A Guide to Singapore’s Company Incorporation Process: From Application to Registration
Singapore is a popular destination for businesses, with its pro-business environment, low taxes, and highly developed infrastructure. If you’re considering incorporating a company in Singapore, this guide will walk you through the process from application to registration.
Step 1: Choose a Company Name
The first step in incorporating a company in Singapore is to choose a unique and memorable company name. The name should be easy to spell and pronounce, and should not be too similar to an existing company name. You can check the availability of the name using the Singapore Company Registrar’s (ACRA) online portal.
Once you have chosen a name, you will need to ensure that it complies with the requirements set out in the Companies Act. The name must not be offensive or misleading, and must not be too similar to an existing company name.
Step 2: Appoint a Director and Shareholder
The next step is to appoint a director and shareholder for your company. The director is responsible for managing the company, while the shareholder is the owner of the company. You can be both the director and shareholder, or you can appoint other individuals to these roles.
You will need to provide the following information for each director and shareholder:
- Name and nationality
- Date of birth
- Residential address
- Occupation
Step 3: Prepare the Memorandum and Articles of Association
The Memorandum and Articles of Association are the constitutional documents of your company. They set out the rules and regulations that govern the company’s operations and relationships with its shareholders and directors.
You will need to prepare a Memorandum that outlines the company’s objectives, authorized share capital, and the rights and liabilities of the shareholders. You will also need to prepare Articles that outline the company’s internal management and decision-making processes.
Step 4: File the Application with ACRA
Once you have prepared the necessary documents, you can file your application with the Singapore Company Registrar (ACRA). You can do this online or through a registered filing agent.
You will need to provide the following documents:
- Memorandum and Articles of Association
- Application form
- Proof of payment of registration fee
Step 5: Obtain a Unique Entity Number (UEN)
Once your application has been approved, you will be issued with a Unique Entity Number (UEN). This is a unique identifier that is used to identify your company in Singapore.
You will need to use your UEN to open a corporate bank account, file tax returns, and obtain other necessary licenses and permits.
Step 6: Open a Corporate Bank Account
The next step is to open a corporate bank account in Singapore. This will be used to manage your company’s finances and make payments.
You will need to provide the following documents to open a corporate bank account:
- UEN
- Memorandum and Articles of Association
- Proof of identity and address
Step 7: File Tax Returns and Obtain Other Necessary Licenses and Permits
Once your company is registered, you will need to file tax returns and obtain other necessary licenses and permits. This includes obtaining a Goods and Services Tax (GST) registration if your company’s annual turnover exceeds SGD 1 million.
You will also need to file annual returns with ACRA, which will require you to provide information about your company’s financial situation and operations.
Conclusion
Incorporating a company in Singapore is a relatively straightforward process that can be completed in a few weeks. By following the steps outlined in this guide, you can ensure that your company is registered correctly and is compliant with all relevant laws and regulations.
FAQs
Q: What is the cost of incorporating a company in Singapore?
A: The cost of incorporating a company in Singapore is approximately SGD 1,000 to SGD 2,000, depending on the complexity of the company’s structure and the services required.
Q: How long does it take to incorporate a company in Singapore?
A: The incorporation process typically takes 1-2 weeks, depending on the complexity of the company’s structure and the speed of the application.
Q: What are the requirements for a company director in Singapore?
A: A company director in Singapore must be at least 18 years old, have a valid passport, and not be disqualified from acting as a director under the Companies Act.
Q: What are the requirements for a company shareholder in Singapore?
A: A company shareholder in Singapore must be at least 18 years old and have a valid passport. There is no minimum shareholding requirement, but the shareholder must hold at least one share in the company.
Q: Can a foreigner incorporate a company in Singapore?
A: Yes, a foreigner can incorporate a company in Singapore. However, the foreigner must appoint a local resident director who is a Singapore citizen or permanent resident.
Q: What are the tax implications of incorporating a company in Singapore?
A: The tax implications of incorporating a company in Singapore depend on the company’s business activities and the tax residency of the shareholders. Generally, Singapore companies are taxed at a rate of 8.5% to 17% on their profits.
