Singapore Company Incorporation Consultants 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 such as the Productivity and Innovation credit which incentive companies to improve their productivity by purchasing technology.
- 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.
Important Information Required for 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 Need to Provide the Following Documents:
- 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 arrange for OCBC and UOB Bankers to assist in the opening of corporate bank accounts upon request.
Notes to be Taken into Consideration 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.
Steps to Register Company in Singapore and the Timeframe:
The Accounting and Corporate Regulatory Authority (ACRA) will take time to approve the company registration details, therefore the process of incorporating a company can take 3 hours to 2 days.
Company Name Approval & Reservation
The ACRA application form must be filled up and ready for approval. Usually, it will take about one hour for this process to be completed. ACRA will inform you if your application is successful. Do take note that the proposed name should not have words containing law, Singapore, etc in order for a quicker name approval. These keywords will lead the proposed name to be referred to another government body for approval of the use the specific keyword. Therefore, there will be an increase in time needed when incorporating a company.
Points to Note for Getting the Name Approved Quickly:
- A unique name which should not have any resemblance to other company names.
- It should not violate any trademarks.
- It should not be offensive.
- You should not use the name that you have previously used.
- It should not contain any words that will get referred to another government agency.
From the application date, your company name will be reserved for 60 days. If you wish to extend the reservation for 60 more days, you will need to fill up a form of extension before it is expires.
After the name has been approved, the incorporation documents will be prepared. Thereafter, the director(s) and the shareholder(s) will sign the documents. There will be a registration fee of S$303 which will be paid to ACRA for the incorporation of the private limited company. This process will usually take about 1 hour.