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Starting a company in Singapore
01/01/2023
Singapore is a popular choice for international companies and entrepreneurs looking to register their regional headquarters or holding companies. The country offers numerous advantages, from international recognition to quick and affordable company registration. In this article, we’ll explain the process of company registration in Singapore.
Choosing Your Business Structure
The first step in registering a business in Singapore is to choose your preferred business structure. There are several options available, including sole proprietorship, partnership, limited liability partnership (LLP), private limited company (PLC), and public limited company (PCL). You can find more information about each structure on the website of the Accounting and Corporate Regulatory Authority (ACRA).
Business structure
After choosing your business structure, you’ll need to register your company with ACRA. To do so, you’ll need to provide the following information and documents:
- Company name
- Brief description of activities & SSIC Code
- Details of shareholders and KYC information
- Details of directors and KYC information
- Registered Singaporean business address
- Share capital details
- The company’s constitution
Requirements for Registering a Singapore Company
To register a company in Singapore, you must satisfy the following requirements:
- Choose a company name that is not similar or identical to an existing company in Singapore, vulgar/obscene, or already reserved.
- Appoint one or more directors who are individuals aged 18 and above and have yet to be disqualified from holding a directorship in Singapore or elsewhere.
- Appoint at least one resident director who is a Singapore citizen, Permanent Resident, or holder of an EntrePass visa.
- Have between 1 – 50 shareholders who can be individuals or legal entities such as trusts or other companies. 100% foreign ownership of Singapore companies is possible.
- Have a minimum paid-up/share capital of S$1.
- Have a registered address in Singapore, which must be a physical address (not a P.O. Box).
- Appoint a company secretary.
- Appoint an auditor, unless the company has been exempted from audit (which is the case for most start-up companies).
Registering Your Company Name
Before registering your business in Singapore, ACRA must approve your desired company name. This usually takes a day, but if the proposed name contains specific words like media, bank, law, finance, or education, the related governmental authority may need to review and approve the name. Restricted words include vulgar or obscene words or those that are similar/identical to an existing company in Singapore or already reserved. Once approved, company names will be reserved for 60 days from the date of application, with the option to extend the reservation for another 60 days.
Approval from ACRA
Once your company name has received approval, you can file the registration paperwork and obtain approval from ACRA, which usually takes a day. The post-incorporation requirements include:
- A Certificate of Incorporation, which ACRA will send via email and confirms the registration of your company and includes your business registration number.
- The creation of a Business Profile (Bizfile), which ACRA provides as the identity card of the company.
- Opening a corporate bank account.
- Applying for the relevant business licenses, depending on your business’s activities.
- Registering for Goods and Service Tax (GST) if your expected annual turnover exceeds S$1 million. If you do not expect your business’s yearly turnovers to reach S$1 million, you are not required to register for GST.
Conclusion
In conclusion, Singapore offers a straightforward and efficient company registration process for entrepreneurs and international companies. By following the steps outlined in this guide, you can register your business in Singapore and take advantage of the country’s many benefits.
How can Belaws help?
If you have a question about registering a company in Singapore, please speak directly with one of our experts.
You can also view our Singapore incorporation services here.
This article is for information purposes only and does not constitute legal advice.
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Frequently Asked Questions
How do I register my small business in Singapore?
- Choosing your preferred business structure
- Registering your company with the ACRA
- Setting up a corporate bank account
What are the requirements for registering a Singapore Company?
The following requirements must be satisfied to register a company in Singapore.
- Choosing a company name.
- Appointment of 1 or more directors: To qualify as a director in Singapore, directors must be individuals aged 18 and above who have yet to be disqualified from holding a directorship in Singapore or elsewhere.
- Appoint one or more resident directors: A company in Singapore must always have at least one resident director. During registration, a resident director must be a Singapore citizen, Permanent Resident, or holder of an EntrePass visa.
- Have between 1 – 50 shareholders: A shareholder can be an individual or a legal entity such as a trust or another company. 100% foreign ownership of Singapore companies is possible in Singapore.
- Paid-up capital: The minimum paid-up/share capital for a company to register in Singapore is S$1.
- A registered address in Singapore: The registered address for the company must be a physical address (not a P.O. Box) in Singapore.
- Appointment of a company secretary: Every company must appoint a company secretary.
- Appointment of an auditor: This is mandatory unless the company has been exempted from audit (which is the case for most start-up companies).
What are the documents for registering a business in Singapore?
Companies must register with ACRA (the Accounting and Corporate Regulatory Authority) when incorporating a company in Singapore. ACRA requires the following information and documents:
- Company name
- Brief description of activities & SSIC Code
- Details of shareholders and KYC information
- Details of directors and KYC information
- Registered Singaporean Business Address
- Share capital details
- The company’s constitution
How to register a company in Singapopre?
In Singapore there are two steps in the process of company formation in Singapore: reserving a name and registering the company.
1. Reserving the company name
Before registering a business in Singapore, ACRA must approve your desired company name (this usually takes a day).
Please note that if the proposed name contains specific words the related governmental authority may need to review and approve the name. Restricted words include:
- media,
- bank,
- law,
- finance,
- or education
To ensure your chosen name gets approved, companies should make sure that the name is not:
- Similar/identical to an existing company in Singapore
- Vulgar/obscene
- Already reserved
Approved company names will be reserved for 60 days from the date of your application. If you need to extend the name reservation for another 60 days, you may file an extension before the initial reservation expires.
2. Registering the company
Once your company name has received approval, filing the registration paperwork and obtaining approval from the ACRA can be done in just a day.
What are post-incorporation requirements?
- ACRA will send a Certificate of Incorporation via email. This certificate is used as confirmation for the registration of your company and includes your business registration number.
- The creation of a Business Profile (Bizfile). ACRA will also provide the business profile of your new company. The Bizfile acts as the identity card of the company.
- Opening a corporate bank account. After successfully registering your Singapore business, you can open a corporate bank account.
- Applying for the relevant Business Licenses. You might also need to apply for business licenses depending on your business’s activities.
- Registration for Goods and Service Tax (GST). If your expected annual turnover exceeds S$1 million, the company must register for Goods & Services Tax, or GST. If you do not expect your business’ yearly turnovers to reach S$1 million, you are not required to register for GS
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