What You Need to Know About Company Registration in Singapore
Are you interested in company registration in Singapore? This city-state in Southeast Asia is not only an economic powerhouse but also affords you significant advantages when you decide to set up an entity there. We recently explored the Singapore Global Investor Programme, which incentivises entrepreneurs to reside in Singapore in exchange for residency. But, how about simply establishing a presence in Singapore through business setup? Here’s what you need to know.
How to incorporate a company in Singapore
Private companies in Singapore can choose to go under different corporate structures, according to ACRA, the Accounting and Reporting Authority, the government agency in charge of corporate services in the country. They can form as a Private Company Limited by Share (PTE Ltd.) or as a Company Limited by Guarantee if they do not want to choose their constituting structure. The PTE Ltd. option makes Singapore a tremendously popular destination for company formation.
What are the requirements for Singapore company formation?
Once you decide the constitution for your company, the next step of your business process is to go ahead and ensure you fulfil the rest of the prerequisites. Before you go ahead and establish your entity with your chosen name, the name will require initial approval from the Registry of Companies & Businesses. Once you get approval for the name, you can get your documents together to register your entity with ACRA, the Singaporean Company Registry.
One of the directors for your company must either be a Singaporean or a foreigner with permanent residency. If the person you have in mind to serve as the local director is non-Singaporean, you would need to procure the Employment Pass/Approval-In-Principle letter from the Employment Pass Department of the Ministry of Manpower. As for shareholders, they can be from any country and shareholders can also be corporations besides individuals. You only need one shareholder, but there is a maximum permitted number of 50 shareholders.
As for the required documents, as we previously noted, entities can choose the constitution they desire, or opt for the proposed models that ACRA leaves available to them. This document, the Constitution, was formerly known as the Memorandum and Articles of Association. Every director will also need to sign a Consent to Act form as well as the company secretary so they can act on your behalf. Per Singapore corporate legislation, you must also have a local address in Singapore, as well as a qualified secretary.
Next, all beneficial owners, corporate officers and shareholders will have to provide a set of documents that corroborate their identities and professional background. The Singaporean authorities like to examine these details, and they make this a crucial piece of the eligibility criteria for the Global Investor Programme. If you have a corporate shareholder, there will be separate documentation you must present.
What documents do you receive upon successful Singapore business setup?
ACRA will send you an e-Certificate of Incorporation that includes a statement certifying your entity’s incorporation. Then a unique identification number called a Unique Entity Number (UEN) that ACRA will issue to you the day of establishment and will be part of the e-Certificate of Incorporation. While you can buy a hard copy, the digital version will be valid for carrying out the rest of the post-incorporation procedures you need to complete to ensure proper trading in Singapore.
What’s the cost of registering a company in Singapore?
If you would like more information about registering your next venture in Singapore and getting a personalised quote on costs, our expert company formation team at Europe Emirates Group can assist you throughout the process. Our storied track record in helping entrepreneurs establish themselves in their next destination in global business will give you the confidence to set up smoothly and commence trading sooner. Would you like to begin the process? Contact us today.
Adrian Oton, CEO Europe Emirates Group