Key things to know about company incorporation in Singapore

In our last section, we discussed the benefits of starting a business in Singapore. Now that you’re aware of why Singapore can be the perfect choice for your business, in this blog, we shall share with you the process of the company incorporation in Singapore.

Company formation in Singapore:

Registering a company in Singapore is easy and free of red tape tasks. Additionally, the tax exemptions and benefits by the government of Singapore to new company incorporation in Singapore help them with a number of schemes in their initial days.

The Accounting & Corporate Regulatory Authority (ACRA) acts as the company registrar for Singapore company registration. It supervises the process of company formation in Singapore. It abides by the Companies Act, Chapter 50, and you should fulfill all the requirements. The locals and the business owners benefit by employing a registered filing agent for Singapore company registration. It is especially beneficial for foreigners willing to set up a business here.

However, foreign entities cannot go through the Singapore company registration by themselves and must hire a local business registration provider. Here, MBG can help you through the whole process of how to register a company in Singapore. Read ahead to find how.

Types of entity structures for company formation in Singapore:

You can use the following business structures or entity types to register a company in Singapore and maximize tax benefits.

• Private Limited Company (LLC)
• Subsidiary Company
• Branch Office

Procedure for company incorporation in Singapore:

The procedure of Singapore company registration isn’t very complex. However, we have simplified the whole process into 3 major steps. Find the steps briefed below for how to register a company in Singapore.

Step 1:

• Getting approval from the ACRA for your company name
  • The company name should be unique, readable enough, and free of vulgar language
  • The company name shouldn’t infringe any trademark or violate any copyright issue
• The company name might need approval from higher authorities if the name comprises words like media, finance, bank, broker, legal, educational, etc. this may take a few weeks to process
• Once approved, the company name is possible for sixty days

Step 2:

• Preparation of documents to register a company in Singapore is the next step once the company name gets approved
• Following documents are needed by ACRA:
  • A brief description of the company stating business activities and company constitution
  • Registered address details of the company
  • Identity proof and details of all shareholders
  • Identity proof and address details of directors with signed consent to act as directors
  • Identity proof and address of company secretary with signed consent to act as company secretary
  • Foreign investors need to submit copies of passports with overseas address details
  • Identity verification and address proof details
  • Professional backgrounds of all stakeholders and employees of the company

Step 3:

Submission of an application to ACRA is the final process and can be done online. All documents should be in order to the official registration with ACRA and can be done in less than an hour to a few weeks depending upon the type of company establishment.

Once this is completed, ACRA sends an official confirmation through email vetting the incorporation of the company with its registration number. The soft copy is treated as a valid registration certificate. A hard copy can also be obtained through an online application. The cost of company formation in Singapore depends upon the type and size of the company that one is planning to establish in Singapore.

Requirements for company incorporation in Singapore:

Following are the requirements for a new company formation in Singapore:

• The shareholding norm needs to be taken care of, and a private limited liability company must have a minimum of one and can have a maximum of 50 shareholders. Shareholders can be individuals or corporate bodies. ACRA allows a 100% foreign shareholding.
• The company secretary is a must and should be appointed within a six-month period of registration. The company secretary should be a resident of Singapore.
• A local registered address is required for a company office.
• The initial paid-up capital requirement is SGD1. Additional share capital can be invested at any point in time as well.
• A resident director is a must and can be a local citizen or permanent resident of Singapore or an Employee pass-holder.
• ACRA approval for the company name is necessary before initiating the Singapore company incorporation process

Documents required for company incorporation in Singapore:

For Individual Shareholders:

• Passport
• Address proof
• Resident ID card for Singapore residents
• Brief professional background

For Corporate Shareholders:

• ACRA Registration Certificate
• Company details with company name, registration number, and address
• Authorizing documents for holding shares in the company and appointment document of an authorized individual
• Document detailing ultimate beneficiaries with KYC due diligence

How MBG helps with company incorporation in Singapore:

MBG offers a wide range of services related to company formation in Singapore. Our seasoned professionals with years of expertise in new company formation in Singapore, huge client base, and experience ensure that you find all the support you need for business setup in Singapore. We assist you right from the very initial stages of how to register a company in Singapore from India to the very end with the proper guidance, consultation, and customized services as per your needs.

Connect with us for any queries related to company incorporation in Singapore.