Are you considering starting a business in Singapore? Here’s a detailed overview of the requirements and steps involved in registering a company in this dynamic and business-friendly city-state.
1. Company Name Approval Before you can register your Singapore company, you need to ensure that your chosen company name is approved. The name should not be identical or too similar to existing local company names, should not infringe on any trademarks, and should not be obscene or vulgar. An approved name will be reserved for 4 months from the date of application.
2. Director and Shareholder Requirements
- You must appoint a minimum of one resident director. Additional resident or non-resident directors can also be appointed.
- Directors must be at least 18 years old, not bankrupt, and free of any malpractice charges.
- You can have 1-50 shareholders, who may or may not be directors. Shareholders can be local or non-local individuals or companies, and 100% non-local shareholding is allowed.
3. Company Secretary Appointment Within 6 months of your company’s registration, you must appoint a qualified resident company secretary. Sole directors and/or shareholders cannot act as the company secretary.
4. Paid-Up Capital You need a minimum of S$1 worth of paid-up capital to register your company. This amount can be increased after incorporation.
5. Registered Address You must provide a local, physical Singapore address as the registered address of the company. This address can be either residential or commercial, but not a P.O. Box.
6. Document Requirements When registering your company, you’ll need to provide the following documents:
- Company name
- Brief description of business activities
- Shareholders’ particulars
- Directors’ particulars
- Registered address
- Company secretary particulars
- Constitution
7. Registration Process The company registration process in Singapore is fully computerized and can be done within the same day under regular circumstances. The process involves two main steps:
- Name reservation: Approval is usually quick, but certain words in the proposed name may require additional review.
- Register company: Once the name is approved and all necessary paperwork is in place, the registration can be completed within a couple of hours.
8. Additional Considerations for Non-Residents If you are not a Singapore resident, you must engage a professional firm to register your company, as self-registration is not allowed. You are not required to obtain a Singapore work visa to incorporate a company if you are operating from overseas. However, if you plan to move to Singapore to operate your company, you will need an Employment Pass or Entrepreneur Pass.
9. Banking and Licensing After registering your company, you can open a corporate bank account in Singapore. Many banks require the physical presence of the company principals, so choose a bank that suits your needs. Additionally, you may need to obtain business licenses depending on your business activities.
10. Annual Filing Requirements Singapore companies must fulfill certain annual filing requirements and formalities as per the Singapore Companies Act.
Conclusion Registering a company in Singapore offers numerous benefits, including attractive tax exemptions and incentives. By understanding the requirements and following the steps outlined in this guide, you can successfully establish your business in Singapore and take advantage of its thriving business environment.
Source: ACRA
For further assistance, contact our office in Singapore.