Singapore Company
Incorporation Services

No, you are able to incorporate a company remotely as long as all required documents are provided as requested by your professional service provider.

This may vary depending on the professional service provider you employ, as the procedures carried out by each provider could differ. Typically, you are required to provide notarized identification and address proof for all potential officers of the company, such as the director(s) and shareholder(s). If the shareholder is a corporate entity, the business registration certificate, M&AA, shareholder list, and other corporate-related documents will be needed.

To establish a company in Singapore, you must address three key aspects. Firstly, you need to select the appropriate business structure that suits your needs. Then, you must formally register your company with the Accounting and Corporate Regulatory Authority (ACRA) to establish its legal presence. Additionally, if required, you should set up a corporate bank account.

Once you’ve decided on a company name, the next step is to determine the specific type of company structure you want to establish. Singapore offers several options:

• Private company limited by shares
• Exempt private company
• Public company limited by guarantee
• Public company limited by shares
• Unlimited exempt private company
• Unlimited private company
• Unlimited public company
  
  

After selecting the appropriate structure, you’ll need to set the end date for your financial year and understand the annual filing requirements. It’s crucial to appoint key personnel such as company directors, secretaries, and, within the first three months of incorporation, an auditor. Organizing shareholders and share capital is also part of this process. Additionally, you must provide the company’s constitution and registered office address.

Private Limited Company: 

Private limited companies have fewer than 50 shareholders, and their shares cannot be publicly traded. This structure provides significant flexibility and separates the company as a distinct legal entity from its shareholders and directors. Shareholders have limited liability, meaning they are not personally liable for debts beyond their agreed-upon share capital. A corporate bank account is required, and ownership of the company can be easily transferred.

Sole Proprietorship:

In a sole proprietorship, there are no partners, and the owner retains all the profits but also bears all the risks. The business owner and the business itself are not legally separate entities, resulting in unlimited liability. To register as a sole proprietor in Singapore, you must be a Singapore citizen, a Singapore resident, or hold an entrepreneur passport.

Limited Liability Partnership (LLP):

LLP allows businesses to operate in a partnership-like manner while enjoying the benefits of a private limited company. An LLP is a separate legal entity, and partners are shielded from personal liability for business losses or debts.

ACRA is the abbreviation for the Accounting and Corporate Regulatory Authority of Singapore. It oversees public accountants, business entities, and corporate service providers in Singapore, ensuring alignment between business compliance and public accountants’ audit regulations. ACRA manages company-related affairs, including business name registrations and accountants, and also represents the Singapore government in international matters concerning business entity registration, regulation, public accounting, and corporate service providers.

Upon your company’s successful registration in Singapore, ACRA will send a confirmation email. You can also purchase a soft copy of the Certificate of Incorporation for S$50 if needed. Additionally, a complimentary soft copy of your company’s business profile, including structure and details, will be provided.

Once registered, your company can apply for a bank account at any Singaporean bank, subject to their review and approval. Ensure you have the necessary documents, such as passports, NRICs (National Registration Identity Cards), residence certificates for directors, signers, and ultimate beneficiaries, along with relevant business support documents. Depending on your business activities, you may also need to apply for specific licenses. If your company anticipates annual sales exceeding S$1 million, it’s important to register for the Goods and Services Tax.

Certainly. Singapore is one of the top Asian countries for foreign directors or entrepreneurs to develop their businesses or to start new ones because of all the alluring tax incentives, the central location, and the business-friendly government regulations.

Upon registering their company in Singapore, foreign entrepreneurs have the option to apply for an Employment Pass (EP). This pass grants foreign executives, managers, and individuals the privilege to work in Singapore, subject to approval from relevant authorities.

Foreigners should employ a corporate secretary company like Premia TNC to receive assistance with the incorporation process in addition to other company formation services in order to avoid any confusion or inconvenience.

Singapore offers several tax incentives to promote company registration, providing entrepreneurs with the following tax advantages:

• *Newly incorporated companies are eligible for a 75% exemption on their initial 3 years of tax filing, specifically for their first corporate profits amounting to S$100,000.
• *In addition, there’s a 50% tax exemption on the next S$100,000 of taxable income for new companies. 
• Shareholders of Singaporean companies enjoy tax-free treatment on both capital gains and dividends.
• Singapore has entered into Double Taxation Avoidance Agreements (DTA) with over 50 countries, including prominent nations such as Canada, China, France, Japan, and the UK.
  
  

*Qualifying conditions apply.

Foreign entrepreneurs are required to enlist the services of a professional corporate service firm to handle their company registration, as foreign entities or individuals are not permitted to self-register. If you aspire to assume the role of the company’s local director, you must secure either an Entrepreneur Pass or an Employment Pass.

To check the status of a company, all you need to do is input the desired company name into the search platform provided by ACRA. Upon conducting the search, if the company is registered, you will promptly access its details, including the office address, company name, and Unique Entity Number (UEN).

The Singaporean government assigns a unique entity number (UEN) to every entity operating within Singapore. This UEN is issued once your company’s registration in Singapore has been successfully completed.

Local companies, Limited Liability Partnerships (LLPs), societies, and representative offices are among the entities eligible to obtain a UEN. ACRA is responsible for issuing UENs to limited partnerships, foreign corporations, and public accounting firms.

Companies established in Singapore are required to prepare and present the following financial statements during their Annual General Meeting (AGM):

• Statement by Directors
• Director’s Report
• Statement of Comprehensive Income
• Statement of Changes in Equity
• Statement of Financial Position
• Statement of Cash Flow
• Notes to the Financial Statements
  
  

Furthermore, the company must submit its annual return to the registrar within 7 months following its financial year end.

Every Singaporean corporation is mandated to designate a corporate secretary within six months of its incorporation. The corporate secretary assumes responsibilities that encompass the maintenance of registers, processing standard filings, and submitting updates to ACRA. The appointed corporate secretary must be a natural person who is a resident of Singapore.

Indeed, numerous startup companies adopt this approach. Outsourcing business support to proficient corporate service firms is a practical strategy that enables you to concentrate on your core business activities.

While a registered address is a prerequisite for company incorporation in Singapore, it does not necessarily have to be your physical office location.

Under the influence of the Companies Act, all Singapore-incorporated companies are required to furnish financial statements adhering to the Singapore Financial Reporting Standards (SFRS). The SFRS is grounded in the International Financial Reporting Standards (IFRS) set forth by the International Accounting Standards Board (IASB).

Once we have all the required information and documents from you, it’s possible to establish a company within one working day. However, this timeline may be contingent on the availability and service hours of local authorities, as they may not operate outside of standard business hours or on weekends.

Compliance with regulations dictates that every Singapore-registered company must maintain a local address for official correspondence. If you do not possess a physical office or address in Singapore, you can opt for our registered office service to fulfill this requirement.

Certainly, you are eligible to serve as a director of a company if you are at least 18 years old, regardless of whether you are a Singaporean, a Singapore PR, or a foreign national. Moreover, it is permissible to appoint multiple directors for your company. However, every company is required to designate at least one local resident director who holds Singaporean citizenship or permanent residency. If this local director does not possess Singapore residency, they must hold either an Employment Pass or Entrepreneur Pass. For assistance with company incorporation, please do not hesitate to reach out to us.