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To form a company in Singapore, you must address the following three things. Choose the right business structure, register your company with ACRA (Accounting & Corporate Regulatory Authority) to legally establish your company’s existence and set up a corporate bank account, if necessary. 

After you choose the name of your company, you should decide on the type of company you intend to establish.

The types 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

Then you should decide the end date of your financial year and determine what needs to be filed every year. Besides, it is crucial to appoint secretaries, company directors, and other key staff (ie an auditor within the first 3 months of incorporation) as you organize the shareholders and share capital within your business. You will also have to provide the constitution and registered office address.
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• Private Limited Company: Private limited companies have less than 50 shareholders and their shares should not be accessible to the public. A private limited company has the most flexible business structure. It is a separate legal entity from its shareholders and directors. It enjoys limited liability, shareholders are not liable for debts that are more than the agreed shared capital. You will need to open a corporate bank account for this reason. You can also freely transfer the ownership of the company. 
• Sole Proprietorship: Sole Proprietorship fundamentally means there are no partners in the business where the owner can earn all the profits but also bear a higher risk if anything happens. The sole proprietorship is not a separate legal entity from the business owner and all the debts of the business are the personal responsibility of the owner due to its unlimited liability. To register as a sole proprietor in Singapore, you must be a Singapore citizen, Singapore resident, or entrepreneur passport holder.
• Limited Liability Partnerships(LLP): LLP lets companies operate as partnerships while benefiting from the advantages of a private limited company. LLP is a separate legal entity and partners are not responsible for any loss or liability arising from the business.

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ACRA stands for the Accounting and Corporate Regulatory Authority of Singapore. It regulates Singapore’s public accountants, business entities and corporate service providers. Their job is to create synergies between business compliance with disclosure obligations and public accountants’ statutory audit regulations. Their responsibility is to administer the matters related to companies, business name registrations and accountants. They also represent the Singapore government in international situations involving business entity registration and regulation, public accounting, and corporate service providers.
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Required documents for company registration may depend on your professional service provider since each provider may carry out different services. However, the standard documents required include:

• Notarised identification
• Address proof of prospective company officers (ie directors and shareholders)
• If the shareholder is a corporate entity, M&AA, the business registration certificate, shareholders list and other documents related to the corporate will be required. 
• If you are not a Singapore resident, you have to provide additional documents and information such as your passport copy and overseas address proof. 
• You also need to provide Know Your Client (KYC) information including bank references, business profiles and personal profiles 
• If you are a Singapore resident, you need to provide a copy of your Singapore Identity Card. Corporate entity shareholders will need to provide copies of registered documents such as the certificate of incorporation and constitution. 

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You will acquire a corporate establishment certificate from the ACRA. They will send you an email to confirm your company registration in Singapore. The Incorporation Certificate includes the Singapore Commercial Registration Number as a soft copy. Hardcopy can be requested for S$ 50. You get your own company profile and this profile will be the ID card of the new company. After successfully completing the company registration process, you can open your company’s bank account at any bank in Singapore. Prepare your passport, NRIC (National Registration Identity Card), and residence certificate for directors, signers, and ultimate beneficiaries. Besides, if your company needs it, apply for a business license. If you expect your company’s annual sales to exceed S $ 1 million, please register for Goods and Services Tax.

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Nope! You can incorporate a company remotely if all the required documents are ready. Premia TNC is here to assist you to be on top of the paperwork for remote company incorporation.
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Yes! With all the attractive tax benefits, centralised location and business-friendly government policies, Singapore is one of the top countries in Asia for foreign directors or entrepreneurs to expand their business or to newly incorporate one.

With an Employment Pass, foreign entrepreneurs can start their company registration process in Singapore. The Employment Pass (EP) permits foreign executives, managers and individuals to work in Singapore. You are advised to complete your company registration prior to applying for your EP and note that your application is subject to the authorities’ approval. 

To avoid any uncertainty or hassle, foreigners should hire a corporate secretary firm like Premia TNC to gain help with the incorporation process on top of other company formation services.
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There are many business-friendly tax benefits to encourage company registration in Singapore. These are the tax advantages that entrepreneurs enjoy in Singapore:

• Newly incorporated companies get exempted from 75% of their first 3 years of tax filing for their first corporate profits of S$100,000. 
• There is a further tax exemption of 50% taxable income of up to S$100,000. New companies registered are also entitled to the further partial tax exemption of the 8.5% tax rate on taxable income up to S$100,000 per year. 
• Shareholders of companies in Singapore can enjoy zero tax for both capital gains and dividends. 
• Singapore has signed the Double Taxation Avoidance Agreements (DTA) with more than 50 countries including Canada, China, France, Japan and the UK.

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Foreign entrepreneurs are obliged to engage with a professional corporate service firm to register on their behalf since a foreign company or an individual cannot self-register their company. If you would like to become the company’s local director, you need to obtain either an Entrepreneur Pass or an Employment Pass. 
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You simply have to type in the company name you would like to check on the search platform at ACRA. Then, if the company you search for has been registered, you will see their information such as the office address, the company name and Unique Entity Number. (UEN)
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The Singapore government issues all entities in Singapore with a unique entity number (UEN). Your UEN will be issued after your Singapore company registration is complete.

Local firms, LLPs, societies, and representative offices are all eligible for the UEN and ACRA is in charge of issuing UENs to limited partnerships, limited liability partnerships, foreign corporations, and public accounting firms.
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Companies incorporated in Singapore should prepare and present the following financial statements at their Annual General Meeting (AGM):

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

The company’s annual return must be filed with the Registrar within 30 days of the AGM held.
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Every corporate in Singapore must appoint a corporate secretary within 6 months post-incorporation. A company secretary is in charge of tasks including maintenance of registers, processing of standard filings and submission of changes to ACRA and has to a be Singapore resident who is a natural person.
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Yes, many startup companies operate in such way. It is viable for business support to be outsourced from professional corporate service firms which will help you focus on your core business. 
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Although a registered address is required for company incorporation in Singapore, it does not need to be your actual office.
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With the effect of the Companies Act, all companies incorporated in Singapore are obliged to present financial statements that follow the Singapore Financial Reporting Standards (SFRS). The SFRS has a basis on the International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standards Board (IASB). 
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You can set up a company in an hour once we obtain all the necessary information from you. It also depends on the availability and service hours of local authorities, i.e. they are not available after business hours or on weekends.
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All Singapore registered companies must have a local address to meet the regulations and use for official mail. You can engage our registered office service if you do not have an office or physical address in Singapore.
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Yes, you can be a director of a company if you are above 18 years old, whether you are a Singaporean, Singapore PR or a foreigner. Also, you may appoint more than 1 director for your company. Every company must appoint at least 1 local resident director with Singapore citizenship or permanent residency. If they are not a Singapore resident, the director must hold an Employment Pass or Entrepreneur Pass. Contact us now to engage our company incorporation services. 
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