2 Procedures to Incorporate Company in Singapore

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Published: 23rd January 2019
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When we talk about Singapore business incorporation, we are implicitly referring to the incorporation of a private limited company. It is the most incorporated business structure in Singapore as it limits the liability of its owners.
It is possible to incorporate a company in Singapore in one day and for some lucky entrepreneurs, it happens too. The incorporation process involves 2 procedures; name approval and registration of the company.

Procedure 1#

Select a Name for Proposed Company

ACRA (Accounting and Corporate Regulatory Authority) dictates that each name company should be unique. You may not believe it, but it really takes the time to select a proper name for the proposed company. You need to find a name that reflects the purpose or one of the attributes of the company. You cannot even choose a name that is similar to an existing Singapore company.

If you are Singapore citizen or the permanent resident, use your SingPass ID and log on to the BizFin, a portal or website made available by ACRA, and submit the name. If it passes the ACRA’s tests, you will get the approval in about 15 minutes. Pay the nominal fee and reserve the approved name for 60 days. If it fails, you will have to select another name and repeat the procedure.

Foreigners need to hire incorporation services to initiate the procedure, as they do not have the SingPass ID.

Procedure 2#

Apply to the Registrar of Company (ACRA)

File and submit an application to register the company to the ACRA. Singapore regulates the registration of businesses in a few domains like banks, and education. The concerned ministries may insist on reviewing applications, and the approval takes as long as 2 months.

The process to incorporate company in Singapore is simple. It is possible for the local entrepreneurs to complete in DIY fashion. However, most of the Singapore businesses choose to appoint incorporation services. These firms employ experienced professionals, who take charge the situation. They know how to communicate with the ACRA officials, in case, there are any difficulties.

An entrepreneur living abroad and the foreigners need to submit scanned copies of their incorporation documents to their incorporation firms. It enables the firm to initiate the incorporation process with the ACRA. However, the registration process starts only after the submission of true copies of the documents.

The pre-registration requirements include, at least one shareholder, minimum paid-up capital of S$1, at least one corporate secretary, registered address for company office.

After the successful incorporation of company in Singapore, the owners or the shareholders need to open a corporate bank account in a local bank and arrange for the Company Seal and Stamp. If it is required, they also need to register for GST and acquire licenses and permits before they start their business activities.



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