Singapore is an indispensable nucleus for corporations to indulge in business activities. Apart from being one of the prime service providers across various domains, it is driven by consistent innovation across diverse diligence. The main features that make it one of the most desirable places for ambitious entrepreneurs are its political solidity, pro-business stratagems and tax advantages. A Private Limited Company is the most popular kind of business entity in Singapore. However, according to the Singapore Law, foreign companies cannot self-register a company and have to be associated with a professional secretarial firm.
What Are The Steps Involved For Incorporating A Company In Singapore?
- The first step is to choose and reserve a name. However, one needs to ensure that the name should be original and not obscene. It will require the details of the Directors and the Shareholders.
- The next step involves getting necessary documents signed by the respected subscribers’. These include Memorandum of Association, Articles of Association, Form 45, Form 45 B, Share Certificate, Minutes of the first board meeting.
- It is followed by registering the company with the Accounting and Corporate Regulatory Authority (ACRA). Once signed and approved, the required payment has to be made.
- Once the payment procedure is complete, the receipt will have a unique entity number, which is the company registration number. Herein, the company can start with its business activities.
How Much Time Does It Take To Incorporate A Company In Singapore?
The time it takes for company formation in Singapore can range from 1 day to a week. Following are the factors that create this wide gap in the length of time.
- Reserving the company name with ACRA and gaining an approval can range from 3 hours to 2 days.
- Time taken to prepare the documents and obtaining the signature may vary depending on the availability of the subscriber.
- One cannot estimate the time taken to open a bank, which is different for different banks.
What Are The Requirements?
- A company must have at least one Director who is either a citizen or a holder of a foreign pass.
- Minimum one Shareholder is required who could either be an individual or a corporate entity. Additionally, it can be completely foreign owned.
- One Company secretary who is a local resident.
- A registered local office address
- A firm can choose between two activity codes.
- Minimum share capital is S$1.
- Singpass for local and Corporate Service Provider for foreigners for registering filings to ACRA.
- Company Name.
- Following documents are required
- A brief account of the companies activities
- Memorandum of Association
- Articles of Association
- Details of the Directors
- For foreign Directors – proof of overseas address and passport
- Details of the Shareholders
- For foreign Shareholders – proof of overseas address and passport
- Details of the Company Secretary
What To Keep In Mind Post Incorporation?
Singapore issues an e-notification that completes the registration formalities. An excerpt of the business profile containing basic details about the company can be obtained from the Registrar of Companies. It is essential that a company issue share certificates. Singapore authorises an incorporation to choose their financial year end. A company is required to have a common seal to be punched on important credentials. On the other hand, a company can choose to have its own rubber seal which is not entirely mandatory. All invoices should contain the company registration number. Once registered with ACRA, no separate tax registration is required as it automatically gets registered with the IRAS. Goods and Service tax registration is imperative for businesses with an output of more than S$ one million. A customs registration is mandatory only for companies dealing in import and export. Audit requirements vary for different types of business entities.