COMPANY INCORPORATION


The World Bank reports that it takes only 3 days to start a business in Singapore.

And that is how business owners would want it – fast, easy, and fuss-free.

But where to begin?

Singapore Company Incorporation In 6 Steps

Here, we'll take you through the company incorporation process in Singapore in just 6 simple yet detailed steps.

1. Choose Your Business Name

Singapore Company Incorporation

A good name for your company provides you the freedom and opportunity to take advantage of your branding efforts, company influence, and business strategies.

Therefore, it is essential to carefully research all the aspects of name-choosing for your company so you can benefit from all goodwill, growth, and impact it will reap as time passes by.

As you try to determine how you would name your business, ponder on these questions for guidance:

  • Does that name reflect your company goals, business plan, and brand vision?
  • Can you adapt your business name into your domain name?
  • Is your business name visually appealing?
  • How does it sound when spoken out loud?
  • Can you explain it easily and is it memorable?
  • Does it communicate your desired emotions to target consumers?
  • Does it stand out among your competitors' names?
  • Is it local enough to be embraced within your geographical location but global enough to be significant in the international arena?
  • Do you have other options?

Pro Tip: Save time and reap its long-term business rewards by:

  • preparing two potential names during your brainstorming process
  • being diligent enough not to have any association or connection to other business entities with unpleasant images and/or involved in unsavoury transactions
  • selecting a name that can be synonymous to a verb

2. Have a Registered Singapore Office Address

Singapore incorporation services

Having a registered office is a must for your Singapore Company Incorporation as it is your main location for:

  • conducting formal communication with business-related government agencies
  • sending and receiving official letters, legal matters, company manuals, etc.

A registered physical address also heightens your company’s corporate image.

3. Setting up the Right Business Structure

Company Incorporation

Choosing the right business structure is like building a strong foundation for your company geared towards long term sustainable success.

What are your key considerations when choosing a Singapore business structure?

  • Nature of business
  • Number of owners
  • Initial capital investment
  • Risks involved and willing to bear
  • Long-term business plan
  • Ease of closing business
Sole ProprietorshipPartnershipLimited Partnership (LP)Limited Liability Partnership (LLP)Company
General InformationOwned by one person who has the absolute say in the running of the businessFormed by a minimum of 2 partners and a maximum number of 20Consists of 2 to 20 partners wherein at least 1 partner is a General Partner (GP) and 1 is a Limited Partner (LP)No limit on numbers of partners; functions like a partnership but has a separate legal identity like a private limited companyA business entity registered under the Companies Act, Chapter 50

Private Company:

Has 50 or fewer shareholders; with restricted rights in share transfers

Public Company:

Has more than 50 shareholders; can offer shares and bonds to the public

Exempt Private Company:

Has 20 members or less; no other company or corporation holds beneficial interest in its shares or bonds

Who Can Set UpSingapore Citizen/Permanent Resident

A foreigner must assign a local manager

At least 2 Singapore Citizens/Permanent Residents

A foreigner must assign a local manager

Any foreign and/or local individual and/or company

If all General Stakeholder/Directors reside outside Singapore, a local manager must be assigned

Any foreign and/or local individual and/or companyAny foreign and/or local individual and/or company

A local Director must be assigned

Suitability of Business EntitySuitable for small scale business models with comparatively low risk and returnsSuitable for small scale business models with comparatively low risk and returnsWhere one partner is ready to bear unlimited riskAppropriate for professions like law firms, accountancy firms, architect firms and doctor clinicsSuitable for any trade, vocations and profession
Succession and PerpetuityBusiness has no perpetuity as it is linked to the ownerBusiness has no perpetuity as it is linked to the ownerDepends on the agreement and number of partnersDepends on the agreement and number of partnersBusiness has perpetuity irrespective of status of shareholders
Capital Funding OpportunityPersonal assets onlyPersonal assets onlyPersonal assets as well as bank financingPersonal assets as well as bank financingYes

4. Appoint a Company Secretary

Company Incorporation in Singapore

As per Section 171 of the Singapore Companies Act, all types of businesses undergoing Singapore Company Incorporation must appoint a qualified company secretary within 6 months of its incorporation.

The Company Secretary is the compliance officer of the company. In the case of sole proprietorship, the owner/director cannot act as the company secretary.

5. Open a Business Banking Account

Incorporation Services in Singapore

After your Singapore Company Incorporation, the next step is to open a corporate bank account with one of the local or international banks in Singapore.

Choose the most suitable bank with corporate accounts features which can fulfil the banking needs of your company.

6. Hassle-Free Annual Compliance Solution

Company Incorporation Singapore

Now that your Singapore business is already up and running, don’t forget to familiarize yourself with the annual regulatory compliance requirements.

Staying on top of your annual regulatory compliance requirements is the key to maintaining and sustaining a transparent, robust, and business-friendly climate for investors and business owners alike.

Pro Tip: Corporate Services Singapore offers hassle-free annual compliance solution in Singapore for companies. With its team of experienced specialists and certified professionals in various, you can leverage on its combined expertise and be given prompt notifications on all compliance matters on a regular basis.

A Trusted Name Business Owners Can Depend On for Company Registration

Get instant access to a comprehensive suite of services and solutions for your company formation and compliance needs in Singapore

  • Company Incorporation
  • Accounting and Payroll Services
  • Corporate Taxation
  • Business Support Services like registered office address service, nominee director and shareholder services
  • A customized and all-in-one platform to handle your company's full-suite of regulatory filings
  • A team of experts with deep industry know-how, track progress, and secure necessary legal documents
  • 24-hour world-class business support

We would like share our knowledge with clients to help them understand the fundamental requirements of company incorporation procedures in Singapore and their obligations and commitments under local statutes. Partner with us today and together; we help you set up your dream company

Contact Us Today for No Obligation Discussion and Quote
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Corporate Services Singapore Specialises in Offshore Company Incorporation

An offshore company pertains to a non-resident or paper company incorporated in a jurisdiction other than principal place of business of its investors. Setting up an offshore company in Singapore is advantageous. Subject to statutory conditions, a non-resident company can be a tax-exempt entity, and can have exemptions in withholding tax, capital gains tax, accumulated earnings tax, sales tax and value added tax.

Under the Singapore Companies Act, non-residents cannot self-register their own offshore company. The assistance of a local professional firm is required. Reliance Consulting provides an efficient and streamlined approach to offshore company incorporation. Our resident/foreign clients are provided assistance in the following areas:

  • Approval of offshore company name and registration with Offshore Company Registrar
  • Submission of pertinent incorporation documents
  • Opening of corporate bank account

FAQs on Company Incorporation

What if I don’t have a registered office address in Singapore?

You can simply engage of our Registered Office Address services. We can provide this service at a fee from $300 to $420 per annum which comprises the receipt and collection of all business correspondences on your behalf.

What information is required prior to incorporation?

• Proposed company name
• Name, address & copy of identification document (i.e. passport, NRIC) of proposed Directors and shareholders.
• Details of issued/paid up capital, with share allotment/percentage of shareholding.
• Principal activities of the company.
• Registered office address and location of the register of members and index is kept

What are the requirements for company incorporation in Singapore?

• Any local or foreign person can incorporate a company in Singapore
• Minimum of 1 director and 1 shareholder required
• Minimum of 1 director to be a local resident director (ie. Singapore citizen or permanent resident)
• 100% foreign ownership allowed
• Minimum paid-up capital of $1
• A local registered office address is required
• A locally qualified corporate secretary must be appointed

Do I have to be a Singapore resident to incorporate a company?

No, but you will need to appoint at least one director who is ordinarily resident in Singapore.

What’s the cost and scope of Nominee Director Services?

The nominee director will not have any financial, management, or operational interest in the company. His role is just to satisfy the statutory requirement of a local resident director for your company in Singapore.

Our fee for the provision of a Nominee Director is S$4,200.00 per annum and with a refundable security deposit of S$5,000. The deposit will be refunded when our Nominee Director Service is no longer required.

What is the difference between a director and a shareholder?

Shareholders own the company and are entitled to the profits of the company. Directors are appointed to manage and run the company, dealing with the day to day business activities and make decisions.

Do I need to be present during the company incorporation process?

No, you do not need to be present to incorporate your company. Corporate Services Singapore can complete the whole process online or via e-mail without your presence in Singapore as long as we receive all original signed required documents from you.

Do I need a registered address in Singapore for my company?

For each Singapore incorporated entity, there is a statutory requirement to have a Singapore based registered address. The registered address must be a physical address (not a PO Box) where company records are kept and where official correspondence can be sent and received.

It is not a requirement that office space must be leased and the use of our Registered Office Address services is permitted.

How long does the incorporation process take?

We can have your company approved by and registered with the Accounting Corporate Regulatory Authority within 1 day once the incorporation documents have been duly signed and payment of the incorporation fees has been made.

We would like to incorporate a company in Singapore but we do not meet the local director requirements. Can you advice on dealing with the requirement of having local director?

There are several options you may consider.

• If relocation to Singapore is part of your plan, then you can act as the local director subject to the approval of your Entrepreneur Pass or Employment Pass.
• We also provide nominee director service to help you meet the local director requirement.
• You may also choose to appoint a local employee or someone you know in Singapore to act as the local director.

What are Private Companies?

In private companies, the maximum number of shareholders is limited to 50 and the memorandum and constitution restricts the right of its members to transfer their shares in the company. A private company limited by shares can be classified as an exempt private company.

The key characteristics of an exempt private company are:

a) no more than 20 shareholders; and
b) all the shareholders are individuals.

Exempt private companies with annual revenue of less than S$10 Million are exempted from audit requirements and are not required to file financial statements with the ACRA.

Do I need to open a corporate bank account in Singapore?

Opening a corporate bank account is mandatory for Singapore incorporated companies. The presence of the company’s directors is required.

FAQs on Company Incorporation

What if I don’t have a registered office address in Singapore?

You can simply engage of our Registered Office Address services. We can provide this service at a fee from $300 to $420 per annum which comprises the receipt and collection of all business correspondences on your behalf.

What information is required prior to incorporation?

• Proposed company name
• Name, address & copy of identification document (i.e. passport, NRIC) of proposed Directors and shareholders.
• Details of issued/paid up capital, with share allotment/percentage of shareholding.
• Principal activities of the company.
• Registered office address and location of the register of members and index is kept

What are the requirements for company incorporation in Singapore?

• Any local or foreign person can incorporate a company in Singapore
• Minimum of 1 director and 1 shareholder required
• Minimum of 1 director to be a local resident director (ie. Singapore citizen or permanent resident)
• 100% foreign ownership allowed
• Minimum paid-up capital of $1
• A local registered office address is required
• A locally qualified corporate secretary must be appointed

Do I have to be a Singapore resident to incorporate a company?

No, but you will need to appoint at least one director who is ordinarily resident in Singapore.

What’s the cost and scope of Nominee Director Services?

The nominee director will not have any financial, management, or operational interest in the company. His role is just to satisfy the statutory requirement of a local resident director for your company in Singapore.

Our fee for the provision of a Nominee Director is S$4,200.00 per annum and with a refundable security deposit of S$5,000. The deposit will be refunded when our Nominee Director Service is no longer required.

What is the difference between a director and a shareholder?

Shareholders own the company and are entitled to the profits of the company. Directors are appointed to manage and run the company, dealing with the day to day business activities and make decisions.

Do I need to be present during the company incorporation process?

No, you do not need to be present to incorporate your company. Corporate Services Singapore can complete the whole process online or via e-mail without your presence in Singapore as long as we receive all original signed required documents from you.

Do I need a registered address in Singapore for my company?

For each Singapore incorporated entity, there is a statutory requirement to have a Singapore based registered address. The registered address must be a physical address (not a PO Box) where company records are kept and where official correspondence can be sent and received.

It is not a requirement that office space must be leased and the use of our Registered Office Address services is permitted.

How long does the incorporation process take?

We can have your company approved by and registered with the Accounting Corporate Regulatory Authority within 1 day once the incorporation documents have been duly signed and payment of the incorporation fees has been made.

We would like to incorporate a company in Singapore but we do not meet the local director requirements. Can you advice on dealing with the requirement of having local director?

There are several options you may consider.

• If relocation to Singapore is part of your plan, then you can act as the local director subject to the approval of your Entrepreneur Pass or Employment Pass.
• We also provide nominee director service to help you meet the local director requirement.
• You may also choose to appoint a local employee or someone you know in Singapore to act as the local director.

What are Private Companies?

In private companies, the maximum number of shareholders is limited to 50 and the memorandum and constitution restricts the right of its members to transfer their shares in the company. A private company limited by shares can be classified as an exempt private company.

The key characteristics of an exempt private company are:

a) no more than 20 shareholders; and
b) all the shareholders are individuals.

Exempt private companies with annual revenue of less than S$10 Million are exempted from audit requirements and are not required to file financial statements with the ACRA.

Do I need to open a corporate bank account in Singapore?

Opening a corporate bank account is mandatory for Singapore incorporated companies. The presence of the company’s directors is required.