Singapore Company Formation
Seamless Singapore Company Formation
Singapore is one of the world’s most prominent financial and commerce hubs. Its following features attract many investors to the country:
- A comprehensive economy
- English language use
- Ease of business
With these and many other benefits, it is advantageous to consider Singapore company formation.
Setting up a company in Singapore for foreigners or locals is not at all challenging. You’ll have an expert company formation consultant like FAME to help you in your journey. We have been helping clients set up companies in Singapore and other international jurisdictions. You can get all the support and assistance to ensure a successful Singapore business setup.
Want to enjoy the benefits Singapore offers to businesses?
Consider FAME’s Singapore company formation services.
Procedure for Setting Up a Company in Singapore
Setting up a company in Singapore for foreigners or locals is not a big challenge. The procedure is simple and self-explanatory. Moreover, you always have the consultants from FAME to help you sail through it.
The first step is to get approval from the Registry of Companies and Businesses on your company name. For this, you must choose a unique name that is different from any of the existing companies’ names. It must not breach the copyright or trademark laws, and must not be offensive. The name is reserved for 60 days, during which the other authorities review the application for approval.
In the next step, you must submit the incorporation documents along with the registration fees to the Accounting and Corporate Regulatory Authority (ACRA). You are required to submit the following documents while setting up a private limited company in Singapore:
- Application forms, signed by the authorized signatory
- Passport copies of shareholders, directors, and UBOs
- Shareholders, directors, and UBOs’ national identity cards
- For residency proof of shareholders, directors, and UBOs, copies of recent utility bills, bank statements or credit card statements
In the case of corporate shareholders, you must submit the following additional documents:
- Certificate of incorporation of the corporate shareholder
- Board resolution mentioning the authorized manager
- Article of Association and Memorandum of Association, signed by shareholders and directors
Ensure that you get all the necessary approvals and permits before commencing operations. Also, pay the relevant fee amount to the authority. In the last step, you receive the certificate of incorporation. It mentions the date of registration and demonstrates that you have complied with all the requirements.
Prerequisites to Fulfil Before Singapore Business Setup
You must meet some conditions to access all these benefits of Singapore company formation. Only if you satisfy these prerequisites can you set up a company in Singapore. These conditions are:
01
Company Types Allowed
You can establish the following types of companies in Singapore:
- Private Limited Companies
- Limited Liability Partnerships
- Sole proprietorships
02
Capital Requirements
The minimum statutory capital is US$1. You cannot hold bearer shares.
03
Shareholding
You must have at least one shareholder and at most 50. The shareholder can be a person or a corporate and a local or a foreigner. The shareholder and director can be the same person.
04
Directorship
Only an individual of 18+ years can be a director. You can have as many local or foreign directors as you want. But at least one director must be a Singapore resident, citizen, or Employment Pass holder. The director must also not have any criminal records and must not be bankrupt.
05
Company Secretary
You must also have a company secretary, who is a Singapore resident. You must appoint such a secretary within six months of your company’s incorporation. A secretary cannot be a shareholder or a director.
06
Registered Office
You must have a registered office in the country. It must be a physical address and not just a PO Box. You must have this office to maintain records and registers and receive official correspondence.
07
Reporting
Singapore follows the Singapore Financial Reporting Standards (FRS), which are like the IFRS. So, you find fewer challenges in adapting to it. You must file your annual statements to the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority (ACRA).
Trusted Experts in Company Formation
FAME is a distinguished consulting services provider in Singapore company formation. Our advisors ensure you follow all the rules while setting up a company and operating it in the country. We help you with the entire procedure, including documentation and approvals. Our services in Singapore business setup ensure you are ethical, fair, and compliant in your operations in Singapore.
So, why wait? Get your dream of Singapore company formation fulfilled by contacting us. We’ll help you make the choices and fulfil the prerequisites before setting up a private limited company in Singapore. We also help you benefit from any of the following:
- Corporate Income Tax Exemption Scheme
- Partial Tax Exemption Scheme
- Start-up Tax Exemption Scheme
Convert your business vision into reality in Singapore.
Convert your business vision into reality in Singapore.