Before one can start a business in Singapore, registering Singapore company with Accounting and Corporate Regulatory Authority (ACRA) and abiding with Singapore Companies Act is mandatory. While one can choose different types of company incorporation, Singapore private limited company is the most common and the most preferred company incorporation type in Singapore. Being a specialist in Singapore company formation, we at Precursor follow an easy and step-by-step process to incorporate a Singapore private limited company.
To help you in incorporating a private limited company in Singapore, below is a step-by-step guide that you can follow to incorporate Singapore private limited company with Precursor in the matter of a few hours.
Step 1- what is a Singapore private limited company
There are different types of company incorporation in Singapore, thus it is essential for you to understand what is a Singapore private limited company and determine the type of Singapore company you would like to incorporate.
A private limited company in Singapore is limited by shares and is a separate legal entity from its shareholders. It is recognized as a taxable entity in its own right. As a result, shareholders of a Singapore private limited company are not liable for its debts and losses beyond their amount of share capital.
Private limited company incorporation in Singapore is the choice of many small and medium size business entities due to several benefits that it offers.
- The shareholders are not held responsible for company debt that surpasses share capital contributed.
- The company’s shares belong to limited people, usually a few individuals or corporate entities and are not available to the public at large.
- Shares can easily be transferred
- It has easier means to raise capital
- It commands a better credit image than a sole proprietorship or a partnership firm and investors would usually show more interest in being the part of the company.
With this, there are several other benefits and tax exemptions that a Singapore private limited company can enjoy.
Contact Us to learn more. Our professional team would be able to advise you more on these matters.
Step 2- Enquiring for Singapore private limited registration
Once you are sure that setting up a Singapore private limited company is your choice, the second step that you must take is to contact an eligible incorporation company in Singapore and enquire about Singapore private limited company formation. Choosing which incorporation company you would like to use for the process is a critical decision that must be taken with absolute care and consideration. a provider who possess these 7 essential qualities of top company incorporation service providers in Singapore would be able to provide you with excellent services.
Having made all care and consideration, Precursor is definitely the incorporation company in Singapore you would choose. Enquiring about Singapore private limited company formation with Precursor is easy.
All that you need to do is to Click Here and either call, email or fill in contact form mentioning your requirement of forming a private limited company in Singapore.
Step 3- Reserving name for your Singapore private limited company
Once enquired, one of the company incorporation experts from Precursor would usually get in touch within a short time, who would take you through the process in professional yet friendly manner. First thing that you will be asked to share is the name of Singapore private limited company that you are looking to incorporate. The company name must be approved by ACRA before the Singapore Company can be incorporated. ACRA will reject a proposed company name for the purpose of incorporation if it is identical to another existing company name; undesirable or identical to names reserved by the Minister in its register.
Step 4- Answering essential questions and requesting quote
If the name of Singapore private limited company that you are looking to incorporate is approved by ACRA, company incorporation experts at Precursor would ask you certain questions that are essential in order to determine quote as well as required documentation.
The questions you may be asking may include topics such as shareholder’s structure, nationalities of directors as well as checking if you need our services of Singapore nominee director.
Once all the questions are successfully answered, you can expect to receive a quote for forming Singapore private limited company at this point. In line with its promise of providing highest quality services, expert consultancy and unmatched customer support, often the price quoted by Precursor is absolutely reasonable and does not leave the need of reconsideration.
Step 5- Filling up essential forms
At this point, the actual procedure of incorporation begins, requiring you to fill several forms that are required for Singapore private limited company registration.
The forms you will be asked to fill are:
- PSI Form
- Shareholders Form
- Forms of Corporate Shareholdings
- Any other forms that Precursor experts find required as per Singapore laws
While filling up these forms can be difficult, Precursor experts will help at every step, making it extremely simple and quick, thereby saving you from any hassles during the process.
Step 6- Provide required documents
As per ACRA policy for forming a private limited company in Singapore, certain supporting documents are needed to submit at the time of Singapore company incorporation.
Documentation required for individual shareholder and/or individual director:
- If you are a foreigner, you need to furnish *a certified true copy of the passport and *a certified true copy of the proof of address (can be either utility bill / bank statement/ mobile bill)
- If you are a local, you need to furnish the front and back page of the identity card *to be certified by either Notary Public / Lawyers / Certified Public Accountant
Documentation required for corporate shareholder:
- If your shareholder is a foreign corporate shareholder, you need to furnish *a certified true copy of business profile and/or extract reflecting information such as registered office address, full company name, incorporation date, share capital, directors, shareholders and beneficial owners of the corporate shareholder
- If your shareholder is a local corporate shareholder, you need to furnish the latest business profile of the corporate shareholder
As you might get confuse on these document requirements, Precursor experts take special care to ensure that all your doubts are cleared and that you are able to provide all required documents. Expert consultancy in case of a missing document as well as alternate procedures is also provided.
Step 7- Submission of documents and incorporation confirmation
As the required forms are filled and documents are provided, Precursor experts would submit the application to ACRA in accordance with its procedure. In most cases, the incorporation of Singapore private limited company usually gets completed within 1 working day.
The confirmation about successful formation will then be communicated to you, upon which all the directors are advised to make a trip down to the Precursor’s office to collect the required ACRA documents such as share certificate and kits.
Once the private limited company is successfully incorporated, there are several Post-incorporation requirements that you can check out to ensure your business meet the compliance requirements in Singapore and steps to kick-start your business.
As you may have noticed, the procedure of forming Singapore private limited company with Precursor is easy and has been carefully designed to ensure great convenience to you. Thanks to the deep domain expertise of Precursor’s award winning team, you can be rest assured about our quality company incorporation in Singapore, allowing you to conduct business in Singapore without worries.
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