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Singapore Company Registration: The De몭nitive 2023 Guide Singapore company registration process is simple and free of red

Last modified: September 25, 2023

tape. The government also encourages the incorporation of company by o몭ering various tax exemptions and schemes to startups. It is why new entrepreneurs tend to favour an ACRA register company.

ACRA Register Company The Accounting & Corporate Regulatory Authority (ACRA) is the Company Registrar. It supervises the process of Singapore company registration. ACRA sees that the process is as per the Companies Act, Chapter 50.

Many Singaporean and foreign owners opting for an ACRA register company need help. They can hire an agent for services for the company formation Singapore. These professionals advise and assist in setting up a company in Singapore.

I Am Not A Singaporean Resident; What Must I Know For My Singapore Company Formation?

Foreigners cannot self-register or set up company in Singapore by themselves. Hiring an agent for business registration Singapore eases their task signi몭cantly. Foreigners also need a Singapore work visa or pass to relocate and work in Singapore.

With their expert knowledge of company formation Singapore, your agent saves you valuable time & money. They provide you with precise solutions for setting up a company in Singapore.

How to Set Up Company Singapore?

To register company in Singapore, you need to: Select the business structure that ful몭ls your business needs Register your company with ACRA Open a corporate bank account As per ACRA, anyone over 18 can register company in Singapore. Singapore residents, Entrepreneur Pass (EntrePass), Employment Pass (EP) and Dependant Pass (DP) holders, and

foreigners can set up company Singapore.

Guidelines for Foreigners Wanting to Register Company in Singapore As a foreigner, you need to ful몭l additional requirements to complete company registration Singapore.

Employ a local or resident director (a Singaporean, Permanent Resident, EP or EntrePass holder) Provide a registered local o몭ce address For the incorporation of company, choose an accounting, law, or corporate secretarial 몭rm that provides Singapore company registration services.

On EntrePass As a foreigner, you can apply to the Ministry of Manpower (MoM) for an EntrePass and then opt for company incorporation Singapore. You must present your credentials as a serial entrepreneur and ful몭l all the conditions for Entrepass. You can relocate and work as the company’s local/resident director.

On Employment Pass As an Employment Pass, you can register company in Singapore and be its owner or shareholder.

However, you cannot be its local/resident director, as you cannot work for a company other than your employer.

At the time of incorporation of company, you may need to hire nominee director services.

Alternatively, you can set up company Singapore. Then, ask your company secretary to apply to MoM for an Employment Pass for you. Once you relocate to Singapore, you can replace the nominee director and take complete charge of your company.

Do I Have To Immigrate To Singapore To Manage My New Company?

No, absolutely not! After the incorporation of company, you do not have to immigrate to Singapore. You can also run your company from your native or another place.

However, at the time of company registration Singapore, you must appoint at least one nominee director and continue to employ them.

How Much Time Does It Take To Register A Singapore Company?

Usually, ACRA takes 1-3 days to register a Singapore company. If your application gets referred to the Minister, approval may take up to 2 months.

It also depends on how quickly you and other shareholders and directors submit the required documentation to your company secretary for veri몭cation.

What is The Cost of Company Incorporation Singapore?

The process for company registration Singapore is straightforward. We at SBS Consulting Pte Ltd can register your Singapore company for only S$699.

This fee covers ACRA’s o몭cial costs for (a) registering the company name and (b) company registration Singapore.

ACRA’s o몭cial processing fees: Register a company name (S$15) Singapore company registration (S$300) Apart from these essential costs, you may also have to pay extra for services like Nominee Director and Registered O몭ce Address.

Our Singapore Company Registration Package S$699* FREE Corporate Secretary (S$299*) for 1 Year.

FREE Registered O몭ce (S$239*) for 1 Year.

Government Incorporation Fees included.

Company Name Check & Reservation.

Bank Account Opening Documents (E.g. Constitution, BizFile) Company Pro몭le/Company Constitution (M&AA).

Minutes of 몭rst Board Meeting.

Email Reminders for Government Filing Deadlines.

Electronic Certi몭cate of Incorporation.

Share Certi몭cate(s).

Preparation of Incorporation Documents such as Form 45, Form 45B etc.

Advisory for Tax, GST. Advisory on Company Registration.

Get Started

*All prices exclusive of 8% GST (Goods and Services Tax) Discuss your Singapore company registration needs with us. After hiring us, submit your incorporation and KYC documents to us. We will then initiate the Singapore company registration process on ACRA’s website.

Consider below important points while registering a new company in Singapore:

Selecting business structure for maximizing tax bene몭ts Requirements to register a company in Singapore Steps for registering a private limited company in Singapore What do you need to do after registering your new company?

Choose a Corporate/Legal/Business Structure Before initiating the process for company registration Singapore, be ready with the following data: The list of shareholders in your company The number of shares each of them will hold Directors who will be on the board of your company At least one local or resident director who is ordinarily a resident of Singapore Nominee director service, if you cannot provide a local director

Incorporation Documents to Register Company in Singapore As per ACRA rules, your Agent or Singapore company registration services provider is responsible for the identi몭cation, collection, and veri몭cation of the details of the intended shareholders and directors in your company.

Here is a list of incorporation documents you must submit to ACRA. Company name registered with ACRA A brief description of business activities and SSIC codes Details of Singapore registered address of the company Particulars of shareholders Particulars of directors Particulars of company secretary In addition: Foreign Individual Entrepreneurs must submit a copy of their passport and residential address proof (overseas) Foreign Companies must submit Memorandum & Articles of Associations Singapore Residents must submit a copy of their Singapore identity card

If your documents are not in English, use a reliable translation agency to translate them into English.

Types of Business Structure for Maximizing Tax Bene몭ts You can use one of the following business structures to register your business.

Private Limited Company (Pte. Ltd.)

Sole Proprietorship Limited Liability Partnership (LLP) Rather than setting up a company in Singapore in a hurry and starting your business activity, identify the most suitable business structure. Here compare the advantages and disadvantages of a private limited company, sole proprietorship, and an LLP before initiating the Singapore company registration process.

Read More: Advantages & Disadvantages of Private Limited Company, Sole

Proprietorship & LLP Refer to the articles below if you need more info on how to open company in Singapore.

How to Register a Pvt. Ltd Company in Singapore How to register a Limited Liability Partnership (LLP) in Singapore.

Factors That Can A몭ect Your Choice Of A Business Structure Number of Owners/Members/Partners If you opt for a business registration Singapore and want to be its sole owner, start a sole proprietorship. It is cheap and easy to set up. It is the right tool to run a risk-free business. You will get to make all its business decisions.

If you are two or more (up to 20) professionals/companies with a complementing set of skills, business registration Singapore in the form of an LLP may bene몭t you.

If you are a group of 1-50 individuals who want to own a part of a business at limited risk, opt for a company incorporation Singapore (Pte Ltd).

Initial Investment If you want to start small, work hard, and grow your business. Then, you should start your business registration Singapore with a sole proprietorship. This is a great option, especially if you do not know how far your business will take you. Later on, you can convert it into a private limited company.

However, if you are clear about your vision and are in the market for the long run, put your trust in Pte. Ltd. and register company in Singapore.

Liability The business structure de몭nes your liability. The liability of a sole proprietor and members in an LLP is unlimited. It puts their personal assets at risk. The liability of shareholders in a private limited company is limited to their investment in its shares. Shareholders’ personal assets are safe.

Income Tax Rates The Pte Ltd company pays corporate tax (0%-17%) on its taxable income. Its owners or shareholders do not have to pay it.

The owners of a sole proprietorship or a partnership have to pay personal income tax (0%-22%) on their income from their business.

Funding for Expansion Banks, 몭nancial institutes, and investors 몭nd a private limited company more credible. It can quickly raise capital for its growth or expand its business activities. The credibility of a sole proprietorship depends on its proprietor, and that of an LLP depends on its members. It is not easy for these businesses to fund their growth.

Why Set Up a Private Limited Company (Pte Ltd) Your choice should enable you to manage the risk, liability, scaling of business, & brand image optimally. Choosing the right business structure is crucial as it a몭ects your income tax returns.

Entrepreneurs wanting to register company in Singapore prefer a private limited company for its credibility, scalability and robustness.

It has a distinct legal identity.

The liability of the shareholders is limited to the amount they invested in purchasing its shares.

A private limited company could be a highly tax-e몭cient business entity if properly structured.

Foreigners can own 100% of the company’s shares.

Any person over 18 years, regardless of nationality, can go for company incorporation Singapore.

You can open company in Singapore as a private limited company to manage your risk and tax bene몭ts and exemptions. However, if your risk is minimal, you should better consult an expert.

They may suggest you go with a sole proprietorship or an LLP instead of Pte Ltd company registration Singapore.

If you register company in Singapore as a Pte Ltd, you must ful몭l added compliance requirements like preparing accounts, director’s reports, 몭ling annual returns and conducting audits. It may also involve appointing an auditor, a company secretary, and a local director for your company. It all adds up and may prove to be costly.

Once you have chosen the business structure, you must meet the following requirements.

What Key Requirements Do I Have to Ful몭l to Set Up Company in Singapore?

If you need help with how to open company in Singapore, here is a checklist of crucial requirements.

Company Name: Company name approved by and registered with ACRA At Least 1 Director: Need at least one director who is either Singapore Citizen, Singapore Permanent Resident or EntrePass holder At Least 1 – 50 Shareholders: Minimum of 1 and a maximum of 50 shareholders A Registered Local O몭ce Address: You need a local registered address in Singapore for the company o몭ce

Company Secretary: Appoint at least one company secretary within six months from the date of your company formation Singapore Initial Paid-Up Capital: Minimum of S$1 in initial paid-up capital At least 1 Auditor: Unless your company has been exempted from audit requirements, appoint at least one auditor within three months of the date of your business registration Singapore

Visit: Guide for foreigners to register a business in Singapore

Open Company in Singapore in 2 Steps Step 1: Getting ACRA’s Approval for Your Company Name You start the process for company registration Singapore by getting its name approved by ACRA. The chances of quick approval will be higher if you keep the following things in mind.

The name must be, unique, meaningful, easy to read and devoid of vulgar or obscene words.

Free of copyright issues. It should not infringe on any trademark.

Your company name may need approval from higher authority if it contains words like “Bank,” “Finance,” “Educational,” “Media,” etc.

To register your company name online visit BizFile+, a web portal maintained by ACRA. ***After opting for SBS Consulting’s company incorporation Singapore service, provide at least 3-5 names to check name availability with ACRA. Once the company name is approved, ACRA will reserve it for your use for 60 days from the date of application. You can register company in Singapore within this period. If you cannot, we will ask ACRA for an extension of another 60 days by 몭ling a request on your behalf.

Step 2: Submit the Application to ACRA After the approval of the company name, we will apply to ACRA for your company registration Singapore. It takes little time to complete the Singapore company formation process, assuming the documents are in order.

For your Singapore company registration online, visit BizFile+.

Post Singapore Company Formation Formalities After the successful incorporation of company, ACRA sends a con몭rmation email. It contains the Singapore company registration number. In Singapore, this soft copy works as the o몭cial certi몭cate of incorporation. If you need, we can obtain a hard copy of this certi몭cate by making an online request. A nominal fee will be applicable.

Company Business Pro몭le After opening a company in Singapore, obtain company business pro몭le. It contains particulars of

the company and can be obtained online by paying a small fee. It comes in PDF format and can be downloaded within an hour of the request.

The company business pro몭le includes the following key details: Company name and registration number Previous names for the company, if any Registration date Principal Business Activities Paid-up capital Registered address Particulars of Shareholders/Directors/Company Secretary

Certi몭cate of Incorporation After opening a company in Singapore, you need soft copies of the Certi몭cate of Incorporation and Company Business Pro몭le for legal and contractual activities. You must submit them to open a corporate bank account, sign the o몭ce lease, and subscribe to o몭ce utilities like the internet and telephone.

Get Business Licenses and Permits At the time of business registration Singapore, you must provide the SSIC code in the application.

It tells ACRA about your business’ intended activities. Some of these codes restrict company names and business activities you can take up.

So if you need a permit or license for your business, apply to and acquire it from the proper authorities before commencing your business activities. If required, ask for advice from your provider of services for company incorporation Singapore or visit the business license portal.

Goods and Service Tax (GST) Registration If the expected annual turnover of your new company is more than S$1 million, you must register it for GST. Then, you have to collect the 8% of GST from your clients and pay it to IRAS. In other countries, GST is also called VAT (Value Added Tax).

Company’s Stamp The company’s rubber stamp lends credibility to the company’s document. It has the name and registration number of the company engraved on it. The rubber stamp makes the company’s o몭cial documents look more authentic and professional.

Share Certi몭cates

Share Certi몭cates The company secretary issues share certi몭cates to each of the shareholders. It proves their ownership in the newly set up company Singapore. It also shows the distribution of shareholding.

First Board Resolution Immediately after you register company in Singapore, all its shareholders must meet. They must discuss and pass resolutions to appoint at least one director to take charge of company activities, open a corporate bank account, employ other company o몭cials like an auditor, the company secretary, etc.

Also Read: Singapore Payroll Services

Compliance for Singapore Companies After completing the process of company registration Singapore, every company must ful몭l a set of annual 몭ling requirements to stay compliant with the law.

Accounting Requirements All Singapore companies must maintain their accounting books in order. They need to keep their general ledgers, accounts payable and account receivables, or 몭xed asset ledger and every other account on time. They must prepare and 몭le their annual 몭nancial statements with authority in XBRL format.

Convening of AGM It is a mandatory requirement for every company to hold its AGM every calendar year. Hold your 몭rst AGM within 18 months from the date of incorporation of company. In AGM, you must table the 몭nancial statements of the company for the shareholder’s approval.

Annual Returns Filing Filing of Annual Returns after one month from the date of the AGM of the company.

Corporate Tax Filing The last tax 몭ling dates for companies are 30 November (paper-몭ling) and 15 December (e-몭ling).

Determine Financial Year It is up to the companies to determine their 몭nancial year. The 몭nancial year (accounting cycle) can start in any month of the year. It may run from January to December or April to March.

SBS Consulting Pte Ltd is a reputed provider of services for Singapore company registration. We help budding business owners set up company in Singapore. If you have any doubts about how to

help budding business owners set up company in Singapore. If you have any doubts about how to register a company in Singapore, call us on +65 6536 0036 or send an email to info@sbsgroup.com.sg to know more.

Q. Do I need to be present in Singapore to open a company?

Q. Where to apply for company registration online?

Q. Who can register a company in Singapore?

Q. Can EP holder register company in Singapore?

Q. How much does it cost to start a business in Singapore?

Q. How to check company registration in Singapore?

Q. How to open a corporate bank account in Singapore?

Q. How long does it take to register a company in Singapore?

Q. Transfer of shares in private limited company Singapore?

Q. How to register a company in Singapore online?

Q. Can a foreigner own 100% of the equity of a Singapore company?

Q. Do I need to appoint a corporate secretary for my Singapore company?

Q. What are the minimum legal requirements for registering a Singapore company for a foreigner?

Q. What if I appoint my friend or a family member as a local director?

What is his/her role or responsibility?

Related posts: How to register a company in singapore as foreigner How to register a private limited company in singapore How to register limited liability partnership in singapore Singapore Company Incorpora몭on *All prices exclusive of 8% GST (Goods and Services Tax)

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