Company Registration Singapore

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Company Registration and Incorporation Singapore

A person who is trying to company set up Singapore in the most popular business startup choices for people worldwide may have a lot of queries about how to take the first step towards the plan.

Setting up a company registration in Singapore is quite easy, you just have to follow the rules and laws set up by the government.

Company Registration Services

Name check and reservation with ACRA (ACRA fee included)
Preparation of application forms (Form 45, Form 45B, etc)
Company registration with ACRA (ACRA registration fee included)
Company Constitution & Profile

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Appointment of secretary
Preparation of First Board Meeting Minutes
Company Share Certificates
Maintenance of Statutory Registers
Preparation of Resolutions of Directors and Shareholders
Preparation Annual General Meeting / Extraordinary General Meeting Minutes
Notifications for Compliance Deadlines
Advisory for ACRA Compliance

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SGD 400

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Here’s How you Could Start Company incorporation Singapore:

The first step for company registration Singapore is to pick a unique name for your company registration and see if the name you chose is available. This happens when you send a query to ACRA (the government-owned agency that looks after the company registrations of new businesses in the country), this would cost you around S$15. Generally, it takes about one hour for this process to be completed and then ACRA will inform you once the process is completed.

Points to Keep in Mind to get the Name Approved for company registration in Singapore:

The name chosen should be a unique name that should not have any kind of resemblance to other company names.
It should not violate any trademarks of other organizations and should not be offensive.
It should not contain any words that will get referred to other government agencies.
From the application date, your company name is reserved for 60 days. If you want to extend the reservation for 60 more days, you will need to fill up a form of an extension before it expires.
Every company is required to have a local registered address in Singapore where the company will keep all of its legal documents.
The person should be 18 years of age to incorporate a company in Singapore.
The basic amount for company incorporation with ACRA involves company name application (S$15) and the Singapore company registration Singapore fees (S$300).
If you await crossing a whopping amount of S$1 million in annual turnover, you have to register your company for GST.

Major requirements for company registration Singapore, any company starting a business in the country should comply with these mandatory rules:

Shareholders - Both individuals and companies are eligible for becoming shareholders. А private Singaporean company has to be owned by only 50 of them. Foreign citizens and businesses can hold shares, too.
Directors - You are required to have at least one local (who is a Singapore resident) director for your company. The local director appointed can be a citizen of Singapore, a permanent resident, an Employment Pass, or an EntrePass holder. The main motive behind this is that the government of Singapore wants to be able to contact someone on behalf of the company to ensure compliance with statutory requirements.
Company Secretary - Every company is required to have this officer – he is responsible for tracking changes in your company, preparing papers, and reports to the government. The law states that you have to appoint a secretary within 6 months after the incorporation. According to the Companies Act, a company secretary must be a resident of Singapore.

After the name gets approved and before applying for company registration Singapore, a company must get the following documents ready:

Docs required by ACRA:

Company Constitution, you may want to adopt the standard Singapore company constitution as available from ACRA, which is acceptable for most companies and consists of terms and conditions.
A Signed Consent to Act as a Director for each director.
A Signed Consent to Act as Company Secretary by the company secretary.
Identification and address details for each shareholder and officer of the company.

In adherence to the international AML regulations, your Corporate Service Provider (CSP) is required by ACRA to conduct a Know Your Customer (KYC) process and will require at least the following information:

Verification of identification and address proof documents.
The professional background details of all the stakeholders and officers of the proposed company.

Upon the successful completion of the company registration process conducted by ACRA, it will issue the following documents:

What Comes Next After Forming a Singapore Company?

After fulfilling everything that is needed for company incorporation in Singapore or a company set up in Singapore, here is a list of what you need to expect next for your entrepreneurship journey. Upon the approval of your Singapore company formation, you will receive the following:

E-certificate of incorporation- After the successful company incorporation of your firm, ACRA will send you an email containing the company registration number of the firm, dates, etc. Consider this email as the certificate of incorporation of your company in Singapore. If you need a hard copy of the same, you can apply for it to ACRA.
Business profile - A business profile contains details of the company. It can also be downloaded in a PDF format after paying a small fee. A typical business profile consists of Company registration in Singapore.

Company name
Company registration number
Previous names for the company, if any
Comapny registration/ incorporation date
Principal Business Activities
Paid-up capital
Registered address
Particulars of Shareholders/Directors /Company Secretary.

License and Permits- For some business types, additional company registration licenses might be needed to carry out the needed activities. If you are unsure whether or not you require special licensing, you may want to check to see if your business falls under these certain categories.

Traveling Agencies
Restaurants
Employment Agencies
Educational Institutes
Importation or exportation of goods

How to Open a Corporate Bank Account in Singapore

Now once you have completed the above steps successfully, the next task is opening a corporate bank account. There are various reputable corporate banks in Singapore, some bank branches would also help to facilitate the process of opening a business or corporate account without you being physically there for the process.

Usually, to open a corporate account in Singapore, the banks would need the following documents listed below.

Corporate account opening forms that are signed by an authorized signatory by the company's board of directors.
Copy of the company business profile.
Copy of the company’s certificate of incorporation.
Copy of the company's Memorandum and Articles of Association (MAA).
The passports or the National Registration identity Cards(NRIC) and proof of residential addresses of the company directors, signatories, and owners of the company.

As a leading accounting service provider in Singapore, we promise to offer quality assistance to locals & foreign individuals & companies. We extend constant support to our clients for completing all the requirements of the tax services Singapore, company incorporation Singapore.

Frequently Asked Questions

Can a foreigner set up a company in Singapore?

Yes, a foreigner can start a company in Singapore. A foreign individual trying to incorporate a company in Singapore need to have the following to proceed for the company set up in Singapore:

Should be 18 years old
One local director (Should be a Singapore Citizen, permanent resident, or a person having Employment Visa)
One Shareholder
A Company Secretary
Local address for the Registered Office address
Registered agent
$1 as paid-up capital

How much does it cost to set up a company in Singapore?

The fundamental cost of company set up Singapore with ACRA Singapore is S$15 for the company name application and S$300 for company registration fees. Although, if you consider other necessary norms, such as company secretary, registered address, etc., it goes higher.

Should I set up a limited company?

Yes, For all types of companies in Singapore, setting up a limited company is one of the most common valid frameworks. This is due to the financial advantages it provides, all of which exceed those available to sole traders operating under an umbrella corporation.

Here are some of the reasons for setting up a limited company:

Minimizing personal liability
Professional status
Tax efficiency and planning
Higher personal remuneration
Separate legal identity
Credibility and trust
Investment and lending opportunities

What is meant by the incorporation of a company?

The process is called incorporation when a business chooses to create a corporate structure or organization. A business, with its own rights and responsibilities, is a distinct legal entity from its members. In almost all countries in the world, companies can establish and typically define by using words such as "Inc." or "Limited" in their names.

How long does it take to company incorporation Singapore?

Mainly, the time needed to incorporate a company in Singapore is defined in two processes:

1. Approval for Company Name: the first step is to seek approval from ACRA for the proposed name of the company. This is done to avoid any duplicates in the names with the ACRA database. If the proposed name is available, it takes about 15 mins to approve the name.

2. Application for Company Setup: Usually it takes only 1-3 days for the incorporation of the company with ACRA. However, if the application gets referred to the higher authorities, you may need to wait for it for up to 2 months.

Can a foreigner register a company in Singapore?

Yes, a foreigner can incorporate a company in Singapore. A foreign individual trying to incorporate a company in Singapore need to have the following:

One local director (Should be a Singapore Citizen, permanent resident, or a person having Employment Visa)
One Shareholder
A Company Secretary
Local address for the Registered Office address
Registered agent
$1 as paid-up capital

What is company registration number Singapore?

For the company registration Singapore with ACRA, the entity receives a business registration number also called UEN (Unique Entity Number).

The UEN is a well-defined identifier for an entity that is used for interaction with government authorities. All business setups currently registered under the ACRA will use this business registration number as their UEN. UEN is a 9 or 10 digit number comprising of:

alphanumeric figure
entity type
issuing agency
year of issuance