The 14-Day Singapore Company Incorporation Process: A Guide for Foreign Entrepreneurs

Step 1: Choose a Company Name (Day 1-2)

The first step in the incorporation process is to choose a unique and distinguishable company name. The name should be in English and comply with the guidelines set by the Singapore Registrar of Companies (ROE). The name should not be the same as or similar to an existing company name or a trademark. You can check the availability of a name using the Singapore Business Federation’s (SBF) company name search tool or by submitting a request to the ROE.

Step 2: Appoint a Local Resident Director (Day 2-3)

A local resident director is required to incorporate a company in Singapore. This means that at least one director of the company must be a Singapore resident. The resident director should have a valid Singapore passport or work permit and be available to receive official correspondence on behalf of the company. Foreign entrepreneurs can appoint themselves as the resident director if they have a valid work visa or employment pass.

Step 3: Prepare the Company’s Constitutive Documents (Day 3-5)

The next step is to prepare the company’s constitutive documents, which include the following:

• Memorandum and Articles of Association (M&AA): These documents outline the company’s structure, objects, and rules. The M&AA should be prepared according to the Singapore Companies Act.
• Memorandum of Understanding (MOU): This document outlines the relationship between the shareholders and the company. It is not mandatory, but it is recommended to have a clear understanding of the relationship between the shareholders.
• Share Subscription Agreement: This document outlines the terms and conditions of share issuance. It should include the share capital, share value, and rights and privileges of the shareholders.

Step 4: File the Application for Company Incorporation (Day 5-6)

Once the constitutive documents are prepared, you can file the application for company incorporation with the ROE. You can submit the application online or through a physical application. The ROE will review the application and check for any errors or inconsistencies.

Step 5: Receive the Business Registration Certificate (Day 7-14)

After the application is approved, you will receive the business registration certificate. This certificate serves as proof of your company’s existence and is required for bank account opening, tax registration, and other official purposes.

Step 6: Open a Corporate Bank Account (Day 7-14)

A corporate bank account is required to facilitate financial transactions and maintain company finances. You can open a corporate bank account with any Singaporean bank, such as DBS, OCBC, or UOB. You will need to provide the business registration certificate, company constitutive documents, and proof of director and shareholder identification to open the account.

Conclusion

Incorporating a company in Singapore is a relatively straightforward process that can be completed within 14 days. By following the steps outlined above, foreign entrepreneurs can successfully set up a company in Singapore and enjoy the benefits of doing business in this attractive destination. It is recommended to seek the services of a professional company incorporation specialist or law firm to ensure a smooth and successful registration.