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Basic Requirements for a Company Incorporation in Singapore

Singapore is known across the globe for its business-friendly environment. In fact, it is consistently ranked by The World Bank as one of the most regulatory-friendly places for commerce. While seeking a company incorporation service provider would simplify the process, knowing the basics would make setting up your business easier. Here are some of the essential requirements for company formation in Singapore.

1. Registering Your Company Name

The first step is to register your company name with the Accounting and Corporate Regulatory Authority (ACRA). Moreover, choose a unique name that complies with the specific guidelines. The name does not infringe on existing trademarks or contain prohibited words. Additionally, you must specify your business activities using the relevant classification code.

Remember, specific industries may require additional governmental approvals. Ask a professional Singapore incorporation service provider about these requirements.

2. Appointing Your Directors

Every company must have directors who are at least 18 years old with full legal capacity. At least one director must be an EntrePass visa holder, permanent resident or Singapore citizen. So, note that foreign individuals who do not meet any of the aforementioned cannot act as directors of companies in this jurisdiction.

You can appoint a nominee director if you don’t have a local partner. In this option, you’ll engage with a professional director or an incorporation service firm with a permanent address in Singapore. Remember that the nominee director will be fully subject to the legal liabilities and responsibilities within the jurisdiction.

3. Establishing the Share Structure and Choosing Shareholders

In a company incorporation, there must be at least one shareholder and a minimum of S$1 in paid-up capital. Private limited companies are limited to 50 shareholders. Meanwhile, shares can be of various types, including ordinary, non-voting, or preference shares. These shares can be issued or transferred following Singapore’s regulations.

4. Appointing Your Company Secretary

Within six months of incorporation, appoint a qualified local resident as your company secretary. This role involves administrative responsibilities and ensuring compliance with Singapore’s legislation. Moreover, your company secretary must meet the knowledge and experience requirements set out under section 171 of the Companies Act of 1967.

5. Registering Your Physical Office Address

Your company must have a physical address in Singapore, not a PO box. Remember to register this address because you will use it for official correspondence after the incorporation process.

6. Preparing and Filing the Registration Documents

Prepare the necessary documents for incorporation, including the Company Constitution, consent forms from directors and the company secretary, and identification details for all key stakeholders. Corporate shareholders must provide additional documentation for identity verification.

7. Securing Your Business Licence

Certain industries require specific licences or registrations for successful incorporation in Singapore. For example, if you’re opening a financial service company, you can only operate with a licence. Ensure you obtain the necessary licence to follow the legal requirements for company formation.

8. Registering for GST

Registering for Goods and Services Tax (GST) will be part of the company formation process if your projected revenue exceeds S$1 million. Moreover, you need to comply with the relevant tax remittance requirements.

9. Ensuring Ongoing Compliance

Aside from handling the incorporation process, directors are also responsible for ensuring the company adheres to Singaporean laws. This includes filing tax and GST returns and compliance documents as required.

Seamless Company Incorporation in Singapore  with Expert Service

While Singapore offers a conducive environment for setting up a company, you must understand and follow the specific requirements. For a hassle-free process, consider enlisting an incorporation service. Doing so will help you navigate the complexities of company formation and ongoing compliance.

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