The Singapore Company Incorporation Process Simplified: A Checklist to Follow

Singapore Company Incorporation Process Simplified: A Checklist to Follow

Establishing a company in Singapore can be a daunting task, especially for those who are not familiar with the process. With its business-friendly environment and ease of incorporation, Singapore is an attractive destination for entrepreneurs and companies looking to set up shop in the region. In this article, we will break down the Singapore company incorporation process into simple steps, providing a comprehensive checklist to follow.

Step 1: Check the Business Name

The first step in the Singapore company incorporation process is to check the business name. You can do this by searching the Singapore Company Registration Database (Acra) or by contacting a professional service provider. The name must be unique and not identical to an existing company name or trademark.

• Check the name availability on ACRA’s website
• Ensure the name is unique and not similar to an existing company name
• Contact a professional service provider for assistance

Step 2: Choose the Business Structure

Singapore offers various business structures, each with its own advantages and disadvantages. The most common structures are:

• Private Limited Company (Pte. Ltd.): Suitable for small to medium-sized businesses, a Pte. Ltd. provides limited liability and is easy to set up
• Limited Liability Partnership (LLP): Suitable for partnerships, an LLP provides limited liability and flexibility
• Public Limited Company (PLC): Suitable for large corporations, a PLC is listed on the Singapore Stock Exchange and provides public ownership

Step 3: Prepare the Necessary Documents

To incorporate a company in Singapore, you will need to prepare the following documents:

• Memorandum and Articles of Association (M&A)
• Business Registration Certificate
• Certificate of Incorporation
• Business Profile (BR1) Form
• Notification of Change in Share Capital

You can use a template provided by ACRA or a professional service provider to prepare the documents. It’s essential to ensure that the documents are accurate and complete to avoid any delays in the incorporation process.

Step 4: Appoint Shareholders and Directors

You will need to appoint at least one shareholder and one director to incorporate a company in Singapore. The shareholder can be an individual or a company, while the director must be an individual and a resident of Singapore.

• Appoint at least one shareholder
• Appoint at least one director who is a resident of Singapore
• Ensure the shareholder and director information is accurate and up-to-date

Step 5: File the Documents with ACRA

Once you have prepared the necessary documents, you can file them with ACRA. You can do this online or through a professional service provider. The processing time for online filing is usually 1-2 hours, while the processing time for offline filing is 3-5 working days.

• File the documents online or through a professional service provider
• Pay the applicable fees
• Receive the Business Registration Certificate and other documents

Step 6: Obtain a Business Profile

A Business Profile is a mandatory document that provides details about your company, including its name, address, and ownership structure. You can obtain a Business Profile by filing the BR1 Form with ACRA.

• File the BR1 Form with ACRA
• Pay the applicable fees
• Receive the Business Profile

Conclusion

Incorporating a company in Singapore is a straightforward process that can be completed in a few days. By following the steps outlined above and ensuring that all the necessary documents are in order, you can successfully incorporate your company in Singapore. If you are not familiar with the process, it’s recommended that you seek the assistance of a professional service provider to ensure that everything is done correctly and efficiently.

FAQs

Q: How long does it take to incorporate a company in Singapore?

A: The processing time for online filing is usually 1-2 hours, while the processing time for offline filing is 3-5 working days.

Q: What are the requirements for appointing a director in Singapore?

A: The director must be an individual and a resident of Singapore.

Q: What is the minimum share capital required to incorporate a company in Singapore?

A: The minimum share capital required is SGD 1.

Q: Can I file the documents for company incorporation in Singapore online?

A: Yes, you can file the documents online through ACRA’s website.

Q: How much does it cost to incorporate a company in Singapore?

A: The cost of incorporating a company in Singapore depends on the professional service provider you choose and the complexity of your company structure. On average, the cost is around SGD 1,000 to SGD 2,000.