Incorporation of a Company
Incorporating a company in a foreign country is cumbersome and complex, especially if it is a new company. However, with its low corporate tax rates, protection of intellectual property and ease of conducting business, Singapore has emerged as an attractive destination for company incorporation. Whether you seek to establish a new business or expand your existing business, Singapore is the place for you. And, we at Jaanik, make your incorporation process easy and stress-free. Here is the complete guide to your company incorporation in Singapore.
Private Limited Company
If you seek to establish a Private Limited Company, which is the most common business entity in Singapore, you need approval from the ACRA. To attain the approval, you should submit your company incorporation documents and the proposed name of the company. After ACRA approves your company name and registration, you may apply for business licenses, open your bank account and register for GST.
How Does Jaanik Help you in Company Incorporation?
As soon as you contact us for the company incorporation, our professionals gear up, ready to handle the complicated aspects of incorporation, thus enabling you to concentrate on your business. Our services include:
- Checking the name of the company
- Reserving the company’s name
- Preparing the required documents for ACRA
- Registering the company’s name after approval
- Opening the company’s Bank account
- Offering corporate secretarial services
- Annual filing services as mandated by the Companies’ Act
Minimum Criteria to Incorporate a Company in Singapore
These are the pre-incorporation requirements for ACRA registration:
- A local registered office address
- 1 local or resident director
- 1 shareholder
- 1 company secretary
- A minimum paid-up share capital of $1
Requirements for Incorporation
The table below provides the factors to be considered before the company incorporation.
| Requirement | Details |
|---|---|
| Company Name | The name of your company should not be similar to an existing company’s name or trademarks. It should be approved by the ACRA. |
| Resident Director | Your company should have at least one director who is a Singapore citizen, resident or a person holding an employment/entrepass. The rest of your directors can be local/foreign and there are no restrictions on the number of directors. |
| Company Secretary | You are required to appoint a company secretary within six months of incorporation. The secretary should be a resident of Singapore and ensure regulatory compliance. |
| Shareholders | You need at least one corporate or individual shareholder. Under the Singapore Companies Act, you may have a minimum of one and a maximum of 50 shareholders. Also, note that you are allowed 100 percent local or foreign shareholding. |
| Registered Office | A company registered in Singapore should have a physical office where your official documents will be sent. You may use your residential address for certain businesses. |
| Share Capital | To set up a company in Singapore, your minimum paid-up capital needs to be $1. You may increase the paid-up capital after the company incorporation. |
| Structure of Governance | Your company’s constitutional documents will determine the governance structure of your company and the relationship between your shareholders and the company. |
Steps to register the company in Singapore
Choose company name and address
Once your company name gets approved then make a search at BizFile+ for searching the business name. With the name, you have to confirm the address of the company so that it can be saved for storing the documents.
Prepare the company registration documents
Now you have to apply for the company registration application and it needs proper documents such as:
- Company constitution which is also known as Article of Association
- Also, need signed consent to Act as a director for each director
- Singed consent to Act as company secretary
- Residential address and identification details of each shareholder
- Proof documents of the verification of the identification and address
- The professional ground of every shareholder
Now complete the registration on the BizFile+
Once all documents have been verified now your application is ready for submission and now you have to fill other details on the BizFile+. After this, you have to pay a fee and then the company will be set up within 15 minutes.
Post-Registration documents issued
For confirming the incorporation of the company in Singapore ACRA will issue some documents such as:
Certificate of Incorporation
Once the company will confirm the registration of the company ACRA will send an email notifying about the company incorporation. In that email, you can also explore the company registration number and it will be a sight as an official certificate of incorporation in Singapore. If you need a hard copy of the certificate then you can file the request as it is not compulsory in the country. You can also put online request and for this, you have to pay the amount. Then you have to collect it from the office of ACRA.
Should you have any queries, send an email to us at sales@jaanik.com