Company Incorporation in Singapore: ACRA’s Requirements for Foreign Directors and Shareholders
Singapore is a popular destination for businesses, with its pro-business environment, low taxes, and ease of company incorporation. The Accounting and Corporate Regulatory Authority (ACRA) is the authority responsible for the registration of companies in Singapore. When it comes to company incorporation, ACRA has certain requirements for foreign directors and shareholders, which are essential to know before incorporating a company in Singapore.
Requirements for Foreign Directors
Foreign directors are required to meet the following requirements:
- Age Limit:** The minimum age limit to act as a director in a Singapore company is 18 years old.
- Residency:** A foreign director is not required to be a resident of Singapore, but they must have a valid passport and a Singapore address to receive official correspondence.
- Residential Address:** The director must provide a valid Singaporean address, which can be a residential or business address. A post office box (PO box) is not accepted.
- Identity Documents:** The director must provide a copy of their passport, national ID card, or a valid visa (if applicable). In some cases, ACRA may request additional identification documents.
It is essential to note that foreign directors must also comply with the Companies Act and other relevant laws and regulations in Singapore.
Requirements for Foreign Shareholders
Foreign shareholders are required to meet the following requirements:
- Minimum Subscription:** Foreign shareholders must subscribe to the minimum number of shares required by the company’s constitution or the Companies Act (typically S$1).
- Payment of Subscription:** The shareholder must pay the subscription amount in full upon registration.
- Identification Documents:** The shareholder must provide a copy of their passport, national ID card, or a valid visa (if applicable). In some cases, ACRA may request additional identification documents.
It is crucial to note that foreign shareholders must also comply with the Companies Act and other relevant laws and regulations in Singapore.
Additional Requirements
ACRA also has additional requirements for company incorporation, including:
- Registered Office:** The company must have a registered office in Singapore, which can be a physical office or a virtual office.
- Business Registration:** The company must register for business registration with the Inland Revenue Authority of Singapore (IRAS) and obtain a Unique Entity Number (UEN) and a Business Registration Number (BRN).
Conclusion
Incorporating a company in Singapore requires compliance with ACRA’s regulations and requirements. Foreign directors and shareholders must meet specific requirements, including age, residency, identity documents, and payment of subscription. By understanding these requirements, foreign companies can navigate the incorporation process smoothly and ensure a successful start-up in Singapore.
FAQs
Q: What is the minimum age limit to act as a director in a Singapore company?
A: 18 years old.
Q: Do foreign directors need to be residents of Singapore?
A: No, foreign directors do not need to be residents of Singapore, but they must have a valid passport and a Singapore address to receive official correspondence.
Q: Can I use a post office box (PO box) as my registered address?
A: No, a PO box is not accepted as a registered address.
Q: What documents do I need to provide as a foreign shareholder?
A: You need to provide a copy of your passport, national ID card, or a valid visa (if applicable). In some cases, ACRA may request additional identification documents.
