[$388 Promo] Singapore Company Incorporation / RegistrationA.1 Business offers you guidance on the process of registering a private limited company in Singapore – we advise you on the the requirements, procedures, documents and time frame that is needed for Company Incorporation in Singapore. We ensure you that the process of incorporating your company 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 who are 18 years old or above are allowed to register a Singapore company. 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 for the company to elect a secretary within six months of the company incorporation as per section 171 of the Singapore Companies Act (Chapter 50). A company secretary cannot be the sole director of a company.
- 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 the first 3 consecutive years of assessment. 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.
[$288 Promo] Singapore Company Secretarial Services | Corporate Secretarial Service
In accordance with the Singapore Companies Act, a Company Secretary needs to be appointed within six months of a company incorporation in Singapore. The company secretary may be liable for the failure of the company to comply with the law in some situations. He or she must reside in Singapore, and must not be the sole director of the company. We can serve as your Company Secretary by ensuring your company complies with the Companies Act and adhere to the requirements of Accounting & Corporate Regulatory Authority (ACRA).
Corporate BankThere 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 the National Registration identity Cards (NRIC) and proof of residential addresses of the company directors, signatories and ultimate beneficial owners of the company
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.
Acquiring Office SpaceHaving an office space will greatly improve a potential customer’s likelihood to trust more in the services offered by your corporation. Business owners can choose to lease an office space themselves in business districts and start operations. However, for entrepreneurs who want an office space but are unable to be present in Singapore or if they find that the rent is too expensive for them, there are also alternative options like virtual offices. Having virtual offices is a solution for both small businesses and foreign entrepreneurs alike.
Steps to Register Company in Singapore and TimeframeThe 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 and Reservation
- Company Registration
Company Name Approval and 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 company 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.
Getting 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.
Post Company RegistrationAfter tending to everything that is required for company incorporation, let us look at what you need to expect next for your entrepreneurship journey. Upon approval of your Singapore business registration, you will receive the following: A Certificate of Incorporation: Do check your email for any emails from the Company Registrar. The email should state that your business has been successfully incorporated. A company registration number should also be included in this email as well. Be sure not to delete or lose it as it is considered as your official certificate of incorporation. If you wish to get a physical copy, you will need to pay $50 fee to the Company Registrar to receive it and will take an additional 3 to 5 working day to process. A Corporate or Company Business Profile: A company business profile will also be created once your registration process is completed and approved. It will be available in your Biz File account. If you do not have an account yet, the service provider that you have engaged with will take it upon themselves to retrieve your business profile for you. It is usually in PDF format and you will need to download the file and check it through. A complete company business profile should have:
- Key information about the Company name with its registration number
- Previous name versions of your established company (if applicable)
- Date of the successful incorporation
- Descriptive account on the company’s principal activities
- Details of the company secretary
- Details of the shareholders and directors
- Full working registered business address of your company
- Total amount of paid-up capital
Singapore Company Incorporation
After the name has been approved, the incorporation documents will be prepared. Thereafter, the director(s) and the shareholder(s) will sign the documents. A registration fee of S$303 is needed to pay ACRA for the incorporation of the private limited company. This process will usually take about 1 hour.