Incorporating a company in Singapore is an attractive proposition due to its strategic location, robust economy, and business-friendly environment. The process of incorporation is straightforward, efficient, and can be completed in a few days if all the necessary documentation is prepared beforehand.
The first step towards incorporating a company in Singapore involves deciding on the type of business entity that best suits your needs. There are various types of entities such as private limited companies, public companies, sole proprietorships and partnerships. A private limited company is the most common form for foreign businesses due to its scalability.
Once you’ve decided on the type of entity, you need to choose a unique name for your company which must not infringe upon any trademarks or be too similar to existing businesses. You can check this through ACRA’s (Accounting & Corporate Regulatory Authority) online directory.
Next comes preparing a description of business activities that your company will engage in along with identifying who will serve as directors and shareholders. In Singapore, at least one director must be a resident which means they either have to be a Singapore citizen or hold an Employment Pass/Entrepreneur Pass.
The next requirement is having a registered office address within Singapore where official documents can be sent during working hours. This cannot be a P.O box but could potentially be your home address if it meets certain criteria.
A minimum paid-up capital of S$1 is required for incorporating your company in Singapore although this amount may vary depending on the nature of your business operations.
After these preliminary steps are taken care of, you’ll need to prepare necessary incorporation documents like Memorandum & Articles Of Association (M&AA) which outlines key details about your proposed company’s operation including rules for internal management etc., signed consent forms from each director/shareholder involved and finally an application form detailing all relevant information about proposed corporation including name choice etc.
These documents then need to submitted online via ACRA’s BizFile+ portal. Upon successful submission, ACRA will send an email notification confirming the incorporation. The entire process typically takes less than 24 hours if there are no complications.
After your company is officially incorporated, you need to apply for business licenses and permits depending on the nature of your business activities. It’s also important to open a corporate bank account in Singapore and register for Goods & Services Tax (GST) if your annual taxable revenue exceeds S$1 million.
In conclusion, incorporating Incorporate a company in Singapore straightforward process that can be completed quickly with proper planning and preparation. However, it might be beneficial to engage professional services like lawyers or corporate secretarial firms who are familiar with local regulations and procedures to ensure smooth sailing throughout the incorporation process.
