Incorporating a Company in Singapore
Incorporating a company in Singapore is a straightforward process that offers various benefits, such as a favorable business environment, political stability, and a well-developed infrastructure. Here's a general overview of the steps involved in incorporating a company in Singapore:
1. Choose Company Type: Decide on the type of company you want to incorporate. The most common type is a private company limited by shares (Pte Ltd).
2. Company Name Reservation: Choose a company name and ensure it complies with Singapore's naming guidelines. The name should not be identical to any existing business entities and should not infringe on trademarks. It should also not contain vulgar or inappropriate words. You can check the availability of the name and reserve it through the BizFile+ website or by engaging a registered filing agent.
3. Appoint Directors and Shareholders: Appoint at least one director who is ordinarily resident in Singapore. You can appoint local or foreign individuals as directors. Also, appoint shareholders, who can be individuals or corporate entities. A Singapore company can have 100% foreign shareholding.
4. Registered Address: Have a registered office address in Singapore where official correspondence will be sent. This address must be a physical address and not a P.O. Box.
5. Prepare Documents: Prepare the necessary incorporation documents, including the Memorandum and Articles of Association (MAA), consent to act as director/shareholder, and other relevant forms. These documents will vary based on the company type and structure.
6. Submit Application: Submit the incorporation application and required documents to the Accounting and Corporate Regulatory Authority (ACRA) through BizFile+. You can do this online or engage a registered filing agent to assist you.
7. Pay Fees: Pay the necessary incorporation fees to ACRA. The fees will depend on factors such as company type, share capital, and whether you engage the services of a registered filing agent.
8. Wait for Approval: Once the application is submitted, ACRA will review the documents. If everything is in order, they will approve the application and issue a Certificate of Incorporation. This usually takes 1-2 business days.
9. Post-Incorporation Compliance: After incorporation, fulfill any post-incorporation compliance requirements, such as opening a corporate bank account, obtaining necessary business licenses, and complying with tax registration obligations.
10. Ongoing Compliance: Maintain ongoing compliance with Singapore laws and regulations, including annual filing requirements with ACRA, holding annual general meetings, and fulfilling tax obligations.