Company Registration in Singapore
This Singapore company registration guide will let you learn about the process, requirements, and time frame needed to accomplish the incorporation procedure successfully. Entrepreneur enthusiasts that want to gain a strong foothold in the global market often choose to register their business in Singapore in the form of private limited company. In this guide, you would also get to know about the post-incorporation considerations and compliance requirements.
A private limited company is the most popular business entity in Singapore owing to its manifold advantages. It is limited by shares and has an independent legal identity from its owners (shareholders). Each company in Singapore must be registered with government authority and adhere to the Companies Act, Cap 50.
Company Registration Singapore
Register your Singapore (Pte Ltd) or Private Limited company with ACRA at only S$699. The cost includes government fees and gets you Free Company Secretary Service worth S$299 & Free Registered Office Address worth S$239 (For First Year). Let our incorporation experts take care of company registration for you.
What are the Benefits of Private Limited Company in Singapore?
- It is considered to be the tax resident of Singapore and entitled to enjoy tax exemptions and benefits.
- Liability of shareholders is limited to the share they invested in the company. Their personal assets remain protected.
- The company’s profit is taxed at corporate income tax rate. Dividends earned by the shareholders are not taxable.
- Transfer of ownership and appointment of additional shareholders is easy.
- The amount of paid-up capital can be raised at any point in time after company incorporation.
- Securing a loan or funds from an investor is easy due to the credible image a private limited entity possess.
Minimum Requirements for Registration of Company in Singapore
- At least 1 Local Director (Singapore Citizen/PR/EP holder)
- At least 1 Shareholder (Individual or Corporate Entity)
- Paid-up value of at least S$1
- A Registered Office Address in Singapore
- At least 1 Company Secretary
Things to Know Before Company Registration Singapore
Company Name: The proposed company name has to be approved by the authority before you file the application for registration. One must take few factors into consideration when selecting the company name.
- It must be unique, meaningful, decent.
- It must not be identical to the name of an existing company.
- It should not infringe copyright law and trademark.
Once the name is approved by the authority, it is automatically reserved for 60 days. The approval of the company name is subject to the availability. So, make sure to check the availability of your desired name on the government website.
Local Director: A Singapore company must have minimum one local director who must be a Singapore citizen, Permanent Resident (PR) or holder of Employment Pass (EP) or EntrePass. Technically, he must be an ordinary resident of the city-state. The age of the director must be 18 years or above. Nevertheless, there is no age cap for the directors. Any foreign or local individual can be appointed as additional directors of the company. There is no limit on the number of additional directors.
Shareholders: As per the Singapore Companies Act, the number of shareholders can range between 1 to 50. Any individual or corporate entity can act as a shareholder of the company. 100% foreign or local shareholding is allowed.
Paid-up Capital: The minimum amount of paid-up capital required is S$1. This amount can be increased at any point in time after Singapore company registration.
Registered Office Address: Having a registered office address is a must for every private limited company in Singapore. It must be a physical one and P.O. Box address is not accepted. Both commercial and residential address can be used for fulfilling this requirement. Prior approval from relevant authorities has to be taken for using the residential address.
Company Secretary: It is a mandatory requirement for every Singapore incorporated company to appoint a qualified company secretary whose key responsibility is to promote good corporate governance within the organization. The appointment of secretary has to be done within six months of company incorporation. A natural person who is an ordinary resident in Singapore and has sound knowledge of the Companies Act and relevant statutes is eligible for acting as a company secretary.
Necessary Documents Required
- A Copy of Passport
- Proof of overseas residential address such as utility bills, telephone bills, etc. Not older than 2 months from the date you want to register your company.
- KYC documents (Bank Reference Letter, personal/business profile).
- A Copy of Identity Card.
- A Copy of Memorandum & Articles of Associations and Certificate of Incorporation of its parent company based in overseas.
Singapore Company Registration Process & Time frame
The process of company registration in Singapore is quick and simple. Only two steps are involved in getting a company registered in this epitome of trade and business. The steps are – 1) Company Name Approval and 2) Company Registration (filing of the application).
The application filing for company registration can be done only after getting the company name approved. The process should not take much time if every condition has been met as per the law. If your application requires the approval of referral authority, the time frame may extend to 14 days – 2 months.
Upon the successful filing of the application, the authority will send a mail to the applicant notifying the completion of company registration process. The certificate of incorporation and company registration number is included in the mail. It is treated as the official document. In Singapore, it is not mandatory to have the hard copy of the incorporation certificate. However, one can obtain it by paying an additional fee.
Our Regular Company Incorporation Fees
|Singapore Company Incorporation Services||Fee|
|Private Limited Company||S$800 one time fee|
|Foreign Subsidiary Company||S$850 one time fee|
|Foreign Branch||S$850 one time fee|
|Limited Liability Partnership||S$600 one time fee|
|Sole Proprietorship Firm||S$300 one time fee|
|ACRA Registration Fee||S$315 one time fee|
Post-Incorporation Requirements for Singapore Companies
- The opening of a Corporate Bank Account in any one of the banks based in Singapore.
- Businesses intend to operate in a few industries must obtain the relevant license or permit prior to operating business activities.
- The registered office must remain open for public at least for 3 hours per day during business hours on weekdays.
- Company registration number must be printed on all official documents including letterheads, invoices, and other documents.
- Businesses whose current or expected annual revenue is more than S$1 million must register for GST (Goods & Service Tax) with the tax authority of Singapore.
- There are a few ongoing statutory compliance requirements laid down by the government authorities which must be fulfilled to remain complaint.