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Business Registration Singapore (Incorporation)
What to think of before register company in Singapore?
For Local(Singapore Business Registration/Company Registration Singapore)
For Singapore business registration or company registration singapore , a minimum of one shareholder. 100 per cent foreign ownership of shares by individuals or legal entities is allowed
For Singapore company registration , at least one director must be Singaporean resident, i. e. a Singaporean citizen, a Singaporean permanent resident (PR) or a foreigner holding a valid Employment Pass (EP). Note that there are no restrictions on the number of additional local or foreign directors.
At least one company secretary Singapore must be Singaporean resident and qualified to hold the position. Specifically, the corporate secretary must have experience in the custody, maintenance and control of documents according to Singaporean law.
There are no requirements for minimum paid-up capital when incorporating a private limited company in Singapore. It is possible to register a company with paid-up capital of one Singapore dollar. Note that the share capital can be held in any currency.
For different type of business , please refer to here
A local registered address in Singapore is required for a private limited company. Post Office Box addresses are not allowed.
Thus, the formula for the requirements to incorporate private limited company in Singapore is as follows:
Once the decision is made to register company in Singapore, the standard procedure is divided into three steps. The preparation phase consists of the approval of the company name, preparation and signing of all necessary documents. The incorporation phase (step 2) entails the submission of the actual application to the authorities. The follow-up phase (step 3) consists of opening the necessary bank accounts and, if necessary, obtaining licences and/or permits.
The name of your business must be suitable and not undesirous in nature. Your partners in the business must come together and brainstorm on the name for your business. Your business name will become a brand in your line of business and it is important that you get one that everyone is comfortable with.
Letters from ACRA/IRAS
Unique Entity Number
Letter from ACRA
Letter from IRAS
After the company name has been approved, the following incorporation documents must be prepared and filed:
Opening bank account
A corporate bank account is opened under the name of the company. There are several banks in Singapore offering SME banking solutions to startup companies. Choose the best bank which is suitable to your company. Thecorporate bank account will facilitate the company transactions between your company and your customers and suppliers.
Singapore law does not allow foreigners individuals or foreign corporate entities to self-register a Singapore company. You must engage a professional secretarial firm to register your Singapore Company.
Decide a place for your office
It all depends on which option will best suit your spacing needs over the short to mid-term, and whether you have the financially capability to do it. For leasing of a unit, you will need to fork out at least 2-3 months’ worth of rental, with 1 month of prepayment for rental and the remaining amounts being held as deposit.
For the long term of your business, it will be wise to consider to secure an office unit of your own.