Singapore is one of the top countries in the world where you can start a business. One of the reasons why is because Singapore is strategically located at the center of Asian countries. It only takes less than 5 hours to get to countries like China, India, and Japan. Furthermore, a new company set up in Singapore allows 100% foreign ownership. You can get access to great tax incentives and employ talented individuals to work for you.
Do you need help with the company incorporation Singapore registration? There are plenty of good company registration Singapore agencies that can help you. Before that, there are 5 questions that you should ask first before you partner with a company registration Singapore agency. We’ll also give you the solutions to the 5 questions regarding the new company set up process.
Question #1 – What are the basic new company set up requirements?
All businesses follow company registration Singapore requirements. One of them is that every new company set up in Singapore must have at least one shareholder. As mentioned, it isn’t an issue if all or majority of the shareholders are foreigners. The company incorporation Singapore law only requires at least one shareholder as you apply for registration.
Another requirement is that there must be one Singaporean director in the company. You can have more than one director in a new company set up in Singapore. You are also allowed to have foreign directors. The company registration Singapore requirements just need one to be a Singapore resident. This also applies to the company secretary requirements.
The initial paid-up capital should be at least S$1. It can be more, depending on how much it will take to build a new company set up in Singapore. In addition, you also need a registered business address in Singapore. If you need help with these new company set up requirements, a company incorporation Singapore consulting agency can help you.
Question #2 – What company registration Singapore documents do I need to prepare?
There are company incorporation Singapore documents that you need to prepare. One of them is the ACRA-approved company name. This is the first thing you need to do in the company incorporation Singapore steps. You also need to prepare a short description of your new company set up business activity. You also need to have proof of a registered business address for the company.
You also must submit detailed information of the shareholders, directors, and company secretary. If you are a Singaporean citizen, you’ll need to submit your Singapore identification card. If you are a foreigner, you’ll need to submit your passport and overseas residency certificate. In the case of a foreign business branching out to Singapore, you need to provide a copy of the Memorandum & Articles of Associations.
Question #3 – How long will it take to complete the company incorporation process?
Company incorporation in Singapore is very fast. It can be done online through the BizFile+ portal. Company name approval only takes less than an hour if no issues. That is also the case if the company name does not need higher authority approval. Final registration also takes only an hour to complete if no issues.
Afterward, you will be given 60 days to start your new company set up in Singapore. If you need more time, you can always request ACRA for another 60 days extension. If you missed the 60 days time frame, the company name you registered will be removed from the reservation list.
Question #4 – How much will it cost to complete the company registration Singapore process?
Overall, the administrative expenses for the registration of a new company set up in Singapore are S$315. The breakdown is S$300 for the registration and S$15 for the company name approval. Other expenses may occur should you choose to seek the help of a company incorporation Singapore firm.
In the case of a foreigner, the business owner must seek help from a company incorporation agency. That is because you’ll need a SingPass to access the BizFile+ portal. A company incorporation Singapore service package can cost you around S$500 to S$1,500. This will still depend on the kind of registration service you need. Thus, a foreign business owner should prepare at least S$815 for the company registration Singapore process.
Question #5 – Who can help me in my new company set up in Singapore?
Since you need a company secretary, you’ll need to seek the services of a secretariat firm. These firms will help you get a company secretary. Their provided secretary is already knowledgeable about the mandatory filing requirements. The individual is also familiar with other company obligations to ACRA.
If you don’t have a Singaporean director, a director firm can help you. They can find the right director that can help you with your company. The director can attend the mandatory meetings and fulfill other duties required. Thus, seeking the help of these firms will save you a lot of time in training staff to become your company’s director or secretary.
However, many company incorporation Singapore service providers offer all these types of assistance. They can provide a director and secretary for you. If they don’t offer such services, they have connections with firms so you don’t have to look for yourself. In addition, they can help you with all your company registration Singapore needs. Some will even offer accounting services. Therefore, find an all-in-one company incorporation Singapore firm.
Those are the five questions that you should ask before starting your new company set up in Singapore. Being knowledgeable of the company registration Singapore requirements is vital. That is most especially the case if you will acquire the services of a company incorporation agency.