Registering a company in Singapore is a process that every (to-be) business owner should be familiar with. Every new entrepreneur should be familiar with the different business entity types, as well as the rules and regulations associated with setting up each type of business entity.
While the process of new company set up is complicated, it can be simplified by working together with a team of experienced consultants, with years of helping new entrepreneurs to register companies in Singapore. Furthermore, by being familiar with the local laws and regulations, they will help prevent you from missing any important datelines or document submissions.
For example, to register private limited company in Singapore, it is required for there to be at least one Shareholder and one Director who are at least 18 years of age and a Singapore ordinary resident. The Company also has to appoint a Corporate Secretary who will act as the nature person within 6 months of the company incorporation in Singapore. The Secretary has to be also at last 18 years of age and a Singapore ordinary resident. Undischarged bankrupts are not qualified to manage or set up the business unless they have the approval from the Court or the Official Assignee. Only Singapore Citizen, Singapore Permanent Resident and EntrePass holder are eligible to apply.
Information Required for Setting up a Local Company
Note: For foreigners looking to set up a local company in Singapore, it is compulsory to engage the service of a professional corporate service firm in order to apply and start the process of setting up a local company.
- Registering a Company Name
It is always advisable to come up with a few potential names for the new company. ACRA has also enable applicants to reserve a company name before the actual incorporation through Bizfile. It is important to note that the Registrar may reject a proposed name which is:
– Undesirable in the view of Singapore’s Law
– Similar to existing business entities
– Usage of certain controlled words such as “Group”, “Bank”, “School” etc. These keywords will be subjected to approval
1. Business Activities
All new business entities in Singapore are required to have at least one and maximum two business activities in conjunction with the Singapore Standard Industrial Classification Code also known as the “SSIC Code”. In event that the company has more than two business activities, it is always advisable to put in the two activities that will be generating the most revenue for the company.
2. Directorship in your Newly Incorporated Company
For company incorporation Singapore set ups, one of the requirements is to have at least one local resident Director. A Singapore Citizen, Permanent Resident and EntrePass holder can act as the sole director of the Company. Foreigners who wish to be a director of the Company must note that there have to be at least one local resident of Singapore who is a director. Alternatively, the Company can engage the service of a professional firm which offers nominee director services.
3. Share Capital & Shareholders
The minimum requirement for Share Capital is S$1 and the Company must have at least 1 shareholder. The Shareholder can be a local or foreign individual or even a corporate entity. The paid up capital have to be deposited in the bank account registered under the Company during the initial set up and can be subsequently withdrawn and used for business-related expenses.
4. Corporate Secretary
All local Companies set up in Singapore have to appoint a Corporate Secretary within 6 months from the incorporation date. The Corporate Secretary must be a natural person and a local resident in Singapore. The main responsibility of a Corporate Secretary is to provide advisory and ensure that the Company is in compliance to Singapore legislation and laws.
5. Registered Address in Singapore
It is compulsory for companies to provide a registered office address during application. For local companies set up in Singapore, the registered office address must be a Singapore address. This address shall be the place whereby all communications and notices are addressed to and where the company’s register and records are kept. It is required that the address registered in the Registrar is accessible to the public during normal office hours but it is not necessary that the address is where the company officially conducts their daily operations.
If you are looking for a Singapore company registration services provider, contact our partner WLP Group at +65 64932970.