA. ACRA (Accounting and Corporate Regulatory Authority) is the Company Registrar of Singapore. It governs all companies in Singapore.
Company Registration with ACRA
We can register your Singapore company in 1-3 days. However, if your application gets referred to concerned ministries, the approval may take up to 2 months. ACRA sends you an email to intimate the successful formation of your company.
The email contains an Incorporation Certificate, Unique Entity Number (UEN), etc. Our incorporation experts are knowledgeable and experienced. They appeal to authorities on your behalf if your application gets rejected.
ACRA’s Fees for Forming a Company in Singapore
· S$15 for registering the company name
· S$300 for setting up a company
Singaporean residents can self-register a private limited company. It is a privilege not available to foreigners who must appoint a Singapore business registration service for the task.
Incorporation Documents You Need to Submit
· Company name approved by ACRA
· Description of business activities
· Registered local office address
· Particulars of shareholders
· Particulars of directors
· Particulars of company secretary
· Foreign Entrepreneurs: A copy of passport and residential address proof (overseas)
· Foreign Companies: Memorandum & Articles of Associations
· Singapore Residents: A copy of the Singapore ID card
After registering your Singapore company, you need to complete a few post-incorporation tasks. We assist you in opening a corporate bank account for your company. You may need to be physically present in Singapore for the task, along with the company shareholders and directors. If you need licenses and permits, apply and get them from appropriate authorities before starting your business activities.
