Singapore Company Incorporation Services

Singapore has become one of Asia’s major service, financial, and shipping centres due to its geographical advantages, and its economic style is characterised as “state capitalism.” Incorporating a business in Singapore is not a straightforward procedure, but Stead offers all of the services required to guide you through the process with simplicity and speed.

Types of Business Structures in Singapore

Private Limited Company (Pte Ltd)

Private limited corporations are firms with fewer than 50 shareholders. These shares are not available to the public.
This company form is ideal for entrepreneurs and Singapore domestic companies alike. A pte ltd company offers the most versatile company structure because it is a separate legal entity from its directors and shareholders; it has limited liability because shareholders are not accountable for debts in excess of the agreed-upon shared capital; and you can flexibly handover the company’s ownership. Therefore, you will be required to create a business bank account.

Limited Liability Partnerships (LLP)

LLPs enable businesses to function as partnerships while benefiting from the advantages of a private limited corporation. As LLPs are distinct legal entities, partners shall not be held accountable for any company losses or obligations.

Sole Proprietorship

Conversely, a sole proprietorship is a separate legal entity from the company owner. With a sole proprietorship, there are no partners in a company and the owner can keep all earnings. However, there are higher risks involved. Because the company has full responsibility, the proprietor is personally liable for all of the company’s obligations. To form a company as a sole proprietor in Singapore, you need to be a Singaporean, Permanent Resident, or holder of an Entrepreneur Pass.

 

What is ACRA?

The Accounting and Corporate Regulatory Authority (ACRA) of Singapore is in charge of all business entities, corporate service providers, and public accountants in the country. Their function is to fill the gap between company compliance and public accounting laws in Singapore regarding statutory audits. They are primarily in charge of the management of accountants, companies, and business name registrations, while also representing the Singapore Government in international matters pertaining to the regulation and registration of business enterprises, corporate service providers and public accounts.

Requirements of Singapore Company Incorporation

Company Name

The first stage is to verify that the company name chosen is not already in use by submitting a request to Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

Company Secretary

Within six months after company establishment in Singapore, a firm must hire a qualified company secretary. Additionally, the company secretary should be a Singaporean or Permanent Resident.

Shareholders

A corporation must include at least one shareholder and a maximum of 50. Additionally, your stockholders might be either domestic or international, and 100% foreign shareholding is permitted.

Directors

Directors of a Singapore organisation might be either local or foreign residents. Corporate directors, on the other hand, are not authorised. An organisation must employ at least one Singaporean director. A Singapore resident is a Singapore citizen, permanent resident, or bearer of a Singapore Employment Pass. Foreign-owned companies might choose from these local director options.

 

Registered Address

The necessary minimum paid-up capital for business registration is S$1. The share capital of your firm can be expanded at any time by bringing new funds.

Share Capital

Every business needs to have a local registered location in Singapore in which all legal documents must be stored. This is normally your workplace address. A registered office has to be accessible to the public throughout regular business hours, although it is not required to be the location of the company’s activities. All company owners and executives should give ACRA their residence address at the time of company formation. 

Procedure for Singapore Company Registration

Step 1: Approval of Company Name

Before registering, all Singapore companies should have their names authorised by ACRA. The following rules dictate name approval:

  • The name cannot be the same as that of an established Singapore firm.
  • The name cannot be offensive or indecent.
  • The name should not violate any trademarks.
  • The name cannot be held by another firm.
  • After name approval, an organisation can hold it for up to 120 days. If the company does not form within that time period, the name becomes accessible for another company to hold.

 

Step 2: Documents for Company Registration

After your business name has been authorised, some documentation must be prepared for ACRA before the business registration procedure can begin.

 The documents required are:

  • Business Constitution
  • Signed Consent to Act as Company Secretary by the company secretary
  • Signed Consent to Act as a Director for each your company’s directors
  • Identification and residence address information for each shareholder and business executive
Step 3: Registration with the Company Registrar of Singapore

Once the paperwork is completed, you may finally register your firm with ACRA. The registration procedure is completed online in less than an hour. If the business registration must be submitted to another government entity for further review, the process might take several weeks.

 

Other requirements for Singapore company incorporation

 Upon registration of your firm, we will require several documents due to ACRA’s compliance standards. Stead is obligated to complete a Know-Your-Client procedure as part of our client acceptance and your firm establishment Our team may request additional details in regard to these supporting papers if necessary.

 

For Individual Shareholders

We will need the following information from each Shareholder, Officer, and Beneficial Owner of your firm:

 

  • A photocopy of your passport, NRIC, or residency document (for Singapore residents only)
  • Evidence of home address (driver’s licence, rental agreement, recent utility bill, etc.)
  • A basic professional history (resume, or an individual’s LinkedIn page).
For Corporate Shareholders

 There will be extra documentation to compile for the registration process if the shareholder is a corporate body.

 As for the company entity, the following documents will be needed:

  • Certificate of Registration provided by the Registrar of the jurisdiction in which the firm is registered.
  • Firm Extract from the Company Registrar of the jurisdiction in which the firm is registered, containing the following information:- Name of the company, registered address and registration number.
    – Paid-up capital together with information on all Directors and Shareholders.
    – Business operations in which the firm is involved.
    – Designated Person Resolution approved by the shareholding company’s director(s) that contains the following:

             – Permit to acquire shares in the proposed Singapore Company.
             – Designation of an Authorised Person to sign the Singapore company incorporation paperwork on the shareholder firm’s behalf.
             – An ownership structure diagram that indicates the shareholding firm’s Ultimate Beneficial Owners (UBO).
             – Know-Your-Client due diligence may necessitate the submission of additional identifying papers.