Company Incorporation In Singapore - Registration Process, Documents, Fees

Updated on April 26, 2024 10:57:25 AM

Company Incorporation in Singapore comes under ACRA, a governing body who oversees the registration and regulation of businesses, including the incorporation of companies and the maintenance of the public register of entities in Singapore. Singapore, often known as “Lion City” is one of the world’s most attractive places for business incorporation in the world.

Singapore has constantly ranked high in global business indices as it has advanced strategic location, robust infrastructure, pro-business policies, and a stable political environment which strengthens its economy. For more details regarding company Incorporation in Singapore, you can connect with Incorporation Experts at Professional Utilities.

Embarking on the journey of company incorporation in Singapore opens doors to a dynamic and thriving business landscape strategically positioned in the heart of Asia. Singapore, renowned for its robust legal framework, political stability, and pro-business environment, stands as a beacon for entrepreneurs and corporations seeking a gateway to the Asia-Pacific market.

As a global business hub, Singapore offers a seamless blend of innovation, connectivity, and a well-established financial ecosystem, making it an ideal destination for those aiming to establish a business presence marked by efficiency, credibility, and international appeal. With a commitment to fostering entrepreneurship, Singapore's regulatory ease, tax incentives, and transparent legal processes continue to attract a diverse range of enterprises, from startups to multinational corporations.

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Why Incorporate a Company In Singapore?

why foreign company corporation

Company Incorporation in Singapore serves you with few benefits. Some factors which makes Singapore favorite destination in the world for business owners are as follows:

  • Strategic Location: Singapore provides excellent connectivity as it is situated at the crossroads of Asia, which makes it an ideal way to both developed and emerging markets.
  • Pro-Business Development: Singapore has a pro business development environment because of its low taxes, and transparent regulatory framework. Singapore constantly ranks high in global business.
  • Political Stability: Singapore provides a better and secure environment for business because of their stable political environment and strong rule of law. Singapore is appreciated by everyone for maintaining its social and political harmony.
  • Tax Incentives: Singapore is a hub for regional & international financial activities as it offers attractive tax incentives, including competitive cooperative tax rate and extensive double taxation treaties.
  • Skilled Workforce: The country has a well-trained and productive workforce which leads them towards excellent quality of life.
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Minimum Requirements for Company Incorporation in Singapore

Before Beginning with the process of company incorporation in Singapore, few things to be kept in mind, they are as follows:

  • There must be at least one stakeholder in the proposed firm.
  • Shares in a company can be owned by either individuals or companies.
  • Foreigners can own the entire business.
  • To create a firm, you simply need paid-up capital of at least $1 Singapore.
  • A firm can increase its share capital at any time by investing more money.
  • Both Singaporeans and foreigners are permitted to register a corporation in Singapore.
  • For consideration, a corporate director must be at least 18 years old. There is no upper age limit for applicants, though.
  • Singapore must be the home of at least one director. According to this definition, a person residing in Singapore is either a Singaporean, a permanent resident of Singapore, or the holder of an Employment Pass.
  • A firm must choose a certified company secretary within six months after its creation. The company secretary must be a natural person as well as a citizen of Singapore.
  • Every business with a Singapore registration is required to maintain a local registered location for the storage of all of its statutory documents. You cannot use a PO Box as your address.
  • Before registering a corporation in Singapore, the government must approve the name of the company.
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Documents Required For Company Incorporation In Singapore

The list of documents required for various types of company registration in Singapore are:

Type Of Company Document Required
Private Limited Company
  • Proposed Company Name
  • Memorandum Of Association & Article Of Association
  • Identity Proof & Residential Proof
  • Consent to act as director & Statement of non-disqualification
  • Consent to act as a Secretary (if needed)
  • Share allocation and capital structure details
  • Written consent to use the registered office address
  • Declaration of compliance with incorporation requirements
Limited Liability Partnership (LLP)
  • Proposed LLP Name
  • LLP Agreement (Governing Document)
  • Particulars of Partners, including Identity & Residential Proof
  • Registered Office Address Proof
  • Declaration of Compliance with Incorporation Requirements
Sole Proprietorship
  • Proposed Business Name (Optional)
  • Identity Proof of the Owner (e.g., Passport, NRIC)
  • Residential Proof of the Owner
  • Business Address Proof
Partnership
  • Partnership Agreement (Government Document)
  • Particulars of Partners, including Identity & Residential Proof
  • Business Name (Optional)
  • Business Address Proof
Branch Office
  • Certified Copy of the Parent Company's Certificate of Incorporation (or Equivalent Document)
  • Latest Financial Statements of the Parent Company
  • Particulars of the Local Authorized Representative
  • Registered Office Address
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Process Of Company Incorporation In Singapore

The detailed steps and process of registration of a company in Singapore is as follows:

Step 1: Selecting Company’s Unique Name

The first basic step of company registration in Singapore is selecting a unique name for your company which is not similar to any other already existing company. Make sure your company’s name comply with the guidelines of ACRA. Then submit an application to ACRA of your Company’s name.

Step 2: Submit Required Documents

Once the name of the company is approved by ACRA, you need to arrange all the documents for further process. These documents include MOA, AOA which outlines the company’s constitution, laws & rules.

Step 3: Appoint a RFA

Appoint a RFA (Registered Filing Agent) such as a law firm or corporate service provider, to ensure a smooth incorporation functioning. They will help you in document arrangement, submission and provide complete guidance in the incorporation process. Professional utilities will aid you in completing all the requirements.

Step 4: Submission To ACRA

Once the documents are arranged they need to be submitted to ACRA’s office with the required fees. The Process of documents submission can be done in both ways either online at ACRA Portal or offline at the ACRA office.

Step 5: Company Incorporation Certificate

ACRA will issue the certificate of registration, once they review the documents and approve them. The registration certificate is an important document as it provides the company’s Unique Entity Number as well as the date of incorporation of the company.

Step 6: Post-Incorporation Process

Once the certificate is issued by ACRA, the company needs to do several things which includes opening a corporate bank account, issuing necessary licenses & permits and maintaining all the documents and records.

You may need to register with IRAS (Inland Revenue Authority Of Singapore) for taxes, depending on your business activities. The registration includes Corporate Income Tax, Goods & Service Tax and Other applicable taxes.

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Company Incorporation Fee in Singapore

The required fee for company incorporation in Singapore starts from $550 with Professional Utilities.

Company Incorporation in Singapore Registration Fee
✅ Application for Company’s Name $25
✅ Registration Fee $300
✅ Other Applications $225
✅ Total Fee $550

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  • Application for Exemptions from Singapore Financial Reporting Standards Requirements
  • Application for Waiver to Lodge Annual Filing of Forms and Documents Relating to the Operations of a Foreign Company in Singapore
  • Application for Relief from Requirements as to Form and Content of Accounts and Reports
  • Application for License to Hold Land under S32(2)
  • Application for Omission of the Word “Limited” or “Berhad”
  • Application to the Registrar to Direct a Change of Name

Note : The registration Fee may vary, if there is addition of any other license or registration requirements.

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Governing Body in Singapore

Accounting and Corporate Regulatory Authority(ACRA) is a governing body responsible for Company Registration in Singapore. ACRA oversees the registration and regulation of businesses, including the incorporation of companies and the maintenance of the public register of entities in Singapore.

Under the Ministry Of Finance, ACRA works as a statutory body. While incorporating a company in Singapore, individuals or businesses are required to submit the necessary documents and information to ACRA. ACRA reviews and processes the application, registers the company, and issues the necessary certificates and documents, such as the Certificate of Incorporation and the Business Profile.

In addition to company incorporation, ACRA also regulates other business entities, such as partnerships and limited liability partnerships (LLPs), and oversees the registration and regulation of public accountants and corporate service providers in Singapore.

ACRA plays a crucial role in the governance and regulation of company incorporation in Singapore, ensuring compliance with the relevant laws and facilitating the smooth operation of businesses in the country.

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Laws & Rules For Incorporation In Singapore

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While Incorporating your company in Singapore you need to follow some laws & rules for smooth functioning of your company. These Laws and Rules & Regulation are as follow:

  • Companies Act (Chapter 50): Company Act (Chapter 50) covers rules and regulations for companies incorporated in Singapore. The Companies Act is a primary legislation governing companies in Singapore as it provides a legal framework for the incorporation, overall operation and regulations.
  • ACRA Regulations: ACRA is a government authority who looks over companies management and regulations in Singapore. For companies incorporation in Singapore, all the documents are submitted to the ACRA office.
  • Annual General Meetings & Annual Compliances: It is mandatory in Singapore to conduct AGM each year and to maintain annual returns reports with ACRA. Preparing financial files and audit reports each year is also required each year for better functioning of companies in Singapore.
  • Company Constitution: In Singapore, it is compulsory to form a companies constitution, it includes MoA (Memorandum Of Association) & AoA (Article Of Association) which includes rules and regulation for companies internal affairs. It also holds the right and responsibility of shareholders and directors of a company.
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Conclusion

Incorporation of a company in Singapore can provide you multiple benefits as it has constantly ranked high in global business indices. Incorporation of a company in Singapore is a great idea for earning but on the other hand it is a wide and complex process.

But you can make this process simple and short with Professional Utilities, as we provide you complete guidance at a very low cost. Professional Utilities experts have a great experience in the company incorporation all over the world.

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Frequently Asked Questions

How long does it take to register a company in Singapore?

The Process of incorporation of a company in Singapore hardly takes 2-3 days.

What is the process of registering a company in Singapore?

The process of registering a company in Singapore involves filing an application with the Accounting and Corporate Regulatory Authority (ACRA), submitting the necessary documents, choosing the type of company and paying the registration fees.

What documents are required to register a company in Singapore?

The documents required for registering a company in Singapore are MOA and AOA of the company, a declaration of compliance, and the identity documents of the directors, shareholders, and company secretary, Address proof of registered office.

How much does it cost to register a company in Singapore?

The cost of Company Incorporation in Singapore starts from $550 which includes basic incorporation fees and Government fees of Singapore Government. However the fees may increase as the change in required licenses.

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