Singapore is one of the biggest economies globally, with a gross domestic product (GDP) of $400 billion, or $73,000 per capita. The World Bank ranks the country as the most business-friendly on earth. It is no surprise that many people want to incorporate a company in Singapore to conduct business. This article will describe the process of doing that.
Who Can Incorporate a Company in Singapore?
According to Singaporean law, any person (foreign or local) that is above 18 years old can incorporate a firm. However, if you are a foreigner, you must appoint a local resident as a director to comply with the Accounting and Corporate Regulatory Authority (ACRA).
Existing local or foreign firms can also incorporate another firm as a subsidiary or local office.
What Are the Requirements for Incorporating a Company in Singapore?
The basic requirements for registering a firm include:
- Having at least one shareholder (an individual or a corporation);
- Appointing at least one local resident as a director;
- Appointing at least 1 secretary;
- An initial share capital of at least S$1;
- A physical office address.
If you are a foreigner, you will need to provide these documents to your incorporation service provider:
- A copy of your passport;
- Proof of residence in another nation;
- Your company’s profile.
Existing corporations that want to register a new firm must provide these documents:
- Issued Certificate of Incorporation;
- Memorandum and Articles of Association singapore;
- Register of Members and Directors.
What Are the Steps for Registering a Singapore Company?
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Select a Name
The name is the primary thing that differentiates your business from the competition. Thus, the first thing to do is to choose a unique name for it. Follow these guidelines:
- Avoid a name that is vulgar or obscene;
- Avoid any name that is already taken by another corporation;
- Avoid any name that infringes on an existing trademark.
Once you pick a valid name, submit it to the Accounting and Corporate Regulatory Authority (ACRA), which can provide authorization in less than an hour.
2. Documentation
After name approval, the next step is to provide registration documentation. The documents required by ACRA include:
- A Consent to Act form signed by each director.
- A Consent to Act form signed by the appointed secretary.
- Articles of Association: A Constitution that your business will adhere to.
- Valid identification and proof of residence for all shareholders and officers.
The incorporation agency you choose should walk you through the steps of filing these documents. You can do that in less than a day.
3. Formal Business Registration
After submitting the required documents, you are ready to register your firm with the Accounting and Corporate Regulatory Authority (ACRA). This takes place online and can be completed within a day. However, in some cases, your registration might be referred to another government agency, which lengthens the time.
Once registration is complete, you will receive two important documents from ACRA:
- A Certificate of Incorporation sent in soft copy to your email (you can request the hard copy at the cost of S$50).
- Business Profile, which is a document containing relevant information about your firm.
What to Do After Your Company Has Been Registered in Singapore
You are free to offer goods and services and collect payments once your corporation is registered. Other things you can do include:
- Open a corporate bank account;
- Register with Customs to import and export goods;
- Apply for work visas for you or your foreign employees;
- Apply for business licenses, e.g., medicine and law.
Singapore Company Incorporation Glossary and FAQ
What Is ACRA?
ACRA is the government body that oversees company registration in Singapore.
What Is a Shareholder According to Singaporean Law?
A Shareholder is defined as anyone holding at least one share in a registered firm.
What Is the Corporate Tax Rate in Singapore?
The corporate tax rate is a standard of 17%.
Conclusion
We have outlined the steps involved in incorporating a company in Singapore, which is ranked as the most business-friendly nation by the World Bank. If you need help in any of the steps, you can consult an incorporation service provider like Osome.
