You are on page 1of 7

Essentials of Company Formation in

SingaporeBenefits Benefits of Hiring Professionals for


Incorporation of Company in Singapore

Benefits of Hiring Professionals for


Incorporation of Company in Singapore

On the accounts or various company formation agents this


article will help you through pre-incorporation, incorporation
and post incorporation stages in setting up of an offshore
business.

Steps to be Followed While Incorporation of


Company in Singapore

aving decided that


you would like to set
up your business in
Singapore, the next
and most vital step is to get the
help of company formation
agents.
In this article aims to be your
pre-incorporation,
incorporation
and
post
incorporation
guide
as
proposed
by
company
formation agents.
Pre-Incorporation
Types of Company
Usually there are two main
types of companies that can
be formed and managed in
Singapore by offshore
entrepreneurs:-

Private
Limited
Companies - In this the
minimum
number
of
shareholders is 1 while the
maximum number cannot

exceed
50.
The
shareholders have limited
liability which extends to
the unpaid amount on
shares held by them.

Public Companies- The


number of shareholders in
such companies can exceed
50 and the company can
raise capital by issuing
shares and debentures for
purchase by public.
Private Limited Companies
is the most common form
of company prevalent in
Singapore and often the
preferred choice of offshore
entrepreneurs.

Essential elements
incorporation

for

The following are a prerequisite to incorporation


of private limited company
and should be collated by

the
entrepreneur
to
facilitate a smooth process.

Corporate
Provider

Service

Offshore
entrepreneurs can get their
company incorporated only
through Corporate Service
Providers as per Singapore
laws.
can assist such
entrepreneurs with all
incorporation and post
incorporation processes.

Foreign

Ownership

Singapore allows 100%


foreign ownership of a
company. This means that
no Singapore resident
partner is required to set
up a company by an
offshore entrepreneur.

Company

Name

A
unique company name is to
be selected in compliance
with the guidelines laid
down
by
Singapore
Companies Act.

Registered

Address

Before
applying
for
incorporation,
it
is
mandatory
for
the
company to have a local
registered address. In case
the entrepreneur decides to
opt for virtual office,
he/she may do so by
availing
our
virtual
registered office address.
This address cannot be a
P.O box no. and essentially
needs to be a physical
address.

Shareholders Minimum
1 shareholder is required to
incorporate
a
private
limited
company
in
Singapore.
The
shareholder and director
can be the same person and
the shareholder can be an
individual or a legal entity
in Singapore.

Directors At least one


director is required for
company registration in
Singapore. Minimum one

director has to be a local


resident of Singapore. In
case the entrepreneur
decides to relocate to
Singapore to fulfil this
criterion, he needs to apply
to Ministry of Manpower
for an Employment Pass.
On obtaining such Entre
pass he /she are eligible to
incorporate a company
with himself as the sole
director. Alternatively, the
entrepreneur may also
choose to avail the
nominee director services
offered
by
company
formation agents.

Company Secretary A
qualified local resident of
Singapore has to be
appointed as Company
Secretary within 6 months
of incorporation as per
Section
171
of
the
Singapore Companies Act.

Paid up Capital A
company in Singapore can
be incorporated with a

minimum paid up capital of


SGD 1.
Incorporation
Incorporation of a company in
Singapore is a simple two-step
process that involves the
following:
Approval
Name

of

Company

Choosing the right name


for your company is vital
for brand recall and getting
the right start. As a first
step for incorporation, an
application for approval of
company name is to be
filed with the Company
Registrar.
In most cases, it takes less
than an hour to know if the
name has been approved or
rejected. Once approved,
the name is reserved for 60
days (which can be
extended up 120 days)
within
which
the
application
for

incorporation has to be
filed.
Application
Incorporation

for

Post approval of name, an


incorporation application
with requisite documents is
to be filed with the
Company Registrar. Once
filed, it takes only a few
hours for the company to
get registered which is
confirmed by an email
containing the certificate of
incorporation that is sent
to the corporate service
provider.
Following documents are
required by the Company
Registrar
during
the
incorporation procedure:
Brief Description of
Business Activities
Particulars
about
Shareholders
Particulars
about
Directors

Company Secretary
Particulars
Memorandum
and
Articles
of
Association
Statutory Declaration
of Compliance
Certificate
of
Identity
Notice of Situation of
Registered Office and
of Office Hours at
time of Incorporation
Consent to Act as
Director & Statement
of
Non
Disqualification
to
Act as Director
For
offshore
residents:
o Copy
of
passport
o Overseas
residential
address proof
o Know-YourClient
(KYC)
information
such as a bank
reference letter,

personal
and
business profile,
etc.
It usually takes an average of 2.5
days for a company to get
incorporated in Singapore.
Post Incorporation
The following steps usually
follow incorporation procedure

Incorporation certificate
This comes as an e mail
from
the
Company
Registrar and contains the
company
registration
number. A hard copy can
also be collected from the
Company Registrars office
at a fee of SGD 50.

Company
Business
Profile This can be
collected
from
the
Company Registrar office
at a nominal fee.

Corporate Bank Account


Account can now be

opened in major banks of


Singapore and usually
requires
entrepreneurs
presence.
Business Licenses- Few
business activities such as
restaurants,
educational
institutes, travel agencies,
financial services, etc. are
required to obtain license
from concerned authority
before they can commence
operation.
Tax Registration In
case your company falls
under the purview of GST
registration, you shall be
required to do so. This is
usually an optional step in
case of new start-up
companies.

Having spoken about how to


incorporate a company in
Singapore, it is important to
know why Singapore is being
preferred as a business location
by company formation agents.

About Us
Quick Company Formation is an eminent name in the field of Company
Incorporation in Singapore and various other countries spread across the world.
It offers end to end solution for a new start up that enables a company to
establish, take off and manage day to day operation.
Follow Us:
/quickcompanyformation
/quickcompanyformation

/quickcompanyformation

/quickcompanyformation