How to Register a Private Limited Company in Singapore:
Singapore is considered to be one of the world’s best places to invest, and the process of company registration in Singapore is fast and easy. Anyone above the age of 18 can set up company in Singapore, and even foreigners are able to own 100% shares of a particular company.
All of this done under the permission of The Accounting and Corporate Regulatory Authority, a legal entity managed through the ministry of finance. It is the main regulator of business as a provider of corporate services among the country, and helps register and incorporate company in Singapore. Both foreign and local investors can complete all the procedures in 3 days at most without facing any difficulty. And these are the types of companies or business entities you can set up: Branch Office, Private Limited Company, Subsidiary Company.
Moreover, If you’re a foreign businessman and are not able to complete company registration in Singapore by yourself, all you need to do is to hire a registered filing agent, and a business (entrepreneur) passport to be able to transfer and work in the city you’ve chosen. Don’t forget to ask your agent for all solutions of customized company registration.
Requirements for Company Registration in Singapore
There are some steps you have to follow in order to incorporate company in Singapore successfully and easily:
- The minimum number of shareholders is 1 and at most 50, no matter if they’re foreigners or local citizens. Also, they can be representing some corporate entities or just normal persons.
- When you set up company in Singapore, it needs to have an initial capital. The minimum initial capital you can start with in Singapore is $1, and after this you can easily increase your company capital by pumping in more money.
- In Singapore, foreign residents as well as Singapore residents can direct the company, but it has to include one Singapore resident. A Singapore resident means a person living in Singapore, the person who holds an employment passport, or the Singaporean citizen in general.
- You must hire a highly qualified secretary as it’s obligatory to be done in a period of six months from incorporating the company. He/She has to be a resident as well.
- The company must have its own particular address where all the statutory files and documents will be kept. It cannot be a post office box.
- Prior to filing any paperwork to incorporate company in Singapore, you need to name your company, and get approval from The Accounting and Corporate Regulatory Authority. If the name meets all the rules, it’d be accepted in a very short period, maybe less than 60 minutes!
How to Set Up a Company in Singapore
Here are the 3 main steps to how exactly to set up company in Singapore following all procedures:
1) As mentioned above, you have to choose a name and get the approval from The Accounting and Corporate Regulatory Authority. First, you have to choose a few different names to be checked out, and the available one will be your company’s name. Here’s a tip to easily get your name approved: try to pick up a name that reflects the business nature of your incorporation, it shouldn’t be similar to other trademarks or another company and it has to be free of vulgarities. The approval could be held for two months just in case it was referred to higher authorities to decide if it’d be acceptable or not.
2) You’ll be required to provide some certain documents to start the process of company registration in Singapore, which are:
The approval of your company name, Local address of your business / Description of your company profession / Information about the directors, shareholders and company secretary / A copy of foreign individuals passports / the memorandum of the foreign company, its associations articles and the incorporation certificate / A copy of the Singaporean residents ID.
3) You need to submit the ACRA application, as the whole process to set up company in Singapore done online. Provide the documents to your agent who’s able to access the online portal BizFile+.
These are the official documents you’d receive after you’ve successfully incorporate company in Singapore:
Constitution of the Company Registration
When you’re about to start the process of company registration in Singapore, there must be a company institution which can be called (the association articles or the memorandum), as we mentioned above. You can choose whether to set up a brand new institution. Or to benefit from the constitution model that the Singaporean government provides.
Not only the main function of the constitution is to provide all the procedures and rules that the company follows, but also to determine the company objectives, duties and rights. It must include (the company’s name, a statement defining the responsibilities of each employee, another statement confirming that the shareholders are aiming to commit themselves to the institution, comprehensive data of the shareholders such as their occupations names and addresses).
The Accountant and Corporate Regulatory Authority will issue an Incorporation E-Certificate in the form of an email from the entity including a confirmation indicating that you have successfully incorporate company in Singapore and a unique number of entities for the company.
BizProfile – Company Business Profile
It is also known as the Company Extract, which is issued as a PDF document by The Accountant and Corporate Regulatory Authority. It contains:
- Company details (the name, number of registration, date of incorporation)
- Money capital
- Information about directors and secretary
- Address of the company
- Status of compliance
This guide contains most of the information you will need to successfully set up company in Singapore.
A trusted company registration provider can guide and support you through some of the more tedious steps. It ensure that all the paperwork will done on time and legally. Although, WLP Group is highly qualified and have years of experience in setting up company in Singapore. Contact us at +65 6493 2970 to speak to an experienced consultant today.