The beauty about company incorporation in Singapore is that it does away from an archaic system of paper-based filing processes which are still very much in practice in other countries.
Companies seeking to incorporate in Singapore need only to visit the BizFile+ portal of the Accounting and Corporate Regulatory Authority (ACRA) website to file an application for company incorporation online.
Companies should also engage the services of a registered filing agent, who could a law firm, an accounting, or a professional company incorporate firm, to submit the online application.
The easy part is getting the online registration over with – It normally takes thirty minutes to complete a registration using the BizFile+ portal.
The hard part is making sure you have all the requirements needed to file an application for company incorporation.
This is supposing the company you are desiring to incorporate does not need additional licenses from specialized government agencies. If you are incorporating a home care for the elderly, you might have additional licenses that you’ll need to secure from the Ministry of Health or other government agencies overseeing the conduct of those types of business.
As far as documents are concerned, here’s what you’ll generally need.
Documents required for company incorporation
- First, you will need a Constitution (commonly known as Memorandum & Articles & Association, M&A). According to Section 19(1) of the Companies Act, you will need to submit the Constitution of your company to the Registrar. A Constitution of the company is a document that generally states the specific rules governing the company’s activities, the relationships of the shareholders and directors, the roles and responsibilities of each, among others.
- Second, you will also need NRIC or Passport copies of proposed shareholders and directors of your company. The passport has to bear proof that at least one director permanently resides in Singapore.
- Third, if your company has a parent company, you will also need to submit a document describing details of the parent company.
What other things do you need to successfully incorporate a company in Singapore?
- You will need to apply for and register a company name. The company name must be approved by ACRA prior to your company incorporation.
- You must also submit the names of your directors, one of whom must be a local director.
- A local director could be a Singapore citizen, a permanent resident, or a person with valid pass to stay in Singapore either as an entrepreneur or a dependent.
- In the absence of a local director, you can refer to a company incorporation services firm for an arrangement to have a nominee.
- A nominee is a director employed only for compliance to the incorporation requirements. He or she will not have any shares in the company nor an active role in the company’s activities.
- You also need to have a minimum of one and a maximum of 50 shareholders, and of course, you will need to have a corporate secretary.
If you are a foreigner desiring to incorporate a company in Singapore, you will be required to engage the services of a company incorporation firm that is a registered filing agent with ACRA to process the application for company incorporation on your behalf. Foreigners are not allowed to process the company incorporation for themselves.
This should not be a problem because you can have your assigned company incorporation service provider process the registration for you even while you are overseas.
You can commence conducting business in Singapore as soon as your company incorporation is successfully completed.
Remember, you will have to submit necessary reports and documents for compliance on an ongoing and regular basis. You must give importance to compliance to regulations throughout your business operation to avoid penalties and any disruption in your business.
Get help from a company incorporate firm to complete your business registration so you can start doing business in Singapore today!