Singapore Company Incorporation Services

Company Incorporation Singapore
How to register company in Singapore or starting a business in Singapore? Is incorporate Singapore company or company registration very difficult? These are common questions for entrepreneurs. Let me explain in details. In Singapore, the two main types of incorporated companies or Singapore company registration are :

  • Private Limited (‘Pte Ltd’) Companies: the number of shareholders is limited to fifty or less and has restrictions on the right to transfer its shares
  • Public Companies: the number of shareholders can be more than fifty members and the company may raise capital by offering shares and debentures to the public

A Private Company limited by shares – Private Limited Company (‘Pte Ltd’) is the most common type of company .

A Singapore Company Incorporation may be registered with only one shareholder who can be an individual or a corporation. There is no requirement for shareholder(s) to be resident in Singapore.The liability of the shareholders is limited to the amount, unpaid on the shares issued to them. No minimum capital requirement and the company can be formed with an issued capital of S$ 1 that can subsequently be increased to the required amount. The par value of shares is usually fixed at S$ 1 per share. No-par value and bearer shares are not permitted.

Registration with ARCA

Application by a foreign company/individual is mandatory through a professional business registration firm.

A foreigner, who wants to relocate to Singapore to be the director of his own company needs to apply for an Employment Pass under the EntrePass Scheme at the Ministry of Manpower (MOM). After approval of his EntrePass, he can proceed to incorporate the company with ACRA.

A Company must have a registered office situated within Singapore. You can register a residential flat or property under the Home Office Scheme (HO).

Firstly , to obtain approval for the proposed name. Names for all companies in Singapore must conform to certain guidelines laid down in the Companies Act.

After the company name has been approved, the following incorporation documents must be prepared and filed:

  • Memorandum & Articles of Association
  • Certificate of Identity (Form 7)
  • Statutory Declaration of Compliance (Form 6)
  • Consent to Act as Director & Statement of Non Disqualification to Act as Director (Form 45).
  • Notice of Situation of Registered Office and of Office Hours at time of Incorporation (Form 44)

Another way is to acquiring the shares of a shelf company allows an investor to almost immediately start a business in Singapore. Usually with an authorized share capital of S$100,000 and a paid-up capital of S$ 2. The share transfer will normally take only one or two days.

Directors/Company Secretary Singapore
‘One man’ companies with a single (individual or corporate) shareholder are admissible and a company can only have one director. However, at least one director must be a Singapore Citizen, a Singapore Permanent Resident, or a person who has been issued an Employment Pass. Any person must be above 18 years old to be appointed as a director.

Every foreign company registered under the Companies Act must have two agents acting on its behalf in Singapore. These agents must be Singaporeans, Singapore Permanent Residents or Singapore Employment Pass Holders.

The Companies Act requires directors to act honestly at all times and exercise reasonable diligence. Directors’ duties fall under three main categories:

  • Directors have to act in believe to be the company’s interests, and not in the interests of any other party.
  • A director needs to find out what his powers and responsibilities are under the company’s articles and under the law.
  • Statutory duties are imposed on directors by statute, Companies Act.

A Company Secretary Singapore, responsible for maintaining the company records and other administrative duties as prescribed by law, must be appointed within six months after register company . The Companies Act states minimum qualifications as regards who can be a company secretary. Private companies can appoint their employees or directors to perform these duties.

An Auditor must be appointed within three months from the date of incorporation unless it is exempted from audit requirements. In practice, appointment is arranged during incorporation.

Compliance/Law
The following are requirements and filings an incorporated company must comply with:

  • Have a registered office as from the date of incorporation.This office has to be open and accessible to the public for not less than five hours during ordinary business hours on each day(except Sundays, weekends and public holidays).
  • The full name of the company and the Company Registration Number must appear on all letterheads, prospectuses and other official documents used by the company.
  • Keep and maintain certain statutory books and registers such as a register of members, a register of directors, managers, secretaries and auditors and a register of directors’ shareholdings
  • The Companies Act requires the financial statements of every company to be audited once every year. This comprises a statement of profit and loss, balance sheet, director’s report, statement by directors and an auditors’ report to be prepared; and other disclosures required by Statements of Accounting Standards in Singapore. The audited accounts and reports have to be filed with the Registrar within one month after the AGM.
  • The first annual general meeting (AGM) must be held within 18 months of the date of incorporation. After that there must be at least one annual general meeting not more than 15 months from the date of the last AGM. No physical meeting must take place if all shareholders consent. At the AGM, the directors are required to present to the shareholders the audited accounts for the immediately preceding financial year, and those accounts must be prepared up to a date not more than six months before the date of the AGM. The fiscal year end is normally determined at the first directors’ meeting.
  • Changes to registered particulars have to be notified to the Registrar, including a change of name, the alteration of the company’s Articles of Association, the allotment of new shares and an increase of the authorized capital
Required Documents
For the purpose of registration of company in Singapore, the following information is required by the ACRA:

  • Company Name
  • Brief Description of Business Activities
  • Registered Address
  • Company Secretary Particulars
  • Constitution
  • Shareholders Particulars
  • Directors Particulars

The incorporation service firm you engage will typically collect the following documents from you in order to prepare the necessary registration of company paperwork:

  • If the shareholder is a corporate entity: Copy of registration documents such as Certificate of Incorporation and Constitution.
  • For non-residents: Copy of passport, overseas residential address proof, and other information such as a bank reference letter, personal and business profile, etc.
  • For Singapore residents: Copy of Singapore identity card

Your Knowledgable Filing Agent

  1. Expert advice
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  2. No filling out forms
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  3. Set of docs
    Sit back and relax. We prepare all the docs you need:-  Company Consitution, consent to act as a director, and incorporation application.
  4. Filing and BizFile
    After the filing, we get your Bizfile. We store it with your other corporate docs, in one place.

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