Steps for Incorporation of Company in Singapore

If you are worried about which business structure to choose to incorporate your company in Singapore, rest assured. There are many talented registered filing agents who can advise you on how to register a company in Singapore.

In all, you have three choices; Private Limited Company (Pte Ltd), Sole Proprietorship, and Limited Liability Partnership. If you are thinking long-term, Pte Ltd is a very useful business structure as it is dynamic and scalable.

A private limited company in Singapore is a very handy vessel for initiating business activities. You can claim a number of legal and tax benefits. You can also capitalize on its credibility to raise funds for expansion of its activities or new ventures.

Key Features of a Singapore Private Limited Company

Most importantly, a Pte Ltd company limits the liability of its owners (stockholders). Their assets are not used to pay its debts or liabilities. The features of a Singapore private limited company are as follows.

Legal person
Rights of natural-born-person
Separate legal identity
Limits liability to capital in shares
Perpetual existence
Ease in fundraising
Professional image to stakeholders
Ease in transferring ownership
Tax benefits, schemes, & incentives

The majority of new Singapore company setup is of Pte Ltd type. On the plus side, setting up a private limited company in Singapore is straightforward and free of bureaucratic obstacles. A few of the agents offer combo packages and bring the Singapore company registration cost down for their clients.

Steps for Incorporation of a Private Limited Company Singapore

Can foreigners register a company in Singapore? Yes, you can! You need to apply to ACRA (Accounting and Corporate Regulatory Authority) to register a business.

You can initiate the process by (A) Using the portal www.bizfile.gov.sg, or, (B) By outsourcing the task to an agent charging affordable Singapore company incorporation fees.

The process for registering a business is simple and has only 2 procedures in it.

1#. Register Name of Proposed Company
Firstly, you will have to register the name of the proposed company with ACRA, the company registrar of Singapore. The approval takes only a couple of hours. If the name contains terms like 'Bank', 'Financial', 'Educational', or 'School', the approval may take up to 2 months.

The company name should not:
Be identical or too similar to the name of any existing business
Infringe any trademarks
Be obscene, vulgar, or black-listed
Be already reserved

A registered company name is reserved for your use for sixty days. You can incorporate your business within this time or pay the fee and get an extension of another sixty days.

2#. Incorporate Company With ACRA
Secondly, you need to fill and file the application form to register your new business with ACRA. Normally, it takes only 2-3 days unless the application is referred to the higher authorities. However, you need to provide all the incorporation and KYC documents duly signed by all the directors and shareholders with your application.

List of key information & important incorporation documents to submit:
Approved company name
Business activities in brief
Copy of identity card for Singaporean Residents
Copy of passport, an overseas residential address for foreigners
Details of shareholders
Details of directors
Registered address
Details of company secretary
M&AA of the company

Upon successful approval of the company, ACRA sends you an email giving details of your company like Unique Entity Number (UEN), etc.

Post Incorporation Activities
Before you start your business activities, you must tackle a few tasks. They are as follows:
Open a bank account in the name of your business
Acquire business licenses & permits
Open an office
Start a business website
Place Order business cards & office stationery
Install a bookkeeping & accounting system
Hire employees

Singapore company incorporation process is highly streamlined. Still, foreigners need to hire a reliable registered filing agent for the task.