A Beginner’s Guide to Online Company Incorporation in Singapore: Requirements and Procedures

A Beginner’s Guide to Online Company Incorporation in Singapore: Requirements and Procedures

Incorporating a company in Singapore can be a daunting task, especially for first-time entrepreneurs. With the rise of digital platforms, online company incorporation has become a popular choice for many businesses. In this article, we will guide you through the requirements and procedures for online company incorporation in Singapore.

Eligibility Criteria

To incorporate a company in Singapore, you must meet the following eligibility criteria:

• The company must have at least one shareholder and one director who is a natural person and a resident of Singapore.
• The company must have a minimum paid-up capital of SGD 1,000.
• The company must have a registered office address in Singapore.
• The company must have a unique company name that is not already registered with the Accounting and Corporate Regulatory Authority (ACRA).

Requirements for Company Incorporation

Before incorporating a company in Singapore, you must prepare the following documents:

• A unique company name that meets the requirements of ACRA.
• A copy of the passport and proof of address of the director and shareholder.
• A copy of the company’s constitution, also known as the memorandum and articles of association (M&AA).
• A copy of the company’s share certificate.

Procedure for Online Company Incorporation

The procedure for online company incorporation in Singapore is as follows:

1. Search for an available company name on the ACRA website.
2. Submit the application for company incorporation through the BizFile+ portal.
3. Upload the required documents, including the company’s constitution and share certificate.
4. Pay the incorporation fees, which include the registration fee and the stamp duty.
5. Wait for the company to be incorporated and issued with a unique registration number.

Post-Incorporation Requirements

After incorporating a company in Singapore, you must comply with the following post-incorporation requirements:

• Register for GST (Goods and Services Tax) if the company’s annual turnover exceeds SGD 1 million.
• File the company’s annual returns with ACRA.
• Maintain a register of directors and shareholders.
• Hold annual general meetings (AGMs) and file the minutes with ACRA.

Conclusion

Incorporating a company in Singapore can be a complex process, but with the right guidance, it can be achieved efficiently. By following the requirements and procedures outlined in this article, you can successfully incorporate a company in Singapore and start your business journey.

FAQs

Q: What is the minimum paid-up capital required for company incorporation in Singapore?

A: The minimum paid-up capital required for company incorporation in Singapore is SGD 1,000.

Q: Who can be a director of a Singapore company?

A: A director of a Singapore company must be a natural person and a resident of Singapore.

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

A: The incorporation process typically takes 1-2 hours to complete, but it may take longer if there are any errors or omissions in the application.

Q: What is the fee for company incorporation in Singapore?

A: The fee for company incorporation in Singapore includes the registration fee, which is SGD 300, and the stamp duty, which is 0.2% of the company’s share capital.

Q: Do I need to have a physical office in Singapore to incorporate a company?

A: No, you do not need to have a physical office in Singapore to incorporate a company. However, you must have a registered office address in Singapore.