Starting a business in Singapore is much simpler than you would have thought. Given that you have all the important prerequisites documents, you might get done with it within a day. The country has immense popularity of being a major international hub for foreign investments and organizations.
Incorporation of company in Singapore can be quite a breeze for a foreigner; you just need to know the requirements to look out for and do some read up to have a clearer picture on whole process. In this article, we are going to give you an outline of the requisites needed for you to set up a company in Singapore. In summary, here are the stipulated requirements:
Singapore Company Incorporation Requirements
Minimum 1 shareholder
1 resident director
1 company secretary
Minimum paid-up capital of S$1
A local registered office address
Appointing a Director
It is a requirement for foreigners to appoint a minimum of 1 local resident director to set up their new business in Singapore. A resident director is defined as a Singaporean citizen, a Singapore permanent resident, or a person who has been issued an EntrePass(Entrepreneur Pass), Employment Pass, or Dependent’s Pass.
This individual must be more than 18 years of age and must have no previous records of undischarged bankruptcy. A resolution must also be passed by the shareholders to appoint the local director.
You will also have to engage a Singapore registered filing/ incorporating agent to register your company, as foreigners cannot self-register their company in Singapore.
Here are some of the options for your local director:
If you do not wish to relocate, seek out and employ a local/resident nominee director to do the incorporation
If you wish to relocate to Singapore, engage a registered filing agent e.g. Sprout Asia to incorporate your company first while you apply for an Employment Pass/ EntrePass.
Other Company Registration requirements
Before registering, you will need to get your company’s name approved by ACRA.
Next, the following set of documents are needed to be prepared:
Signed Consent to Act as a Director for each director
Signed Consent to Act as Company Secretary by the company secretary
Identification and residential address details for each shareholder and officer of the company
Once these incorporation documents have been prepared, you can register your company officially with ACRA. The registration process is conducted online and takes less than an hour. An acknowledgement will be given at the end of the process.
If the application is successful, ACRA will send you an email comes with the Certificate confirming the Incorporation of your company. You can also acquire its printed version by paying a fee.
Typical Cost of Starting a Business
The cost of using a filing agent in Singapore also includes ACRA (Accounting and Corporate Regulatory Authority) expenses such as:
Company name application: S$15 (reserved for 60 days and there may be additional expenses)
Company registration charge: S$300