Company Registration in Singapore

Introduction

Singapore is considered as a global hub for trade and setting up a company in Singapore is one of the popular options for entrepreneurs. Singapore has well developed infrastructure along with least rules & restrictions, and a business friendly environment. Company Registration in Singapore includes complex paperwork, in this article you’ll get complete detail related to company registration in Singapore including documents required, types of companies, company registration procedure, company registration cost in Singapore, etc.

Types of Companies in Singapore

In order to register a company in Singapore multiple types of companies are available. Following are the types of companies one can open in Singapore:

1. Private Limited Company: Private Limited Company is one the popular & preferred type of company in Singapore. It is considered as a separate legal entity and thus limits shareholders liability depending on their investment in the company. Private Limited Company is also known for its easier capital raising and tax incentives.
2. Limited Liability Partnership: LLP combines the benefits of partnerships and companies. This structure is more popular among professional services such as accounting or law practices. LLPs protect partners from personal liability for other partner’s action or partnership debts.
3. Sole Proprietorship: Sole Proprietorship is run by a single individual and it is considered as one of the simplest option. This structure offers full control and sole proprietor's assets can be used to incur business debts.
4. Partnership: A partnership allows two or more individuals or entities to share ownership. Each decision in this structure is taken mutually with the consent of all partners. In partnership, individuals don’t have full control like sole proprietorship.
5. VCC (Variable Capital Company): VCC or Variable Capital Company is a new corporate structure in Singapore that was introduced on January 14th, 2020 to support the investment fund industry. It provides flexibility in capital management and operational efficiency.

Documents Required for Company Registration in Singapore

Following is the list of documents required for Company Registration in Singapore:

• Company’s MoA (Memorandum of Association) & AoA (Article of Association) is required
• Company’s Shareholders and Directors passport copy is required
• Shareholders and Directors’ identity card either aadhaar card or any other
• Bank Statement, Credit card statement or utility bill containing the name and residential address of the shareholders and directors.
• Company’s Incorporation certificate
• Board Resolution containing details of the branch formation

Procedure of Company Registration in Singapore

Company Registration process in Singapore includes several steps and they are as follow:

• Step 1: Choose the Business Structure: In order to register your company in Singapore, you need to select your company’s structure. One can select between Private Limited Company, Limited Liability Partnership, Sole Proprietorship or Partnership.
• Step 2: Reserve Unique Name for your Company: Once you select your business structure, you need to find and select a unique name for your company. The name should be easy to understand and easy to recognize.
• Step 3: Documentation: After successfully reserving the name for your company you need to gather all your documents including bank statement, board resolution, company’s incorporation certificate, MoA, AoA, etc.
• Step 4: Register with ACRA: Next, you have to register with ACRA for the incorporation in Singapore. Make sure to double check all the documents required for the registration process. Also, pay the fee at the time of registration.
• Step 5: Final Approval & Certificate: Once you pay the registration fee, ACRA will cross check the documents and after final verification, they can either approve or reject the application. Ensure to check the documents before submitting the application. Once your application is approved you’ll get your company registration certificate.
• Step 6: Post-Incorporation Compliances: After successfully getting the certificate, certain compliances needed to be completed. These post-compliances include opening a bank account, applying for required licenses or permits. Also, you need to register with IRAS (Inland Revenue Authority of Singapore) for tax purposes depending on your business activities.

Checklist for Company Registration in Singapore

Following are some important points which one should keep in mind while registering a company in Singapore:

• Only Individuals or Companies can own the shares in the company.
• At least $1 Singapore paid up capital is required to start a firm
• Singaporeans and foreigners both are allowed to register a company in Singapore.
• Within the Six Months after the incorporation, a firm is needed to choose a certified company secretary.
• Only any natural person or citizen of Singapore can become the company secretary in Singapore.
• By investing more money in the company, the firm can increase its share capital at any time.
• Minimum one stake holder is required to start a company in Singapore.
• Foreigners can own the whole business by themselves.

Advantages of Company Registration in Singapore

There are certain advantages of company registration in Singapore and they are as follow:

1. Business Friendly Environment: Singapore is considered as one of the best locations for businesses because of low tax rates and supportive government policies.
2. Skilled Workforce: Singapore has an educated and trained workforce which make it a more preferable option for company setup. They have experienced professionals in almost every field.
3. Strategic Location: Singapore is considered as a best strategic location as it is located in Southeast Asia which makes its connectivity all around the world. Also, Singapore is known as a global hub which makes it better than other countries.
4. Safeguarding Intellectual Assets: Singapore has a well established legal framework which directly ensures strong protection for intellectual property. Also, they have strict laws against piracy which make it easy for others to safeguard their assets.

Why Bizfoc?

Company Registration in Singapore includes various complex paperwork which can be tough for an individual to manage, Bizfoc has a team of professionals with multiple years of experience. We will guide you throughout the process and make the registration process easier for you. Also, we value money and thus offer the most affordable price to register a company in Singapore.

Conclusion

Setting up a company in Singapore can offer multiple benefits including quality infrastructure, business friendly environment and skilled workforce. To register a company in Singapore, one needs to prepare certain documents such as MoA, AoA, board resolution, bank statement, credit card statement, etc. Company Registration in Singapore includes multiple steps so it would be advised to take help of an expert who has multiple years of experience in company registration.

Frequently Asked Questions (FAQs)