Company incorporation is the legal process to form a corporate structure or to register your business in the Registrar of Company. This process separates the income and assets of the firm from its owners and investors. For most entrepreneurs, the best place to do business is in Singapore. Because of its geographic location, many investors and companies are attracted to do business in the country. The first step you need to take before setting up your company in Singapore is to undergo incorporation. In this article, you will know the key requirements in Singapore for company incorporation.
Minimum Setup requirements
It is easy to register your company in Singapore. These are the minimum requirements to start.
- At least one shareholder
- A minimum initial paid-up capital of S$1
- At least one company secretary
- At least one local or resident director
- A physical office in Singapore with a registered address
A business or company name is essential. But you cannot just choose any word that comes up to your mind. In setting up your business in Singapore, you need to register your Company name to the Accounting and Corporate Regulatory Authority (ACRA). Your chosen company name should not be the same or phonetically identical to a registered company.
The Registrar will reject undesirable company names or any kind the Minister has to administer the Registrar not to accept.
You can do an initial check for any identical company before you register your preferred name.
Shareholders are also part of the company. At least one individual or corporate shareholder is required to register your company in Singapore. By subscribing to shares in the company or buying the company’s claim, anyone or any corporation can be a shareholder.
Any company can have more than one director. But to incorporate your company in Singapore, you should at least have one Local director or someone registered in Singapore as a resident.
Any Singapore Company also needs a secretary to maintain regulatory compliance. The secretary should be a resident in Singapore. Within six months, Singapore requires any company to have their company secretary.
Paid Capital or Shared Capital
Singapore requires a very low requirement for shared capital. S$1 is the minimum required paid capital or shared capital to register a company in Singapore.
Having a physical office in Singapore with a registered address, not a PO box, is essential in incorporating your company.
Any company also needs a management structure to register as a corporate organization. The company’s constitutional documents and the presentation of the Companies Act control the correlation between the company and its shareholders and the governance framework.
The application to register any company in Singapore can take from 7 days up to 2 months to be approved. For some instances, the compliance team may ask additional documents for further verification. Your chosen company name will be reserve for 60 days upon approval. You should complete the company incorporation within 60 days. Providing complete documents and information will make the incorporation process smooth and easy.