Company Incorporation Services In Singapore
To incorporate a Singapore entity, you need to satisfy and comply with the following Company Registration requirement before you can operate your business in Singapore.
There are various company types in Singapore and the two main ones are as follows:
A Private Limited liability company is more common though due to its separate and distinct legal entities from its owners. Hence, owners are not liable for the company’s debt or any legal action taken against the company.
Setting Up A Company In Singapore
To ensure smooth incorporation, you need a trusted professional service firm such as BESTAR who is familiar with and provide company incorporation services in Singapore and corporate secretarial function to assist you. We shall walk you through the complex Singapore Business incorporation process.
Before you register your business entity, keep the following company incorporation information in mind:
- Company Name
An important step to kick-start the company registration in Singapore is to think of a suitable company name for your new Singapore company. This company name must be approved before the process to register a new company in Singapore.
Owner of a company is known as Shareholder. A Private Limited Company can have between one to 50 shareholders comprising of individuals or entities. A company is allowed to have 100% of the foreign shareholding. Shareholders can be directors of the company at the same.
- Company Director
Company Directors are typically appointed by the owner of a company, i.e. the shareholders, to manage and run the business. There is no limit to the number of directors a company can appoint, local and foreign.
In Singapore, there must be at least one local resident director appointed in a Private Limited Company (either a Singapore citizen, a Singapore Permanent Resident, or an individual who holds valid Employment Pass). This local director (also known as Nominee Director) must be 18 years of age, has a local residential address, not bankruptcy and does not have any criminal record. Directors can be shareholders at the same time.
- Company Secretary
A Company Secretary is a qualified resident who will be the main officer-in-charge of the various responsibilities a company is required to adhere to by law, e.g. annual return filing, recording of board resolutions, up keeping of a company’s register. As stipulated by Singapore’s Accounting and Corporate Regulatory Authority (ACRA), it is mandatory that every company must appoint a company secretary within 6 months of its incorporation. A sole director and or shareholder cannot act as the Company Secretary.
- Paid-up Capital
The minimum paid-up capital for a Singapore company will be S$1. The paid-up capital of a company can be increased at any time after the company registration.
- Registered Address/ Business Address
A Singapore address will be required as Registered Address of the company at the point of company registration. This Singapore address must is accessible and effective for delivering documents to the company and its directors. It can be either at a residential or commercial address but it cannot be a P.O. Box address.
Note that if the residential address is to be used as your business address, prior approval must be obtained from the respective authority (e.g. HDB for public housing residential address; URA for private residential address).
- Tax Exemption Benefit for New Companies
Singapore’s corporate tax rate is at 17%. Newly incorporated companies meeting the qualifying criteria shall enjoy attractive tax exemptions for the first three consecutive YA (Year of Assessment):
*Normal chargeable income refers to income to be taxed at the prevailing corporate tax rate. For further information on taxes and exemption incentive, refer to IRAS website.
- Non-Resident Director and Entity – Setting Up Company in Singapore without a Local Resident Director
Foreign business owners/companies who wish to register a new company in Singapore must engage local professional service such as BESTAR who is a registered filing agent to assist you:
How To Register A Business In Singapore
To register a new company in Singapore, we need the following documents from you:
(this is a legal document that sets out regulations on how a company will be internally governed, its structure, shareholders’ rights and regulations on the management of a company. Constitutions can be either drafted by shareholders/directors from scratch or obtain a model constitution from ACRA)
|· Copy of Singapore Identity card;
· Proof of address (if residing overseas);
· Completion of KYC Form;
· Existing business registration record.
|· Copy of Passport;
· Proof of address;
· Foreign residential address;
· Completion of KYC Form;
· Existing business registration record.
|Corporate Entity Shareholders||· Copy of registration documents such as:
o Certificate of Incorporation;
o Constitution (also known as Memorandum & Articles of Association);
· Corporate structure illustrating the parent company and new company’s relationships;
· Completion of KYC Form;
· Copy of Identity card and/or passport of shareholders of the corporate entity.
Note: Documents not in the Englishlanguage must be officially translated and notarized by the lawyer.
Company Registration/ Duration
Upon full submission of the completed KYC and all required documents, setting up a company in Singapore with ACRA’s Bizfile+ usually takes one to two days to complete. However, the duration for company registration may be extended to another few weeks or longer should the chosen company name be referred by ACRAto another agency for further review.
Hence, we encourage you to select two or more company names apart from your first selection as alternatives. Should the first company name be subjected for further review by ACRA, you have a choice to re-apply using the alternative names. The application fee shall apply for new incorporation using the alternative name.
- Choosing a Company Name
Generally, to ensure a good chance of name approval by ACRA during the company registration process, due care must be carried out to ensure an appropriate name being selected before the company registration:
The above list of examples is not exhaustive. To minimize the risk of complaints on the company name incorporated, we will assist to check with ACRA the selected company name before proceeding with the company registration. An approved name will be reserved for 120 days from the date of application.
- ACRA Company Registration Fee
Upon full submission of the abovementioned documents, we will proceed with the company registration with ACRA. There will be a company registration fee collected by ACRA.
AFTER SETTING UP A COMPANY IN SINGAPORE
You will receive the following important documents from your company after you register a new company in Singapore. These documents may be used for legal and contractual purposes such as an opening of bank accounts, signing of an office lease.
- Notice of Company Incorporation
An official email from ACRA confirming the registration of the company. This email includes the newly setup company’s registration number.
A Constitution sets out terms on how a company will be governed internally, shareholders’ rights, its business structure and regulations on the management of a company. It can be either drafted by shareholders/directors or obtain a model constitution from ACRA during company incorporation.
- Business Profile
A Business Profile containing the company and officers’ particulars may be obtained from ACRA via online request at a fee will be made available.
- Certificate Confirming Incorporation of Company
A hard copy certification that a company has been registered with ACRA can be obtained at a fee from ACRA.
Thinking about doing business in Singapore? Bestar assists you in establishing your business presence in Singapore and assists businesses to fulfill their regulatory requirements in an efficient manner. We will take care of all your incorporation needs through our complete suite of services that covers all aspects of setup and ongoing company administration.
Guidance on an appropriate business structure
Businesses can establish a presence by setting-up various business vehicles available in Singapore, such as:
These business vehicles have different characteristics and regulatory obligations. We can assist to identify the suitable business vehicle for businesses setting up in Singapore and also assist with the establishment of the business vehicle.
Entity formation and establishment
Bestar works closely with businesses to help them through every phase of incorporation. We dedicate experts to business owners and ensure clear communications and single-point contact. Our services are backed with over 8 years of experience that translates to a smooth incorporation process.
Our services include:
Bestar offers a wide range of financial products and services to individuals and business owners. By seeking our sound financial information, we believe you will be better able to identify your goals and make sound decisions, to help you reach these goals.