Singapore Company Incorporation

You can process your Singapore Company Incorporation via one of the many Company Secretaries in Singapore. The most common incorporation form is the Private Limited company. The overview below details the key aspects of the incorporation formalities in detail.

Singapore Company Incorporation Packages usually include the following:

  • Incorporation of your Singapore Private Limited or LLP company with ACRA
  • Application for Singapore company name with ACRA
  • Company Seal
  • Many Service Providers include the first year secretarial service into the package
  • Opening of Singapore Bank account
Some incorporation packages also include:
  • Nominee Director Provision (required if you’re a foreign national or firm)
  • A registered office address in Singapore (required if you’re a foreign national or firm)
  • EP and other employment pass applications
Depending on the service provider and additional services required, the incorporation package will cost between 650 – 2.000 SGD.
The timeframe for incorporating your company is usually between 2-3 days once all necessary documentation has been received.

Why incorporate your company in Singapore?

Singapore is consistently ranked in the Top 5 destinations worldwide to setup your company. A recent ranking by Forbes Magazine even placed the city state on top of the list! The reasons are not surprising. An extremely friendly business climate, Singapore’s low corporate and personal tax rates, top class infrastructure and high standard of living make it the optimal choice for entrepreneurs worldwide.

What should I look out for when selecting a Singapore company incorporation service? 

There are hundreds of incorporation agencies in Singapore, ranging from part-time establishments to large, well-established incorporation firms. As a foreign entrepreneur it is very important you select a trustworthy service provider. You will likely have an ongoing relationship with the chosen service provider for company secretarial services, annual returns and other administrative matters. Therefore you need to make sure to choose a reliable and well established firm which will save you a lot of money in the years to come. Incoway pre-screens well established Singapore Incorporation providers and supplies you with free quotes only from reliable, well-referenced companies you can safely do business with.

What are the benefits of incorporating my company in Singapore?

Singapore is probably one of the countries world wide with the least possible red tape and beaurocratic hurdles in the daily operations of your company. You will especially appreciate this if you previously operated companies in Europe or the USA. Singapore company incorporations take less than 48 hours to setup. For three years after company incorporation, the first 300.000 SGD in income are tax exempted. Personal income tax in Singapore starts at 0% and ends at 20% for annual incomes above 320.000 SGD. Say your yearly income is 80.000 SGD, your income tax rate will be 7%. Although Singapore has a high standard of living and a correspondingly high GDP, employee costs are lower than e.g. in Europe due to the more efficient social system and lower social contribution payments from the Singapore employer.

What are the benefits of Singapore’s geographic location?

Singapore is in the heart of South East Asia and approximately midway between India and China. That means by setting up your company in Singapore, you will be at the geographical epicentre of future economical growth. This location also contributed to Singapore multicultural workforce which makes it easy to find employees from all kinds of backgrounds and nationalities, catering to your international client base. Singapore boasts one of the worlds busiest ports and airports due to its important geographical location and buzzing economy.

What is life like in Singapore?

Singapore probably offers one of the highest standards of living in the world. A modern metropolis, the city state is very clean, green, safe and boasts one of the most effective governments globally. As is is centrally located within South East Asia, it also provides access to some of the most beautiful holiday destinations within a 2-3 hour flight radius for quick weekend getaways. So, besides the advantages Singapore offers when incorporating and running your business, there are plenty of options to create a beautiful lifestyle once you settled there.

Detailed Overview of the Company Incorporation Process in Singapore:

  1. Request a free quote on Incoway.com from pre-screened Incorporation Service Providers in Singapore. That will give you the best options to choose from for setting up your business in terms of price and quality or scope of service required. Once you decided on a service provider who submitted a quote, they will get in touch and discuss the necessary documentation with you.
  2.  You arrange for all the necessary documentation (e.g. passport copies) and supply those to your chosen incorporation service provider. This process can be done remotely from outside Singapore.
  3.  The service provider will submit the incorporation of your business to ACRA, which will grant approval of the chosen business name and the complete incorporation within 2-24 business hours.
  4.  After the company has been incorporated, which will take around 2 business days, the service provider will assist you to select a bank to open your Singapore bank account with.
  5.  Now or at the initial stage of the process you can decide which additional services you would require from the incorporation service provider such as a registered office address, nominee director services, usage of working / co-working spaces, Employment Pass and other visa services, and other account and administrative services.
  6.  At the end of the financial year of your Singapore company, the service provider will help to submit your tax and other regulatory filings.

Help: Frequent Questions when Incorporating a Company in Singapore

Which information do I need to submit when registering a company in Singapore?

  1. Your selected name for your Singapore Company (note that when the chosen name for your Singapore company is identical or too similar to existing ones, it will be rejected. That’s why most incorporation service providers as you to list at least 2 possible names).  Also, try to avoid words like “bank” “casino” “lottery” and similar ones, since then the authority might think your business nature is of a restricted type, i.e. you would have to get additional permits from the Monetary Authority of Singapore or other Authorities.
  2.  Indication of nature of business (more than 1 can be selected here).
  3.  Registered (or “paid up”) capital of the company. We recommend to indicate 50.000 SGD or more here, this will make your company look stronger and subsequently make it easier to apply for Singapore employment passes and similar.
  4.  Shareholder and Director names. Having a corporate shareholder is also possible but your accounts must be audited in this case at the end of every financial year of the Singapore company.
  5.  Office address which is registered in Singapore. Usually your Singapore incorporation service company will provide this at an additional fee.
  6.  A photocopy of the passports of all shareholders and directors.
  7.  An email address for official communication.
  8.  One of the directors of the company needs to be a Singaporean. In case you don;t have a person for this on your team, most service providers provide nominee director services for Singapore. You can request free quotes for that with Incoway here. The fee typically is around 200 SGD per month for this.

How long is the time for incorporating a business in Singapore?

It normally takes between 2 to 24 hours to incorporate a private limited company in Singapore. In case of complications, such as already existing company names, the process will take slightly longer.
Which requirements are there in order to register a company in Singapore?
  1. You need at least one shareholder. This can be an individual or corporate. All shareholders can reside outside of Singapore.
  2.  You need at least one local Singaporean director. In case you don’t have one, you can avail of a nominee director service <here>.
  3.  You must nominate a Singapore Company Secretary. This is usually the company you register your business with in Singapore. The fees are mostly included in the business incorporation package.
  4.  The required minimum paid up capital for your Singapore business is 1 SGD. However, we recommend at least 25.000 SGD which will make it easier later on to get Singapore work passes approved.
  5.  You need a Singapore registered office address. This service is also usually provided by the business registry company.

What is the role of a Singapore Company Secretary?

Within half a year of incorporating your business in Singapore, you are required to appoint a Singapore company secretary by ACRA. This company secretary cannot be a foreigner but must be a Singapore national. The main job of a company secretary is to make sure all resolutions and other matters passed in the company filings are in full compliance with the Singapore Companies Act.

Which detailed functions does a Singapore Company Secretary have?

A company secretary in Singapore must ensure the following points are adhered to:
  1. The secretary coordinates the panel meeting of the Singapore company
  2. The company secretary coordinates and manages the annual general summits of the company from an administrative viewpoint
  3. Importantly, the secretary has to ensure the company is in compliance with the Singapore Companies Act, so adhering to all compliance protocols thereunder
  4. The secretary has to make sure the official register is kept up to date
  5. In case there are changes, the secretary has to bring the ACRA records up to date
  6. Administrative coordination of the annual and director reports
Copyright ©2017 Incoway.com