Setting up a Company in Singapore

Thinking of starting a business in Singapore? Great choice! Recognized as one of the world’s most business-friendly countries, Singapore offers a seamless registration process, a robust economy, and strong government support for entrepreneurs. However, registering a company requires compliance with strict legal procedures. In this guide, we’ll walk you through everything you need to know to successfully incorporate your business in Singapore.

• Step-by-Step Guide to Company Registration in Singapore
• Key Requirements for Registering a Company
• What Happens After Incorporation?
• Ongoing Compliance & Filing Requirements
• Registering a Business as a Foreigner
• Timeline for Company Registration
• Cost of Incorporating a Business in Singapore
• Benefits of Registering a Business in Singapore

Step-by-Step Guide to Registering a Company in Singapore

Singapore has a streamlined company registration process, but it’s essential to follow the right steps to avoid unnecessary delays. Here’s a breakdown of the key steps:

1. Choose the Right Business Structure

Selecting the right business entity is crucial as it impacts your tax obligations, liability, and operational flexibility.

Types of Business Structures in Singapore:

• Private Limited Company (Pte Ltd) – The most popular and scalable option. Offers limited liability and a separate legal identity.

• Sole Proprietorship – Easiest to set up but involves personal liability, meaning the owner’s assets are at risk.

• Limited Liability Partnership (LLP) – Best for professionals like lawyers or consultants who want liability protection while operating as a partnership.

2. Meet the Company Registration Requirements

Before incorporating your business, ensure you meet the following conditions:

• At least one shareholder (individual or corporate entity)
• At least one local resident director (can be a Singapore citizen, PR, or a nominee director)
• A company secretary (must be appointed within six months of incorporation)
• Minimum paid-up capital of S$1
• A registered Singapore address (P.O. boxes are not allowed)

3. Reserve Your Business Name

Your company name must be approved by the Accounting and Corporate Regulatory Authority (ACRA). The name:

• Cannot be identical to an existing business
• Must not infringe on trademarks
• Should not contain offensive or restricted words

4. Prepare and Submit the Required Documents

Once your company name is approved, prepare the necessary documents, including:

• Company Constitution (previously known as the Memorandum & Articles of Association)
• Particulars of directors and shareholders
• Registered office details
• Shareholding structure and capital details

5. Incorporate Your Company with ACRA

Submit your application via BizFile+, ACRA’s online portal. If all documents are in order, incorporation can be completed within one day.

6. Open a Corporate Bank Account

After incorporation, you’ll need a business bank account to handle company transactions. Popular banks in Singapore for business accounts include DBS, OCBC, UOB, and HSBC.

What Happens After Incorporation?

Once your company is registered, you’ll receive:

• Certificate of Incorporation (issued electronically by ACRA)
• Business Profile (BizFile) – A summary of company details

Next Steps:

• Apply for necessary business licenses (if required for your industry)
• Register for Goods and Services Tax (GST) if expected annual revenue exceeds S$1 million
• Set up accounting systems and compliance tracking

Ongoing Compliance & Corporate Secretary Filing Requirements

To remain compliant with Singapore’s regulations, companies must:

• File annual returns with ACRA
• Hold an Annual General Meeting (AGM)
• Submit corporate tax filings to the Inland Revenue Authority of Singapore (IRAS)

How Long Does It Take to Register a Company in Singapore?

Company registration is typically completed within 1-3 business days, provided all documents are in order. However, if additional approvals are required (e.g., for regulated industries), the process may take longer.

Cost of Registering a Company in Singapore

Price Package for Locals:

Price Package for Foreigners with Nominee Director Service:

Benefits of Registering a Company in Singapore

1. Business-Friendly Policies

Singapore ranks among the top countries for ease of doing business due to its pro-business policies, tax incentives, and minimal bureaucracy.

2. Low Corporate Tax Rates

• 0% tax on the first S$100,000 of taxable income for newly incorporated companies (for the first 3 years)
• Corporate tax capped at 17%
• No capital gains tax

3. Access to a Thriving Market

Singapore serves as a gateway to Southeast Asia, making it an ideal base for regional expansion.

4. Strong Legal and Financial Infrastructure

Singapore has a robust legal framework that protects businesses and investors, alongside a reliable banking system to support international trade.

Start Your Business in Singapore Today!

Incorporating a company in Singapore is a straightforward process when you have the right guidance. Whether you’re a local entrepreneur or a foreign investor, having an expert by your side can save time and ensure compliance.
Need help with company registration? Contact us today, and let’s get your business up and running in Singapore!

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