Incorporating a company in Singapore can be a complex and daunting task, especially for foreigners who are new to the country. With the numerous options available, it can be overwhelming to decide which incorporation package to choose. In this article, we will guide you through the process of incorporating a company in Singapore, covering the different types of company incorporation packages, fees, and requirements.
Types of Company Incorporation Packages
In Singapore, there are several types of company incorporation packages available, each with its unique features and benefits. The most common types of company incorporation packages include:
- Standard Package: This package includes the basic requirements for company registration, including a company name reservation, incorporation of the company with the Accounting and Corporate Regulatory Authority (ACRA), and the issuance of a business registration certificate. The standard package typically costs around SGD 1,000 to SGD 2,000.
- Express Package: This package is designed for those who need to incorporate a company quickly, with a turnaround time of 24 hours. The express package includes all the services provided in the standard package, plus additional services such as a company secretary and a registered office address. The express package typically costs around SGD 2,000 to SGD 5,000.
- Premium Package: This package is designed for high-net-worth individuals or businesses that require a more comprehensive range of services. The premium package includes all the services provided in the standard and express packages, plus additional services such as a nominee director, shareholder, and secretary. The premium package typically costs around SGD 5,000 to SGD 10,000.
Fees and Charges
In addition to the package fees, there are several other fees and charges associated with company incorporation in Singapore. These include:
- Company Name Reservation Fee: This fee is charged by the ACRA for reserving a company name. The fee is SGD 300.
- Business Registration Fee: This fee is charged by the ACRA for registering a business. The fee is SGD 300.
- Annual Filing Fee: This fee is charged by the ACRA for filing annual returns. The fee is SGD 300.
- Stamp Duty: This fee is charged by the Inland Revenue Authority of Singapore (IRAS) for stamp duties on company documents. The fee is typically around 0.5% of the total value of the documents.
Requirements for Company Incorporation
In order to incorporate a company in Singapore, several requirements must be met. These include:
- Minimum Share Capital: The minimum share capital required for company incorporation in Singapore is SGD 1,000.
- A minimum of two shareholders are required for company incorporation in Singapore. The shareholders can be individuals or companies.
- A minimum of one director is required for company incorporation in Singapore. The director can be an individual or a corporate entity.
- A registered office address is required for company incorporation in Singapore. This can be a physical address or a virtual office address.
Conclusion
Incorporating a company in Singapore can be a complex and time-consuming process. With the numerous options available, it is essential to choose the right incorporation package and service provider to ensure a smooth and hassle-free process. By understanding the different types of company incorporation packages, fees, and requirements, you can make an informed decision and achieve your business goals in Singapore.
FAQs
Q: What is the minimum share capital required for company incorporation in Singapore?
A: The minimum share capital required for company incorporation in Singapore is SGD 1,000.
Q: How many shareholders are required for company incorporation in Singapore?
A: A minimum of two shareholders are required for company incorporation in Singapore.
Q: How many directors are required for company incorporation in Singapore?
A: A minimum of one director is required for company incorporation in Singapore.
Q: Do I need a registered office address for company incorporation in Singapore?
A: Yes, a registered office address is required for company incorporation in Singapore. This can be a physical address or a virtual office address.
Q: How long does it take to incorporate a company in Singapore?
A: The time it takes to incorporate a company in Singapore depends on the type of incorporation package chosen. The standard package typically takes around 5-7 working days, while the express package takes around 24 hours.
Q: What is the cost of incorporating a company in Singapore?
A: The cost of incorporating a company in Singapore depends on the type of incorporation package chosen. The standard package typically costs around SGD 1,000 to SGD 2,000, while the express package costs around SGD 2,000 to SGD 5,000, and the premium package costs around SGD 5,000 to SGD 10,000.
