Singapore Company Registration Checklist for Foreigners

Are you searching for an exciting marketplace? You could benefit by setting up a private limited company in Singapore. It is a competitive market that is ranked 2nd in the World Bank's report on the Ease of Doing Business. The following checklist will be useful in completing the task easily.

Key Requirements of Singapore Company Registration

Company Name Approval

You need to apply and get the name of the proposed Singapore Company registered with ACRA for 60 days. The name should be unique and meaningfully describe your business. It should not infringe any trademark or brand name.

Resident Director

You must hire at least one local director for your company. The appointee must be ordinarily a Singapore resident; Singapore citizen, Permanent resident, Employment or Entrepass holder. Anyone (Local or foreign) over the age of 18 can be a director. You can also choose to hire a nominee director.

Shareholders

You need at least 1 to 50 shareholders to incorporate a company in Singapore. The local, as well as the foreign individuals and businesses, can own 100% shares in their company. The sole shareholder of the company can also be its director.

Registered Address

You need to have a registered address or virtual office to put on the application for your Singapore company incorporation. It must be a physical home office or commercial office address in Singapore. The regulating authorities, banks, etc., need it to send notices, alerts and updates. It cannot be a P.O. Box address.

Paid-up Share Capital

You need a minimum paid-up share capital of $1 to start a company in Singapore. The authorities have changed the criteria for Entrepreneur Pass holders. Now, they do not have to invest $50,000 as the minimum initial paid-up capital.

Company Secretary

You need to hire at least a company secretary within the 6 months or registering your company. The appointee can take care of various registration-related tasks. The appointee needs to be a natural person residing in Singapore having experience and knowledge to discharge the responsibility. A sole director/ shareholder cannot act in this capacity.

Registered Filing Agent

You need to hire a registered filing agent or a firm that provides Singapore company registration services. The foreigners cannot self-register a business in Singapore. SBS Consulting Pte Ltd offers highly affordable promo company incorporation services to both local and foreigners.

Incorporation Documents

You need to submit copies of passport copies of company's shareholders and directors along with their native residential address proof. If you represent a corporation wanting to set up a company in Singapore, submit its particulars.

Registration for Goods and Services Tax

You need to register your Singapore company for GST, if its turnover is or expected to be more than $1 million per year. SBS assist you in assessing the need for GST registration and then with prompt GST filing.

Acquire Licenses or Permits for Business

You may need to apply to the appropriate authorities and acquire permits or licenses for your business. We can advise in this regard. We will help with the application filing process for the various type of licenses and permits.

Opening of Corporate Bank Account

Every business owner must open a corporate bank account for the business. It helps in keeping the personal and business finances separate. SBS provides assistance for opening a bank account in a local branch of a bank in Singapore.

Annual Filing Requirements

The regulatory agencies like ACRA and IRAS expect compliance from the Singapore companies. Their directors have to be careful and prompt with it. SBS has the experienced CPAs who can assist with the accounting and filing of company tax, etc.

"How long does it take to incorporate a company in Singapore?" Oh!, it takes only 1-3 days to register a company in Singapore. The process for it is straightforward and simple. Most probably, your registered filing agent will assign a dedicated expert to take care of your task. At least, we do!

SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, Accounting, Preparation of director's report, Taxation, GST, Payroll, XBRL, IT software development and maintenance, etc.