A Guide to Singapore Company Incorporation Online: From Application to Approval
Singapore is one of the most popular destinations for business setup, thanks to its business-friendly environment, low tax rates, and highly developed infrastructure. Incorporating a company in Singapore can be a straightforward process, especially with the help of online platforms. In this guide, we will walk you through the steps of Singapore company incorporation online, from application to approval.
Step 1: Choose a Business Structure
The first step in incorporating a company in Singapore is to choose a business structure. The most common structures are:
- Private Limited Company (Pte Ltd): This is the most popular structure, suitable for small to medium-sized businesses.
- Public Company Limited by Shares (PLC): This structure is suitable for large companies that plan to go public.
- Limited Liability Partnership (LLP): This structure is suitable for professionals who want to practice in a partnership but want limited liability.
For most businesses, a Private Limited Company (Pte Ltd) is the most suitable option. This structure provides limited liability protection for the shareholders and is relatively easy to set up.
Step 2: Choose a Company Name
The next step is to choose a unique and memorable company name. The name must end with the suffix “Pte Ltd” and cannot be the same as an existing company name. You can check the availability of the name using the Singapore Company Registration Online (ACRA) website.
Step 3: Appoint a Registered Office
Every company in Singapore must have a registered office, which is the official address of the company. The registered office must be a physical address in Singapore and cannot be a PO box or a virtual office.
Step 4: Appoint a Company Secretary
A company secretary is a crucial position in a Singapore company. The company secretary is responsible for ensuring compliance with Singapore’s corporate laws and regulations. The company secretary can be an individual or a corporate entity, but must be a resident of Singapore.
Step 5: Appoint Directors
A minimum of one director is required to incorporate a company in Singapore. The director must be a natural person and a resident of Singapore. However, the director can be a corporate entity, such as a company or a trust.
Step 6: Prepare Memorandum and Articles of Association
The Memorandum and Articles of Association (M&A) are the constitutional documents of a Singapore company. The M&A outline the company’s objectives, powers, and rules of governance. You can prepare the M&A yourself or seek the help of a lawyer or an accountant.
Step 7: File Documents with ACRA
Once you have prepared the necessary documents, you can file them with the Singapore Company Registration Online (ACRA) website. You will need to provide the following documents:
- Memorandum and Articles of Association
- Notice of Incorporation
- Declaration of Compliance
- Form 49 (Notice of Appointment of Company Secretary)
- Form 45 (Notice of Appointment of Directors)
ACRA will review your application and verify the information provided. This process usually takes 1-2 working days.
Step 8: Obtain Business Registration
Once your application is approved, you will receive a Business Registration Number from ACRA. This number is required for all business transactions and is used to identify your company.
Step 9: Open a Bank Account
Opening a bank account is a crucial step in setting up a Singapore company. You will need to provide the following documents to open a bank account:
- Business Registration Certificate
- Memorandum and Articles of Association
- Passport and proof of address of the directors and shareholders
Most banks in Singapore require a minimum initial deposit of SGD 1,000 to open a corporate bank account.
Conclusion
Incorporating a company in Singapore can be a straightforward process, especially with the help of online platforms. By following the steps outlined in this guide, you can successfully set up a Singapore company and start doing business in the country. Remember to choose a business structure, choose a unique company name, appoint a registered office, appoint a company secretary, appoint directors, prepare Memorandum and Articles of Association, file documents with ACRA, obtain business registration, and open a bank account.
FAQs
Q: What is the minimum capital required to incorporate a company in Singapore?
A: The minimum capital required to incorporate a company in Singapore is SGD 1.
Q: What is the processing time for company incorporation in Singapore?
A: The processing time for company incorporation in Singapore is usually 1-2 working days.
Q: Can I incorporate a company in Singapore online?
A: Yes, you can incorporate a company in Singapore online using the Singapore Company Registration Online (ACRA) website.
Q: What is the role of a company secretary in Singapore?
A: The company secretary is responsible for ensuring compliance with Singapore’s corporate laws and regulations.
Q: Can I appoint a foreigner as a director of a Singapore company?
A: Yes, you can appoint a foreigner as a director of a Singapore company, but the director must be a resident of Singapore.
Q: What is the minimum number of directors required to incorporate a company in Singapore?
A: The minimum number of directors required to incorporate a company in Singapore is one.
Q: Can I change my company name after incorporation?
A: Yes, you can change your company name after incorporation, but you will need to obtain approval from ACRA and file the necessary documents.
