Company Registration in Singapore
A.1 Business offers you guidance on the process of registering a private limited company in Singapore – the requirements, the procedures needed and the time frame needed. We ensure you that the process will go on smoothly.
We would usually advise our clients to register private limited companies in Singapore to take advantage of the benefits below:
- Enjoy Singapore tax resident status to take advantage of Singapore Double Tax Agreements, tax exemption schemes and tax incentives.
- Limited liability for members.
- Any foreigner or local entrepreneurs 18 years old or above are allowed to register a Singapore company and there is no age cap for directors of private limited companies.
Singapore Company Formation
- Provide at least 3 company name: it should be approved by ACRA (a government body) before the process for company incorporation can begin.
- Appointed Directors*: They should be at least 18 years of age. One of the directors has to be a Singapore citizen or permanent resident. It is not necessary for the local directors to hold any shares in the company.
- Shareholders*: The shareholder and the director can be the same person or different.
- Company Secretary: It is compulsory to elect a company secretary within 6 months of company incorporation as per section 171 of the Singapore Companies Act (Chapter 50). If the enterprise is a single director company, he/she cannot be appointed as the secretary.
- Address: We can provide our office address for you to use as your company’s registered address.
- Tax: There is a $100,000 corporate tax exemption for 1st 3 years from the commencement date of the business. No dividend taxes or capital yield are imposed on Singapore companies.
- Shares percentage breakdown.
- Paid up capital: Incorporate with S$1 to S$100. Thereafter, you may increase the paid up capital.
- Bank account opening is subjected to banks’ approval.
Foreign Directors and Shareholders
- Authenticated passport copy.
- Proof of foreign address such as utility bills, telephone bills, insurance, or credit card bills issued within 2 months from the date you want to incorporate your company.
- Singaporean / Singapore PR will need to bring along their NRIC and be present for the signing of the incorporation documents.
We will be able to assist you in online application for a DBS business account, or arrange for OCBC and UOB Bankers to assist in the opening of corporate bank accounts upon request.
There are many reputable corporate banks that are located in Singapore, some bank branches would also help to facilitate the process of opening a business or corporate account without you having to be physically there for the process too. We are the preferred valued partner with several corporate banks in Singapore.
Generally, to open a corporate account in Singapore, the banks would need the following documents listed below. Do note that additional documents may be required on a case-by-case basis:
- Corporate account opening forms that are signed by authroized signatoria resolution by company’s board of directors
- A copy of the company business profile
- A copy of the company certificate of incorporation
- A copy of company’s Memorandum and Articles of Association (MAA)
- The passports or Singapore national identification cards (NRIC) and proof of residential addresses of the company directors, signatories and ultimate beneficial owners of the company
All the above documentation must be “Certified True Copy” by either the company secretary or one of the company directors. Please note that the bank may request for original documents or/and additional documents for added verification.
The account signatories and directors may need to be physically present to sign the official documents at the time of corporate account opening, as required by some banks in Singapore. Other banks in Singapore may accept documents that are signed in front of a notary or in person at one of their overseas branches. Whatever the case may be, all banks in Singapore comply with stringent laws and regulations in Singapore. Therefore, comprehensive series of checks and investigations may be carried out on their potential clients before opening a new company account.
Guidelines For Foreigners
- As foreigners do not have Singpass account to do transactions on Bizfile so it is mandatory to hire the services of a professional firm like us.
- If you do not have a local to act as your director, we can provide a local nominee director at $2500/year and $2500 security deposit. Companies with at least 1 Singaporean / Singapore PR director can ignore this requirement.
- Locals & foreigners needs to be in Singapore physically to register the private limited company and to open a business bank account (depending on which bank you choose).
- Foreign investors do not need to apply for a work visa if he/she does not intend to station himself/herself in Singapore to run the operations. They may want to hire experienced managers to manage the local operations on their behalf.
How to Improve Your Business Presence in Singapore
Now that full approval is received for carrying out your business activities, it is time to improve your business presence in Singapore. One of the most effective methods is to set up your own company website. Firstly, you will need to get your own domain name and it can be done through the services of hosting providers, where you can check the availability of the website domain you want or receive suggestions on the website domains you can buy. Secondly, with their help, you are able to register for website domain names like .com, .sg and more. Thirdly, after successfully registering for a website domain, you can also consider purchasing hosting providers to house your website or emails and then you can design your business website and secure it with confidence. With the help of this guide, you are able to better prepare yourself before Singapore business registration and after registration. We wish you all the best of luck in creating and sustaining a thriving and prosperous business.