Singapore Company
Incorporation Services

Not at all, you can remotely establish a company provided you submit all necessary documents as required by your chosen professional service provider.

The list of required documents may vary depending on your chosen professional service provider due to differing procedural practices. Generally, you would need to provide a notarised proof of identity and address for all proposed company officers, like directors and shareholders. If a corporate entity is a shareholder, business registration certificate, M&AA, shareholder roster and other related corporate documents would be required.

To incorporate a company in Singapore, you must focus on three key aspects. Determine an appropriate business structure, register your company with ACRA (Accounting & Corporate Regulatory Authority) for legal establishment and set up a corporate bank account, if needed.

After deciding your company’s name, you should define the kind of company you want to form.

The kinds include:

• 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

Next, define the closing date of your fiscal year and establish the yearly filing requirements. Crucially, appoint secretaries, directors, and other essential personnel (i.e., an auditor within the first 3 months of incorporation) while arranging the shareholders and share capital within your business. The company constitution and registered office address also need to be provided.

Private Limited Company: Private limited companies have under 50 shareholders and their shares are not publicly available. This structure offers maximum flexibility, with the company operating as a separate legal entity from its shareholders and directors. It has limited liability, meaning shareholders aren’t liable for debts exceeding the agreed share capital. A corporate bank account is necessary for this setup, and ownership transfer is straightforward.

Sole Proprietorship: In a Sole Proprietorship, the owner reaps all profits but also carries all risks. This setup doesn’t constitute a separate legal entity from the business owner, and all business debts are the owner’s personal responsibility due to unlimited liability. To register as a sole proprietor in Singapore, one must be a Singapore citizen, resident, or hold an entrepreneur passport.

Limited Liability Partnerships (LLP): An LLP allows firms to function as partnerships while benefiting from the advantages of a private limited company. An LLP is a separate legal entity, and partners are not liable for any loss or liability from the business.

ACRA represents the Accounting and Corporate Regulatory Authority of Singapore. It governs Singapore’s public accountants, business entities, and corporate service providers. Their role is to harmonize business compliance with disclosure obligations and statutory audit regulations of public accountants. They administer matters related to companies, business name registrations, and accountants, and represent the Singapore government in international affairs involving business entity registration, regulation, public accounting, and corporate service providers.

Upon successful company registration in Singapore, ACRA will dispatch an email confirmation to you. If necessary, an electronic version of the Certificate of Incorporation is available at a fee of S$50. Complimentary access to an electronic version of your company’s business profile will be granted, which will encompass the organizational structure and key particulars of your newly-formed entity. Once the registration is duly finalized, your company is eligible to initiate a bank account application with any Singaporean bank, contingent upon the bank management’s assessment and endorsement. Ensure you have on hand your passport, NRIC (National Registration Identity Card), and proof of residence for all directors, authorized signatories, and ultimate beneficiaries, alongside pertinent business documentation. Depending on the nature of your company’s operations, there may be a need to secure specific licenses. Should your company project an annual turnover surpassing S$1 million, it’s recommended to proceed with the registration for the Goods and Services Tax.

Singapore, with its appealing tax incentives, strategic geographical advantage, and a government that promotes a pro-business environment, emerges as a leading choice in Asia for foreign business magnates and budding entrepreneurs to either scale their operations or initiate a new venture.

Subsequent to establishing their business in Singapore, foreign entrepreneur have the avenue to apply for an Employment Pass (EP). This EP serves as an authorization for foreign leaders, managers, and professionals to pursue employment in Singapore. It’s crucial to underscore that the acceptance of the EP application lies at the discretion of the relevant governing bodies.

To circumvent potential complexities and uncertainties in the process, it’s wise for international entrepreneurs to onboard a corporate secretarial entity, such as Premia TNC, which can proficiently guide through the business setup phase and deliver an array of essential company formation solutions.

Singapore offers an array of tax incentives to foster business establishment within its borders. Entrepreneurs can benefit from the following tax privileges in the city-state:

1. *Newly incorporated businesses can avail a 75% tax exemption on their initial S$100,000 of corporate profits during their first three fiscal years.
2. *An additional tax relief of 50% is applicable on taxable earnings up to S$100,000.
3. Company stakeholders in Singapore can relish a tax-free status on both capital appreciation and dividend earnings.
4. Strengthening its global financial collaborations, Singapore has ratified Double Taxation Avoidance Agreements (DTA) with over 50 nations, encompassing Canada, China, France, Japan, and the UK.

*Eligibility criteria are in effect.

Foreign entrepreneurs are required to partner with a professional corporate service firm for registration, as self-registration isn’t permitted. To serve as the company’s local director, you need to secure either an Entrepreneur Pass or an Employment Pass.

You can easily confirm this by entering the company name into the search platform on ACRA’s website. If the company is registered, you’ll see details like the office address, company name, and Unique Entity Number (UEN).

Upon completion of the registration process, each Singaporean entity is assigned a Unique Entity Number (UEN) by the government. Local firms, LLPs, societies, and representative offices are all eligible to receive UENs, with ACRA overseeing issuance for limited partnerships, limited liability partnerships, foreign corporations, and public accounting firms.

Incorporated companies in Singapore must prepare and present the following financial statements at their Annual General Meeting (AGM):

1. Directors’ Statement
2. Director’s Report
3. Comprehensive Income Statement
4. Equity Change Statement
5. Financial Position Statement
6. Cash Flow Statement
7. Notes to the Financial Statements

The annual return must be submitted to the Registrar within 7 days of following the end of the company’s fiscal year.

Within 6 months after incorporation, every Singaporean corporation is obligated to appoint a corporate secretary. This individual, who must be a Singapore resident, handles tasks like maintenance of registers, processing standard filings, and reporting changes to ACRA.

Absolutely, outsourcing business support from professional corporate service firms is a common practice among startups, allowing them to focus on their core business.

While a registered address is mandatory for company incorporation in Singapore, it need not be your operational office.

Under the Companies Act, all companies incorporated in Singapore must present financial statements in compliance with Singapore Financial Reporting Standards (SFRS). The SFRS are based on the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).

Establishing a company can be accomplished within a single business day, provided we receive all essential details and paperwork from you. However, the availability of local regulatory bodies is limited to standard business hours and closed on weekends.

A local address is a requirement for all registered companies in Singapore, both for compliance and official mail receipt. If you lack a physical address in Singapore, you can use our registered office service.

Anyone aged 18 or over can be a director, whether a Singaporean, a Singapore PR, or a foreigner. Multiple directors can be appointed. However, every company must have at least one resident director with Singapore citizenship or permanent residency. Non-residents need an Employment Pass or Entrepreneur Pass. Contact us to use our company incorporation services.