Singapore Company Registration

In the realm of establishing businesses in Singapore, terms like “company formation,” “company registration,” and “company incorporation” are often interchangeable, signifying the same procedural steps for creating a corporate entity. Regardless of the terminology used, these terms collectively refer to the legal processes and documentations required to formally set up a company in accordance with Singapore’s regulatory standards.

The company registration process for incorporating a Singapore Company is marked by its efficiency and transparency. Initial steps involve firstly, selecting an available company name, followed by the preparation of necessary documents like the company’s constitution, details of directors and shareholders and the registered office address. Once all the documents are signed, the company’s constitution is then submitted to the Accounting Corporate Regulatory and Authority (”ACRA”). Following a thorough review, successful applications receive an official business profile. The process is streamlined, offering online submission options, exemplifying Singapore’s dedication to providing a business-friendly and straightforward environment for company establishment.

Company registration in Singapore can be very fast. Getting a business profile and certificate of incorporation from the Accounting Corporate Regulatory and Authority (”ACRA”) can be done within a few days and with very low bureaucracy if all is done well in advance. To set up your new Singapore company, and before registering with ACRA, you must prepare a few items, including some of the future company documents that will come in handy along the way.

A company name

Before starting a business registration process, every business entity must have a name. So first, select the company name you wish to register as your new Singapore Company. To save time during the incorporation process, it is always a good idea to have at least two backup names in case the one you want is already registered. You can check if your business name is available by doing a company name search on ACRA’s website.

Appoint a company secretary

In Singapore, a company secretary is an individual appointed by a company to ensure compliance with statutory and regulatory requirements. The role of a company secretary is essential for maintaining proper corporate governance and adherence to legal obligations. The Accounting Corporate Regulatory and Authority (”ACRA”) mandates that every Singapore company must appoint a qualified company secretary within six months from its date of incorporation. The company secretary is responsible for various administrative and compliance tasks, including maintaining statutory registers, filing annual returns, organizing board meetings, and ensuring that the company operates in accordance with its constitution and relevant laws. The company secretary is a crucial figure in helping the company and its directors understand and fulfill their obligations in a structured and compliant manner.

Choose the legal vehicle of your company

Before registering your company in Singapore, you need to decide on the structure of your business. Exempt Private Company Limited by Shares, Private Companies Limited by Shares, Public Company Limited by Guarantee, Public Company Limited by Shares, Limited Liability Partnership, and sole proprietorship (only Singaporeans can register, and the liability of the owner and the sole proprietorship are not separated), different partnerships, or other business structures. Limited liability companies, also known as private limited or Pte. Ltd. companies, are easier to manage and cover most business owners' needs. Company secretaries can be appointed six months after the date of incorporation.

A local Singapore registered office address

One of the requirements for Singapore companies is that every registered business must have a local company's registered office address. The Company Secretary usually provides this service. When you choose to have your company registered with Statrys, we include in our package a local registered office address that will be used during the process. This service has to be renewed every year.

IDs or passport copies of the company owners and directors

A Singapore company must have at least one local director and one shareholder. The local director must be either a Singaporean, a Permanent resident, or an Employment Pass Holder, while the shareholder can be you or anybody you appoint as an owner. In any case, prepare a copy of the passport of each one of the individual/corporate shareholders. A Singapore company cannot have a foreigner as a sole individual director, but as for shareholders, the shareholders can be individual or corporate shareholders, which is fine.

You will also need an identification document (such as passport copies for foreigners and NRIC for Singaporeans) and proof of residential address, which is fully translated into English and no more than three months from the date of application to incorporate the Company. Overseas residential address proof is fine but must be fully translated into English if it is in another language.

We will help you prepare all the documents necessary to register your business in Singapore. An application for a Singapore company is usually fast, with companies registered in only a few days.

Company directors are company officers responsible for running the company on behalf of its shareholders. They have a duty to act with good faith and in the best interests of the company's shareholders. The law requires directors to exercise their powers responsibly, honestly and in the best interests of the company. Where a director is not fulfilling this duty, they may be disqualified as a director. A company can appoint a director through an ordinary resolution or the decision of existing directors, who must inform the Company Registry within 14 days of the appointment being confirmed.

IRAS is the government body responsible for overseeing taxation matters. It plays a pivotal role in administering and enforcing tax policies, ensuring that individuals and businesses comply with tax regulations. IRAS manages various tax types, including corporate income tax, Goods and Services Tax (”GST”), and personal income tax. The organization is committed to fostering a fair and efficient tax system, providing guidance to taxpayers and facilitating economic development through sound fiscal policies. Businesses and Individuals in Singapore interact with IRAS for filing tax returns, obtaining tax-related information and ensuring adherence to the country’s taxation framework.

In Singapore, a business profile is a document provided by the Accounting and Corporate Regulatory Authority (”ACRA”), presenting a comprehensive summary of key information about a registered business entity in Singapore. This profile include vital details such as the company’s registration number, name, date of incorporation, principal/business activities, registered office address, number of shares held and the paid-up capital and information about its officers, including directors, shareholders and the company secretar(ies). The business profile is a valuable resource for businesses and stakeholders, offering a convenient snapshot of essential company information. It serves various purposes, including due diligence, business transactions and ensuring compliance with regulatory requirements. Businesses can access their business profiles through ACRA’s online portal or authorized service providers.

Statrys Corporate Services Singapore Pte. Ltd.’s registered filing agent license number is FA20230475.

Following the first year of incorporation in Singapore, businesses prioritize key steps to ensure ongoing compliance and advancement. Activities include holding an annual general meeting (”AGM”) and submitting annual returns to the Accounting and Corporate Regulatory Authority (”ACRA”). It is also prudent to evaluate financial performance, update records, and strategize for the forthcoming fiscal year. This period presents an opportunity to refine business strategies, explore growth possibilities, and confirm the currency of licenses and permits. Regular engagement with a qualified company secretary, financial advisors, and legal professionals offers valuable support, aiding the company in adhering to regulatory obligations and establishing a robust foundation for future prosperity.

Our annual maintenance fee is SGD3,000. This fee covers the same secretarial services provided in the first year, extending them for an additional one-year period.

The certificate of incorporation is a document issued by the Accounting and Corporate Regulatory and Authority (”ACRA”). This document certifies the incorporation of any Singapore company written in English language only.
The Certificate of Incorporation expresses the following:

• Company Name
• Company Registration Number
• Date of Incorporation
• The vehicle type