A Complete Guide to Company Registration Process in Singapore

Registering a company in Singapore is an easy and less complex task. The process is not limited by stringent rules, guidelines, and standards. The Accounting & Corporate Regulatory Authority (ACRA) is the unit of Company Registrar. It administers the methods and procedures for company registration in Singapore.

Every company in Singapore is registered to adhere to the norms of Companies Act, Chapter 50, and other compliance norms. Moreover, the government offers tax exceptions and benefits to start-ups and facilitates them with several systems in their preliminary days.

Formally, The Accounting & Corporate Regulatory Authority (ACRA) permits registration of the following types of businesses; namely the Sole Proprietorship, Private Limited Company (Pt. Ltd.), and Limited Liability Partnership (LLP).

If you are unsure of the company registration process in Singapore, it is best that you engage a professional incorporation firm like Timcole (timcole.com.sg) to assist you with your company incorporation.

Everyone should identify the business structure most suitable for them and then initiate the registration process.

Sole Proprietorship

For Sole Proprietorship, the company registration process is simple, linear, and pretty prompt. The process is easy to execute as only a few norms and guidelines need to be adhered to. The termination process is also very easy.

Private Limited Company

For Private Limited Company, the unit enjoys seamless registration and benefits of the competitive tax. There is limited liability of shareholders and transfer of ownership is also an easy process.

Limited Liability Partnerships

LLPs are discrete legal entities which enjoy perpetual succession benefits. In LLPs, there are limited personal liabilities of the business partners and the process requires moderate compliance requirements.

Company Registration Process in Singapore

There are certain pre-requites to the company registration process in Singapore.

The company name needs to be finalized and sanctioned before registration. No duplicate names are permitted.

Company Director

One needs to recruit a minimum of one resident director for the company. An infinite number of resident or non-resident directors can be recruited as well.

Both resident and non-resident directors need to be 18 years old or more, not bankrupt, and not a part of any malpractice charges and legal and criminal matters in the past.

Shareholder

In Singapore, a company can have somewhere between 1-50 stockholders, which may or may not be in the post of the director. The shareholders can comprise of both resident and non-local persons or companies. 100% non-local shareholding is permitted in Singapore.

After a Singapore company is registered, shares can be freely distributed or relocated at any given time and situation.

Company Secretary

One needs to recruit a capable resident company secretary within 6 months of the company’s registration in Singapore. The already appointed Sole directors and stakeholders cannot play the role of the company secretary.

Company Registered Address

One needs to provide a resident, physical Singapore address as the authorized and official address of the company. The official address can be either a house or a commercial location. Addresses with only PO boxes are not allowed in the Singapore company registration process

Company Tax

Singapore-registered companies relish lucrative tax exclusions and bonuses. The company pays less than 9% for the first S$300,000 one makes in yearly profits, followed by a consistent rate of 17% flat subsequently. Singapore firms, registered under Singapore Company Registration Law do not have to pay for capital gains or dividend taxes.