Singapore Company Registration

Advantages of Registering in Singapore

Singapore is consistently ranked as one of the top global business hubs. The nation offers numerous benefits such as a favorable tax system, strategic regional location, strong government support, and a competitive intellectual property regime. The government has also introduced numerous business-friendly policies, including a flexible operating model and enhanced support for emerging high-tech industries.

For startups, particularly those in the technology and deep-tech sectors, the Singapore Economic Development Board (EDB) offers significant support. This includes financial assistance, capability development grants, and access to Accelerators and Mentor Partners (AMPs) who provide comprehensive, tailored guidance and business model development to eligible companies.

These initiatives demonstrate Singapore’s commitment to fostering innovation and supporting the growth of new and emerging industries, making it an ideal location for businesses looking to establish a strong presence in the region.

Pre-Registration Checklist

Before proceeding with your company registration, please ensure you have prepared the following information:

1. Company Name:

• Provide one primary and one alternative name.

• Requirements: The name must be in English, unique, not infringe on any existing trademarks, and should not be obscene or vulgar.

2. Business Activities:

• Clearly define two main business activities the company will engage in.

3. Local Director:

• At least one director must be a Singapore resident, which can be a Singapore citizen, permanent resident, or an Entrepreneur Pass holder.

• Directors must be natural persons who are at least 18 years old.

4. Shareholders:

• A Singapore private limited company must have at least one shareholder and can have up to a maximum of 50 shareholders.

• Shareholders can be either individuals or corporate entities.

• The company can be 100% foreign-owned. However, Singapore SP and WP work pass holders are not permitted to hold company shares.

5. Company Secretary:

• Every company must appoint a qualified company secretary within six months of incorporation.

• In the case of a sole director/shareholder, the same person cannot serve as the company secretary.

• The secretary must have at least one of the following qualifications:

  - Experience as a company secretary in other firms for at least 3-5 years.

  - Professional qualifications in accordance with relevant professional laws.

  - Certified Public Accountant of the Singapore Institute of Certified Public Accountants.

  - Member of the Singapore Institute of Chartered Secretaries and Administrators.

6. Paid-Up Capital:

• The minimum paid-up capital required for a registered company in Singapore is SGD 1.

• The paid-up capital (or share capital) can be increased at any time after the company is established.

• There is no strict timeline for the payment of registered capital, and no stamp duty is levied.

• The registered capital can be in Singapore dollars or other commonly used foreign currencies.

7. Registered Address:

• A Singapore company must provide a local address in Singapore as the company's registered address.

• The registered address must be a physical address (can be a business address or a residential address) and cannot be a PO box.

8. Articles of Association:

• Registering a Singapore company requires filing its Articles of Association (formerly known as Memorandum and Articles of Association) with ACRA.

• The Articles of Association is a legal document that sets out how the company will be governed internally, its structure, shareholder rights and relationships, and other provisions necessary for the management of the company.

• This document is usually reviewed by a lawyer as part of the company registration process.

9. Other Signed Documents:

• Additional necessary signed documents should be prepared and submitted as part of the registration process.

Legal Registration Steps

Singapore company registration involves the following comprehensive steps:

Note: The Accounting and Corporate Regulatory Authority (ACRA) is Singapore's national regulatory body for corporate entities and public accounting. All new corporate registrations are processed through ACRA.

Step 1: Company Name Approval

• Check Compliance: Ensure the proposed name complies with ACRA’s regulations.

• Submit Application: Apply online for name approval.

• Approval Process: Names typically approved within an hour if they meet guidelines.

• Name Reservation: Approved names are reserved for up to 120 days.

Step 2: Prepare Registration Documents

• Articles of Association: Outlines terms fair to all parties.

• Director's Consent: Each director must agree to serve.

• Company Secretary's Consent: The secretary must agree to serve.

• Identification Documents: Include identification and address details of each shareholder and senior staff.

• Anti-Money Laundering Compliance: Verify identities and addresses, and provide professional backgrounds of key personnel.

 Step 3: Register the Company

• Online Registration: Submit incorporation documents via ACRA’s BizFile+ platform.

• Official Registration: Once documents are approved, the company is officially registered.

Step 4: Obtain Official Documents

• Company Registration Certificate

  Electronic Certificate: Issued by ACRA, includes confirmation of incorporation, Unique Entity Number (UEN), and date of incorporation.

  Usage: Essential for daily operations like opening bank accounts and conducting transactions. A paper certificate may be required for international dealings and can be purchased from ACRA.

• Company Business Profile (BizProfile)

  Request Online: Obtain from ACRA by paying a small fee via BizFile+.

  Contents: Includes company name, registration number, previous names (if any), incorporation date, principal activities, paid-up capital, registered office address, shareholder information, director information, and company secretary information.

New Business Service Process

To efficiently establish a Singapore company, customers can complete all registration steps through Move2SG, including service selection, information entry, electronic signatures, document exchange, and online payment.

• Initial Inquiry: Respond quickly to customer needs, providing explanations and assistance throughout the process.

• KYC Due Diligence: Conduct KYC based on provided information, with further verification if necessary.

• Name Approval: Apply for company name approval and verify identity information and electronic signatures.

• Company Registration: Register the company with ACRA, upload the electronic registration certificate, and inform the client.

• Post-Registration: Prepare statutory registers and assist in opening a bank account.

• Ongoing Compliance: Follow up on daily compliance operations for the new company.

Registration Follow-Up Work

After successfully registering a new company, it can immediately commence business activities. However, per Singapore Company Law, the following follow-up actions are necessary:

Open a Corporate Bank Account: Move2SG will recommend suitable banks and assist with scheduling appointments. The account opening process typically takes around 14 working days.

Apply for Visas: Necessary if you or company members are relocating to Singapore.

Office Space and Services:

• Shared Office Rental: Options available for 3, 6, or 12 months.

• Mail Receiving and Forwarding Services: Ensure timely receipt and handling of all correspondence.

Trademark Registration: Protect your brand by registering your trademark with Move2SG's assistance.

GST Registration: Move2SG offers comprehensive GST registration and declaration packages to ensure compliance.

Statutory Audit: Required if revenue, assets, or employee numbers exceed specified thresholds. Move2SG will help appoint an auditor if two of the three conditions are met.

Annual Reports: Submit annual financial reports and "annual reports" within 18 months of incorporation as per regulatory requirements.

Accounting and Bookkeeping: Utilize Move2SG's professional accounting services for accurate financial management and compliance with local tax regulations.

To ensure your company remains compliant with all relevant regulations, Move2SG offers comprehensive services in company management, maintenance, finance, taxation, and legal consulting. This allows you to focus on developing and growing your business. Our expert team is dedicated to providing support in these areas to streamline your operations and ensure regulatory adherence.

Frequently Asked Questions

Choosing Move2SG

Move2SG provides comprehensive support throughout the Singapore Company Registration process. Our services include:

• Assisting in the preparation and submission of all required documents.

• Ensuring compliance with all legal and regulatory requirements.

• Offering expert guidance to ensure a smooth and efficient registration process.

For personalized support and expert advice, please contact us.