If you have decided to incorporate a company in Singapore, congratulations!
Incorporating a company in Singapore is one of the best decisions one can make in today’s global economy and this does definitely open doors to a lot of growth prospects.
Once you have decided to incorporate a company in Singapore, the next step in the process of incorporating a Singapore company is to prepare yourself for various things that are required.
In this post, we have put together a handy checklist of the various things you need when registering company in Singapore. Using this list you will be able to prepare yourself for the process. All that you need is to tick mark the items and you can be rest assured that you’re not missing anything.
1) Type of company incorporation:
There are different types of Singapore company incorporation that a foreigner can choose from. Make sure that you know which one you’re going to adopt (based on your needs and requirements).
2) Resident director:
According to Singapore Companies Act, a minimum of one resident director (a resident is defined as a Singapore Citizen, a Singaporean Permanent Resident, or a person who has been issued an Entre-pass, Employment Pass, or Dependent Pass) is mandatory. Directors must be at least 18 years of age and must not be bankrupt or convicted for any malpractice in the past.
3) Company name:
According to the Act, the name must be approved before incorporation of the Singapore company can occur. One can register a Singapore company only if the company name is approved.
4) Registered Business Address:
In order to register a Singapore company, you must provide a local Singapore address as the registered address of the company. The address much be a commercial address or home office address approved by the authorities.
5) Work pass:
If you are planning to relocate to Singapore for operating the company, you are required to obtain an Employment Pass or Entrepreneur Pass once you have obtained your work pass, you can act as the local resident director of your Singapore company.
A Singapore private limited company can have a minimum of 1 and maximum of 50 shareholders. A director and shareholder can be the same or a different person. The shareholder can be a person or another legal entity such as another company or trust. 100% foreign shareholding is allowed. The minimum share capital is $1 SGD. Make sure that you have worked out your company's share allotment procedure before going for company incorporation in Singapore.
7) Qualified professional firm:
Singapore law does not allow foreign individuals or entities to self-register a company. It is mandatory to engage a qualified professional firm to assist you in the process of registering company in Singapore. This part is extremely crucial. It’s Important to understand that the firm you hire for your company incorporation should be able to deliver high-quality incorporation services and choosing a wrong company can cause serious business and personal losses.
8) Required documents:
There is a set of documents you are required to submit to company registrar when incorporating Singapore company. These documents will be collected from you by your incorporation provider:
- For non-residents: Copy of passport, overseas residential address proof, and other Know-Your-Client (KYC) information such as a bank reference letter, personal and business profile and other essential identification documents
- For Singapore residents: Copy of Singapore identity card
- If the shareholder is a corporate entity: Copy of registration documents such as Certificate of Incorporation and Constitution.
What to do if you are short of required things:
Having read the checklist, it’s possible that you find you’re not having all the items that are needed. While there is no way you can bypass above items in order to successfully register company in Singapore, a qualified Singapore company incorporation firm can help you in the entire process end-to-end and make sure to have everything available to you, including trusted local nominee director, share allotment consultancy, registered Singapore address and company constitution formulation.
It’s extremely critical that you choose the incorporation provider carefully to ensure a safe and smooth company incorporation in Singapore.
Precursor has years of experience, a panel of company incorporation experts and a large number of satisfied clients that testifies the highest quality, up-to-mark company incorporation services in Singapore that we provide.
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We’ll be happy to help you registering company in Singapore as well as answer any questions that you may have.