Singapore is recognized as one of the best places to set up your business. Based on ACRA (Accounting and Corporate Regulatory Authority) statistics, more than 60,000 new companies were registered in the country just last year. If you ever find yourself thinking about setting up your own company there, this guide should help you get started with the Singapore company registration process.
Singapore Company Registration: What Are the Minimum Requirements?
If there’s one thing that Singapore is particularly good at, it’s its ability to reduce bureaucracy at every level. Government transactions in Singapore are globally recognized because they’re hassle-free, efficient, and most importantly, convenient. Almost everything can be done online so you don’t have to be physically present for the majority of these transactions, company registration included.
So what is the requirement to set up a company in Singapore?
- Your company name should be approved by ACRA
- Appoint a Resident Director. They can be a local citizen, Singapore PR, or Singapore EP/EntrePass holder.
- Appoint a Foreign Director
- List of Shareholders
- Share Capital of at least S$1
- Appoint a qualified Company Secretary after company registration
- Registered Physical Address (Residential or Commercial) but never a PO box
How Do You Register a Company in Singapore?
Local and foreign business owners follow the same three steps in the Singapore company registration process. The steps are:
First Step – Company Name Approval
The first and most important step of all is to get your company name approved by ACRA. You cannot get started with the process if your company name has not been approved. You can check out the guidelines for getting your name approved right here.
Second Step – Get The Necessary Documents Ready
After your name has been approved, there are important documents that you need to prepare for the registration process.
- Company Constitution – This document is available online from ACRA’s website, or your CSP (Corporate Service Provider) can provide it for you
- Shareholders’ identification and address details
- A signed Consent to Act as Company Secretary from your appointed company secretary
- Signed Consent to Act as Director for every appointed director
If you are working with corporate service providers, you’ll also be asked to provide supporting documents as part of the KYC due diligence process.
Third Step – Submit Registration Documents To ACRA
Once everything is said and done, you can now officially register your company with ACRA. Everything is done online and the process takes less than an hour to complete. However, some company registrations will be referred to other government agencies for vetting (i.e. companies registering a school, bank or financial institution, law firms, etc.) and may take a few weeks.
How Will I Know that My Singapore Company Is Registered?
You will be notified via email that your Singapore company registration has been successful. ACRA will send you an email along with these two documents:
- Business Profile
- Certificate of Incorporation
These documents will be enough to help you move through with other parts of setting up your business here in Singapore. With these documents, you will be able to open a corporate bank account, sign various leases, and even apply for Internet services for your office.
You can also request a physical copy of the documents sent to you from ACRA, but you will need to pay a minimal fee.
Closing – Singapore Company Registration
That is the rundown of the things you need to do in the Singapore company registration process. You can register the company on your own or work with corporate service providers in Singapore.
For a more comprehensive and detailed look into the Singapore company registration process, you can visit Piloto Asia’s Company Registration page.
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