Taking Better Care of Business Owners

Incorporating a company in Singapore as a local is a relatively straightforward process. All you need is the following: At least S$1 paid up capital Local company secretary Singapore-based director A registered address in Singapore

Incorporating a company in Singapore involves these steps. Choose a unique name and ensure it complies with Singapore's regulations. Appoint (one or more) directors to operate your business. Appoint a trusted company secretary to support you, This person must be a Singapore resident. Provide a registered office address in Singapore. Decide on the company’s shareholders and their respective shares. Submit the incorporation application through BizFile+ to the Accounting and Corporate Regulatory Authority (ACRA). Pay the necessary fees and obtain the Certificate of Incorporation once approved. Lastly, complete post-incorporation tasks like opening a corporate bank account and fulfilling tax and regulatory requirements. The Team at Incorpor8 will help you complete all these steps in as little as one day and start your Singapore company from anywhere in the world. We can meeting in person if you are in Singapore, or online.

A Private Limited Company is the most scalable, advanced and flexible business structure in Singapore. Advantages: A Private Limited Company can be 100% foreign or locally owned. There are no foreign shareholding restrictions. Not personally liable for any debts or losses. The company is a separate legal entity from its shareholders and directors Profits taxed at corporate tax rates (17%) New companies are entitled to tax incentives and tax exemptions Ownership can be transferred Ease of raising capital Disadvantages Adherence to compliance requirements set out by the Companies Act and enforced by ACRA and IRAS Operating costs are higher (administration requirements etc) Directors must disclose their company’s information (interest in company shares, contracts etc)

It is easy to check if a company is registered in Singapore. Head to ACRA’s search platform and type in the company name that you would like to check. If the company is registered, you will get the company’s information that would include – company name, office address, Unique Entity Number (UEN) and more.

You would determine the shareholders and their respective ownership percentages by indicating it in your company incorporation documents. If incorporating a subsidiary company in Singapore, the sole shareholder will be the existing local or foreign company. For a new venture, the shareholders will be you and any partners you may have.

You only need $1 paid-up capital for your Singapore company incorporation, in any currency. The share capital can be increased any time after your company incorporation.

You can choose between the following company structures: Sole Proprietorship Sole proprietorship essentially means there are no partners in the company. This means the owner can earn all the profits but also bears higher risk if anything happens. Sole proprietorship is not a separate legal entity from the company owner. Who can apply: Singapore citizens or permanent residents, Dependant Pass holders with a valid Letter of Consent (LOC), ONE Pass holders. Partnership A partnership is a business structure in Singapore where two or more individuals come together to form a profit-making enterprise. It’s a step up from a sole proprietorship with only one registered owner. The partners are not considered separate legal entities from the business. This makes the partners personally liable for any liabilities or claims against the business. For this reason, it's not always a recommended structure to choose. There are two forms of partnerships in Singapore, each with its own pros and cons. Who can apply: Singapore citizens or permanent residents, Dependant Pass holders with a valid Letter of Consent (LOC), ONE Pass holders. Private Limited Company (Pte Ltd) – most popular structure Private limited companies have: less than 50 shareholders and their shares should not be accessible to the public. A private limited company has the most flexible company structure. It is a separate legal entity from its shareholders and directors. It enjoys limited liability. We recommend the Pte Ltd structure due to its flexibility, legal protection and accessibility to government grants, funding and tax exemptions. Who can apply: Singapore citizens or permanent residents, Dependant Pass holders with a valid Letter of Consent (LOC), Employment Pass holders, EntrePass holders, ONE Pass holders, Personalised Employment Pass holders.

You can appoint 1 or more directors for your company. Every company needs at least one local resident director (a Singapore Citizen or a Permanent Resident). If they are Singapore citizens and/or Permanent Residents (PR), they have to be individuals, and at least 18 years old. If he or she is not a Singapore resident and wishes to fulfil the local resident requirements, the director must have a valid EntrePass or Employment Pass, and have a Letter of Consent (LOC) from Singapore’s Ministry of Manpower (MOM) to act as a Director (if applicable).

A corporate shareholder is a business entity that owns shares in another limited company. The term ‘corporate shareholder’ may refer to another limited company, a limited liability partnership llp or a non-profit organisation or charity.

To incorporate your Singapore company, you must have a minimum of 1, and up to 50 shareholders. A shareholder can either be an individual or a corporate entity. The shareholder that is a corporate entity is sometimes known as a “corporate shareholder”.

A company name can be reserved via ACRA’s portal. After the name application has been approved, the name will be reserved for 120 days straight. If you do not register the company or incorporate the company within these 120 days, the name will no longer be reserved and will be made available to other members of the public. If you have reserved a company name you can share the reference number with your Corporate Secretary to use at time of incorporation.

In order to incorporate your company in Singapore, you would need to provide: Your company name for name incorporation A brief description of your company activities Details of your shareholders and directors, as well as their KYC (Know Your Customer) information Gathering all the right information for your company registration could be the trickiest part, get in touch with Sleek if you need any assistance.

The application process in Singapore typically takes 1-2 working days, provided all necessary documents are in place. However, the processing time may be longer if there are any issues or errors with the application or if additional information is required. It’s worth noting that the timeline for the Singapore company incorporation process can also depend on the type of company being incorporated and the specific requirements involved. It might take a company with foreign shareholders or directors longer to incorporate due to additional compliance requirements. It’s recommended to seek professional advice from a company incorporation expert to ensure a smooth and efficient process.

Company Constitution – to be signed by all shareholders Form 45 Consent to Act as a Director – to be signed by all directors Form 45B Consent to Act as Secretary – to be signed by us as your Company Secretary Nominee Director Service Deed First Directors Board Resolution – to be signed by all directors (without FYE listed)*

Are you an individual starting a company? It can be as easy as providing your passport and proof of residency that’s less than 3 months old. Are you an existing company looking to have a Singapore entity? Certificate of Incorporation/Registration Business Profile/Certificate of Incumbency Group ownership structure chart Certificate of Appointment of Corporate Representative and/or Directors’ Resolution in Writing authorising the representative