Interested to register a company in Singapore?

Foreign companies and citizens usually consider the following types for company formation in Singapore:

1. Companies: can be private company limited by shares, exempt private company, public company limited by guarantee or public company limited by shares. Public company limited by shares consists of more than 50 shareholders. Private company limited by shares is the most common type of company formation in Singapore.
2. Branch: this form is chosen by foreign companies wishing to operate in Singapore. Liability for a branch activities and contracts remain with the foreign company.
3. Partnerships: can be in three forms which are general partnership, limited partnership and limited liability partnership.
4. Sole proprietorship

Company registration documents to be submitted depend on the type of legal entity you choose from. It is essential to consult with an expert that will help you to choose the most appropriate form of business to enjoy all benefits of doing business in Singapore.

Provided that all necessary documents are prepared and the company name is pre-approved, the company formation takes approximately 1-2 weeks.

Tips: It takes just 24 hours to register a sole proprietorship and partnership in Singapore.

Identification document

• Certified International Passport Copy

Address Proof

• Certified Utility bill no older than 3 months. If this document is not in English, certified translation should be provided

Agreement

• Signed Nominee (Trust) agreement

Certification/Translation

• Certification: organization regulated by professional body – notary, lawyer, auditor or bank
• Translation: by translating company with name, seal and publicly available records (certificate issued by regulating body or can be found on internet)
  

In Singapore the preferred company name must be pre-approved by the Accounting and Corporate Regulatory Authority. This governmental body has the right to refuse a company name if it is undesirable. Once the company name is approved, the company will need to be incorporated.

Tips: your company name is the cornerstone of your brand and this is how you make your first impression. So, you should think how it works on your logo, website, and advertisements. Besides, it is essential to check whether the company name has already been registered as a trademark, as in that case the holders of such prior registrations may force the company to change its name.

All companies must have at least one director being a resident of Singapore and a secretary.

There must be at least one shareholder of any residency or nationality.

All companies in Singapore must have a secretary. Where the company has one director, such director cannot be appointed as the company secretary.

All Singapore companies and branches are required to prepare annual financial statements in accordance with Singapore Accounting Standards. The annual financial statements are available to the public for a small fee.

Tips: Accounting records of companies can be kept outside of Singapore.

The annual financial statements of companies and branches of foreign companies are required to be audited. Mandatory audit does not apply to dormant private companies and private companies with annual revenues of SGD 5 million or fewer.

Companies incorporated in Singapore are required to submit annual financial statements in accordance with Singapore Accounting Standards. The annual financial statements are available to the public for a small fee. Accounting records can be kept outside of Singapore. 

Goods and Services Tax in Singapore is similar to VAT in Europe. GST registration is required if a company makes more than S$1 million within the past 12 months or a company makes sales and it is reasonably expected that the turnover will exceed within the next 12 months. Upon request, it is possible to arrange for a GST registration (VAT registration in Singapore) for your company.

Registered address is a legal requirement for all companies incorporated in Singapore. When starting a company in Singapore, an applicant should indicate the registered address in registration documents to be submitted to ACRA through BizFile. Thus, it is important to rent an office or obtain a registered address at the stage of company incorporation.

It takes an average of 2 days to complete the registration process in Singapore. The total term of company formation in Singapore with opening a bank account can take 1 month. However, offshore companies are required to perform their business activities outside the country. Thus, a bank account should be opened in another jurisdiction.

A private company limited by shares or Pte Ltd is the most commonly used type for company formation in Singapore. Singapore Pte Ltd company formation is an ideal legal structure for small and medium sized businesses, as it is a separate legal entity from its shareholders. Shareholders are not liable for company’s debts and other liabilities. 

Company formation in Singapore is available for residents and non-residents. Companies, such as Singapore Pte Ltd, can be fully owned by overseas individuals and companies without any restriction.

Registrar of companies in Singapore is Accounting and Corporate Regulatory Authority (ACRA). It is responsible for registration of companies, branches and representative offices in Singapore. ACRA provides other related services for entities registered in Singapore, including delivering copies of corporate documents, registering changes in corporate documents. It is also responsible for registration of such actions as filing annual returns, closing a company, updating information held in company profile, converting a company from one type to another, etc. All services are accessed online.

In order to register a company in Singapore, it is required to follow these steps:

• choosing and reserving a company name;
• appointing director(s), company secretary and other key personnel;
• determining shareholders, amount of issued capital and types of shares;
• obtaining registered office address;
• deciding on first financial year;
• registering SingPass account;
• submitting application in BizFile using SingPass;
• obtaining appointment consent from company’s directors, shareholders, and company secretary within 120 days from the name application approval date;
• paying fees;
• opening a permanent bank account.

Singapore is undoubtedly considered as a top destination for doing business. It is highly attractive for any business thanks for its excellent investment opportunities and well-regulated legislation. It has a highly competitive tax regime for companies and different tax incentives. It has a perfect business climate. Through Singapore, it is easy to enter Asian and other world markets.

A company certificate of incorporation in Singapore is issued by ACRA upon company formation. The certificate is the official document confirming that the company has been duly formed. The certificate of incorporation is issued on the official ACRA letterhead and contains company name, unique entity number (UEN), date of incorporation, type of legal entity and former name (if any). It is important to note that the certificate is issued in electronic form, but it is possible to request for signed copies for an official fee of S$50,00. The application should be submitted through BizFile using SingPass.

The certificate of incorporation contains facts held in the official register, including company number, names of each director, name of secretary, registered office address. Upon request, the certificate can be accompanied with good standing wording meaning a confirmation that a company has been in continuous, unbroken existence since its incorporation.

Ecompany.ltd can assist you with obtaining the certificate of incorporation in Singapore, including translation, certified copies and apostille.

There is no necessity to visit Singapore to register the company. All registration and post-registration operations can be done remotely through an authorized agent.

An individual or company of any residency can set up a company in Singapore and be a 100% owner. There are no restrictions or limitations on foreign residents and nationalities.

All company registration in Singapore is conducted online without the necessity to visit this country.

Though company registration in Singapore can be done without any representative through an online government portal, clients often hire an agent. There are many agents in Singapore, however with many options to choose from it is advisable to search for an agent that provides tax consulting services.

When looking for an agent in Singapore, it is advisable to choose an agent who is able to provide all necessary services for company formation in Singapore. Usually, this jurisdiction is an excellent destination for operating an international business. If this is your case, then it is advisable to choose an agent qualified in international tax laws.

Singapore has many international banks that have a vast presentation in Asia and the rest of the world. Though there are many banks in which both resident and non-resident companies can open a bank account, most of the banks require a personal presence during an account opening.

There are different banks in Singapore which services are well-diversified for companies and individuals, including high net worth individuals. All banks in Singapore often provide modern online tools for account management. They offer multi-currency accounts, quick international transfers, largely accepted cards and other products. Before opening a bank account in Singapore, it is necessary to consider several banks as they serve various clients’ needs.

Singapore is the ideal jurisdiction for opening a bank account. Banks in Singapore are client oriented and have different account options for any type of client. If you need any advice on account opening in Singapore, please feel free to contact eCompany.ltd.

The cost of company incorporation in Singapore is Euro.