Overview

Incorporating and setting up a corporation or company in Singapore is a simple and comparatively inexpensive procedure. In Singapore, the process for incorporation of a company is governed by the Accounting & Corporate Regulatory Authority (ACRA), which is a Company Registrar. Singapore has been ranked highly by various organisations for ease of starting a business. In the following article factors that make the incorporation, as well as operation of the business for both the local as well as foreign nationals entrepreneurs in Singapore, has been discussed. The procedure for registering the company as well as the prerequisites before registration of a company has been discussed in this article.

In Singapore, for the formation of a company an individual must be above the age of 18 years, according to the Singapore Companies Act. The company being a legal entity and having separate distinct identity from its shareholders as well as directors is divided into two categories in Singapore. The companies that are listed on the Singapore Exchange are public companies and have more than 50 members. Whereas the private companies are not listed on Singapore Stock Exchange and the members are limited to 50.

There are also provisions for foreigners to own 100% of shares in a company. Registration of a corporation or company is not a difficult task in Singapore. This is because the government provides various tax exemptions to start-ups. Henceforth, it helps the start-ups with certain other schemes at the beginning of their business. Some of the factors include Singapore’s robust economy, low tax rates and the efficient procedure of incorporation along with a well-trained workforce, strict abiding laws.

In order to form a company, all the compliances required must be fulfilled by the individuals. A foreigner does not have the right to register a company directly in Singapore. However, in the case of a local as well as a foreign business owner, a registered filing agent is necessary to be employed for setting up business in Singapore.

The hiring of a local business registration provider is more emphasised in the case of foreign business owners who want to start in Singapore. This implies that a company cannot be self-registered by foreigners. A pass such as Singapore work visa or pass for entrepreneurs is required prior to the incorporation of a company. The incorporation of a company in Singapore is full-fledged computerised which is operated via BizFile+ under the governance of ACRA.

Following are the requirements for the registration of a company in Singapore
 

• Name of the company- An unique name has to be chosen that hints at the nature of the business. One can choose 3-5 names and provide them to the agent for checking on the portal for any duplicity. Any obscene words for naming a company are rejected by the Accounting & Corporate Authority. There should not be a violation of any copyrights or trademarks while applying for the approval of the name of the company. Generally, 60 days are reserved for the approved name of the company. 
• Director of the company- In order to be director of the company, the individual must be either a citizen of Singapore or an individual having EntrePass, Employment Pass. In case a foreigner wanting to set up a company in Singapore must appoint a director who is a local resident in Singapore. The director must not be bankrupt and above the age of 1 year.
• Shareholders- A minimum of one shareholder is required for a private limited company. However, a company can have a maximum of 50 shareholders. Hundred percent ownership of shares of a company is allowed by the Singapore companies to the foreign or locals.
• Company Secretary- According to the Singapore Companies Act, there must be an appointment of a company secretary within 6 months of the date of incorporation.
• Paid-up Capital- the minimum paid-up capital required for registration of a company in Singapore is $1 which can be raised anytime post-incorporation.
• Registered address- A local registered address of Singapore is required for registering a company. The address must be a physical address.

The process of incorporation of the company takes 1-2 days as the registration of the company is computerised by ACRA. An applicant is required to visit the website of BizFile+ for registering his business. The same can be operated by the applicant’s identification number as well as SingPass. However, it is emphasised to hire a registered filing agent to do the work. On successful completion of the registration of a company, a certificate of incorporation is emailed by ACRA. One can get a hard copy of the certificate by paying a certain amount. The agent has expert knowledge and can provide the best advice as well as solutions regarding the registration along with saving time and money.

Documents required for incorporation by ACRA are-

• Name of the company
• The nature of business described briefly
• Details of the shareholders
• Details of the directors
• Registered address
• Details of the company secretary
• Constitution of company

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