What is the company incorporation process for setting up Company in Singapore?

For formation of company in any country, the businessman has to follow certain legal process, laid down for company formation. Every country has its own process and regulations, which has to be adhered for successful formation and incorporation of the company.

Anyone can incorporate a company in Singapore easily. If you are a foreign investor, you will not need to use a registered Singapore company incorporation service to adhere with ACRA.

Incorporating Company in Singapore as foreign individual:
As a foreign proprietor, one can set up the Company on your own, but one must appoint a local Singapore resident as the director to adhere with the regulations of ACRA. After incorporation of the business, one can own 100% of the shares of the company, while being foreign director.
You will have to produce copy of passport, residential proof of overseas address and profile of your business, while incorporating of the company as foreign individual.

Incorporating in Singapore as existing foreign corporation:

For a foreign entity to have a presence in Singapore, you can incorporate as subsidiary, representative office or bank office. Also you will need to submit certain documents while incorporating the foreign corporation – a copy of certificate of incorporation of the parent company, extract from the registrar of company or register of directors and members and Articles of association, memorandum and by laws.

Below are requirements for incorporating company in Singapore:

  1. There should be at least one shareholder, who can be either individual or corporation
  2. At least 1 local or resident director
  3. At least 1 company secretary
  4. Initial paid up capital should be at least Singapore $1
  5. There should be a physical registered office address in Singapore.

Below are the 3 simple steps of incorporation of the company:

 1. Approval of the Company name: The first step in incorporation of company is to register the name of the company with Singapore accounting and corporate regulatory authority.

One has to adhere to certain rules:

 a. Company name should not be indecent
 b. Company name cannot breach existing trade marks
 c. It should not be same as other existing company in Singapore
 d. Name of the company should not be reserved by another company

2. Registration of documents: Once the Company has been approved, one will need to prepare the registration documents as required by ACRA:

 a. A written consent to act form from every director
 b. Consent to act form by company secretary
 c. Articles of Association or Company constitution.
 d. Residential proof or identification for all officers and shareholders of corporation.
 e. Conduct due diligence services – Know your customer for protecting the company against anti money laundering regulations.

3. Registration of the company with ACRA:

Once the name of the company has been approved and all the documents are submitted, you are ready to be registered with Singapore Accounting and Corporate Regulatory Authority. This is online registration and requires less than an hour.

After the incorporation of the business, you will need to apply for business license, open corporate bank account, GST registration, Register with Singapore customs, Singapore work visa application etc.