The Definitive Singapore Company Incorporation Checklist: What to Do and When
Incorporating a company in Singapore can be a complex and time-consuming process, especially for first-time entrepreneurs. However, with the right checklist, you can ensure a smooth and successful incorporation process. In this article, we will provide you with a definitive checklist of what to do and when, to help you navigate the process with ease.
Pre-Incorporation Stage (Weeks 1-4)
Before you start the incorporation process, there are several things you need to do:
- Conduct market research and feasibility study: Identify your target market, assess the competition, and analyze the feasibility of your business idea.
- Develop a business plan: Create a comprehensive business plan that outlines your company’s mission, vision, goals, and strategies.
- Choose a business name: Select a unique and memorable name for your company that is not already taken by another entity.
- Register for a unique company number (UCN): Obtain a UCN from the Accounting and Corporate Regulatory Authority (ACRA) before incorporating your company.
Incorporation Stage (Weeks 5-8)
Once you have completed the pre-incorporation stage, you can start the incorporation process:
- Appoint directors and shareholders: Appoint at least one director and one shareholder, who must be at least 18 years old and not bankrupt.
- Appoint a company secretary: Appoint a company secretary who is responsible for ensuring that the company complies with all relevant laws and regulations.
- Submit incorporation documents: Submit the incorporation documents to ACRA, including the Memorandum and Articles of Association, and the Register of Directors and Shareholders.
- Pay incorporation fees: Pay the incorporation fees to ACRA, which currently stands at SGD 300 for a private limited company.
Post-Incorporation Stage (Weeks 9-12)
After your company has been incorporated, there are several things you need to do:
- Open a corporate bank account: Open a corporate bank account to receive and manage company funds.
- Apply for a tax exemption: Apply for a tax exemption under the Singaporean tax laws, which can help reduce your company’s tax liability.
- Register for GST and other taxes: Register for Goods and Services Tax (GST) and other taxes relevant to your business.
- Obtain any necessary licenses and permits: Obtain any necessary licenses and permits to operate your business in Singapore.
Conclusion
Incorporating a company in Singapore can be a complex and time-consuming process, but with the right checklist, you can ensure a smooth and successful incorporation process. By following the checklist outlined above, you can ensure that all necessary steps are taken at the right time, and that your company is compliant with all relevant laws and regulations.
FAQs
Q: What is the minimum share capital required to incorporate a private limited company in Singapore?
A: The minimum share capital required to incorporate a private limited company in Singapore is SGD 1.
Q: How long does it take to incorporate a company in Singapore?
A: The incorporation process typically takes around 1-2 weeks, but this can vary depending on the complexity of the incorporation and the workload of ACRA.
Q: What is the difference between a private limited company and a public company in Singapore?
A: A private limited company is a company that has a limited number of shareholders and is not listed on the stock exchange, whereas a public company is a company that has a large number of shareholders and is listed on the stock exchange.
Q: Can a foreigner incorporate a company in Singapore?
A: Yes, foreigners can incorporate a company in Singapore, but they must comply with all relevant laws and regulations, including obtaining the necessary visas and permits.
Q: What are the benefits of incorporating a company in Singapore?
A: The benefits of incorporating a company in Singapore include a low tax rate, a business-friendly environment, and access to a highly skilled and educated workforce.
