AT ALP Peak, we’re specialists in business incorporation. We’ve successfully helped many entrepreneurs establish their businesses in Singapore, and with so many under our belt, we can say with confidence that Singapore is the hottest go-to business mecca.
Singapore is a hub of business abundance, relying on the extensive trade networks and government initiatives that have invited business to its shores. The country is poised for economic success, and many business owners are flocking to establish their businesses there. However, many of our clients often ask us: What is involved in the process of establishing, incorporating, and formalizing a business in Singapore? Let’s take a look.
The Starting Point
Before incorporation even begins, and you find yourself applying to the Company Registrar of Singapore (ACRA), make sure you know the answers to the following questions and have prepared the relevant documentation. Ask yourself:
- Have I decided on the final company name?
- Are you working with a Corporate Secretary Specialist?
- Do I know, and have I recorded, the company’s principal activities?
- Do I have all the company’s directors and shareholders recorded, and do I have all items and documentation of this prepped and ready?
- Do I have a registered office for the company office, and have I hired a Company Secretary?
- Do I have all the relevant Constitution Documents and Singpass in order?
- Besides myself, do I have at least one shareholder on board as well as a local or resident director?
- Do I have a minimum initial Paid-Up Capital of S$1?
All of these questions require important steps to be taken and tasks to be completed for your business incorporation in Singapore. Furthermore, you will want to investigate the following questions:
- Do you know if your business is positioned within a certain industry that is overseen by governing bodies?
- Does the nature of your new business need approval or referral from the governing authority or society before you can proceed with the reservation of the business name?
- Have you completed all steps necessary with regards to this?
Mandatory Legal Requirements For Foreigners
What Foreigners Wanting To Register a Singapore Company Need To Know
For foreigners wanting to set up and incorporate a company in Singapore, you’re in luck. The mandatory setup and legal requirements for registering a Singapore company are the same for Singaporeans and foreigners. It is comforting to know that all companies are required to meet the same mandatory requirements.
However, there are other important facts to take note of if you’re an outsider wanting to become a business insider. These include:
- 100% foreign shareholding is permitted
- One or more shareholders can be an individual or a corporate entity
- Foreign resident individuals can be directors of a Singapore company
- Corporate directors are not permitted
- A Singapore resident can be a Singapore citizen, a Singapore permanent resident, or an Employment Pass holder. Nominee directors are also permitted for this purpose
- A local registered address cannot be a PO Box address
You can incorporate and operate your company from overseas, or if you plan to relocate to Singapore, you can do it once you are here. Remember that incorporating your business involves different fees and registration costs for every business type, with each boasting different process steps. All new business founders receive a COI – a document showing the completion and that they have officially incorporated the company.
The Incorporation Process
More Steps To Expect
There are a few additional steps necessary for those wanting to start a business in Singapore, which include setting up a local bank account and filing the relevant tax and accounting documents to appropriate authorities. You will also have to set up an accounting routine with the onboarding of an allocated chartered accountant. You will need to ensure that you file unaudited financial statements, estimated chargeable income documents, and corporate tax return documents as well.
Set Up Your Company In Singapore Within Minutes
With ALP Peak, You Can Complete The Process Easily
Given the various requirements and the desire to be guided through the necessary steps, we recommend you hire a professional corporate service provider or Corporate Secretary to help you incorporate a company in Singapore.
Not only will we highlight areas of concern and assist with liaising with government bodies, but we will also ensure a quick process (one hour to be exact!) guaranteeing an experience that can (and will) save you money in the long run.
Then, when your company opens its doors, our team at ALP Peak can provide professional, quality, cost-effective outsourced accounting, bookkeeping, taxation, corporate secretary solutions, and IT outsourcing.
Singapore is waiting, so why not start your one-month FREE TRIAL today, no strings attached?