Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

Company incorporation in Singapore has been something that attracts entrepreneurs from all over the world to come and build a future on the island state. With the World Bank ranking it as one of the easiest places in the world to do business, company formation for business activities across several industries has the potential to thrive.

Why setting up a company in Singapore?

One of the main benefits of the Singaporean laws for business is related to the fact that entrepreneurs have the right to have their companies’ privacy protected by the law. There are few ways in which even the officials can inflict upon this law and that means that anything that may concern your company will stay within it and that it will not leak on the outside. That’s why Singapore is a paradise to set up a company.

Business Name

The first of setting up your business is to get a business name. Getting the right name for your company can have an impact because the wrong name can do worse than fail to connect with customers; it can also result in insurmountable business and legal hurdles. On the contrary, a loud and clear name can be helpful in your marketing and branding efforts. Here are some suggestions on how to come up with a great name for your company:

Kindly noted that the Accounting & Corporate Regulatory Authority (ACRA) will reject a proposed company name if it is in one of these conditions mentioned below:

  • It is identical to another existing Company Name
  • It is undesirable, and, or,
  • It is similar to an established name or trademark

After you have come out with a desirable business name, you can propose and reserve your company name with ACRA. If you are not sure, just talk to one of the Paul Hype Page incorporation specialists, we are happy to help!

Singapore company incorporation requirements

Once your proposed business name is approved by ACRA, you can start to set up a company in Singapore. To set up a company in Singapore, please ensure your company fulfills all the requirements below:

  • Director: The director must be at least one local resident director**. A resident director means individuals who are a Singaporean citizen, a Singaporean permanent resident, or an EntrePass/Employment Pass/ Dependent’s Pass’s holder with LOC.
  • Shareholders. Shareholders can either be corporate entities or individuals. The shareholding of a company can be fully foreign or fully local. Any other combination is also allowed. A director can also be among the company’s shareholders.
  • At least S$1 paid-up capital
  • A physical local address
  • A company secretary

**If you are not a local resident, you can appoint a nominee director to get started before your EntrePass/Employment Pass is approved by the Ministry of Manpower. Engage a Paul Hype Page Incorporation Specialist for details.

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The steps for setting up a company

Once your company fulfills all the requirements of company incorporation, you can proceed to the incorporation process. Here are the steps to set up a company in Singapore:

  1. Fill up the Singapore Company registration form
  2. Review your documents and make sure that all the relevant documents are available
  3. Register the company name
  4. Ensure all the necessary documents are ready
  5. Sign the incorporation documents
  6. Incorporate the company with the Accounting and Corporate Regulatory Authority (ACRA)

Of course, it can be complicated if you have no experience in setting up a company in Singapore. Paul Hype Page Specialist can help if you prefer to start your business in a more efficient manner. Contact us today!

Know your customer (KYC) check  

You must also pass the Know your customer (KYC) check to set up a company in Singapore. KYC check refers to due diligence activities that all regulated companies must perform to ascertain relevant information from their clients for doing business with them. Everyone who is setting up a company in Singapore is required to pass the KYC process. This is a necessary measure to ensure that everyone that has a company in Singapore is legitimate entities.

With our ibizfile system, together with the assistance of Dow Jones, the process of conducting a KYC search is easy, effective, and legitimate in accordance with the Singapore legal system.

Why KYC is Important

We need to understand who you are. Paul Hype Page & Co has a long-standing history with many reputable clients. With that in mind, we do not want to engage in any businesses with individuals and/or companies that will tarnish the image of this company, the image of Singapore, and the country that our potential clients hail from.

In Paul Hype Page & Co, we believe in having the ‘RIGHT CUSTOMERS’, and we strive for the continuity of this.

When is client due diligence required?

Client due diligence is required when an institution covered by AML and Countering the Financing of Terrorism (CFT) regulations enters a business relationship with a client.

This process applies not only to Paul Hype Page and Co’s new clients but also to existing clients to ensure that records remain up-to-date and relevant.

Post Incorporation Procedures

Once you have successfully set up a company, there are some post-incorporation procedures that you need to follow up.

  • Appoint a corporate secretary and an auditor
    Once your company has been set up, you must appoint a corporate secretary. An auditor must also be appointed for your company should your company requires one.

  • Corporate bank account
    You must also open a corporate bank account for your newly set up company. Singapore’s business law requires every company to have an associated corporate bank account. This legal requirement applies regardless of the nationality of the company’s owner.

    Introducing Paul Hype Page’s preferred Business Neobank partner Aspire bank is a good option for a corporate bank account opening. Aspire serves many startups in Singapore with convenient & inclusive financial services, currently operating across Thailand, Vietnam, Indonesia, Singapore.

    Opening an Aspire Business Account can be done entirely online, from anywhere at any time. The best part is that it is free, requires no minimum deposit, and has no monthly fees or fall below fees. Aspire also offers cashback on digital spending like Google, LinkedIn, Facebook, and more. More features can be found on their website: www.aspireapp.com.

    Note: Aspire is operating under the Monetary Authority of Singapore in accordance with the Payment Services Act (No. 2 of 2019).

  • Submit an electronic Certificate of Incorporation  
  • Obtain a company/branch office Business Profile extract from ACRA  
  • Create minutes of the first board meeting  
  • Create and keep in safe custody the company seal or company/branch office rubber stamp and pay the relevant government and professional fees.

Of course, if you want a seamless Singapore Company Incorporation process, it will be a pleasure for the incorporation specialist from Paul Hype Page to step in. Our incorporation expert can provide you a one-stop solution for your Singapore company incorporation, from setting up a company, open a bank account to annual compliance. You just have to submit all the required documents, and Paul Hype Page will take care of the rest.

Timeline for a Singapore Company Registration

The time it takes to register a Singapore company could be completed within a day. However, it may take 14 days to 2 months if the application needs to be referred to any relevant government agency for approval.

The Registrar may still refuse to register a proposed company filed by a person under the Companies Act where the proposed Company is likely to be:

  1. Used for unlawful activities
  2. Detrimental to peace, welfare, or good order towards the people of Singapore
  3. Antithetical to Singapore’s national security or interest

However, the individual may, within 30 days of the date of the decision of the Registrar, appeal to the ministry who gave him/ her that decision.

In a nutshell, the process of incorporating a company in Singapore can be done very quickly and swiftly. The process includes reserving your preferred company name and, assuming no issue in the process or the name is not taken, the rest is largely form-filling and submission to the regulator.

How do I Set up a Company in Singapore? FAQs

What are the popular businesses that I can start in Singapore?2020-11-19T15:07:44+08:00

Some popular businesses in Singapore are food and snacks, transportation, consulting firm, home tutoring service, online marketing, laundry service, and personal trainer. 

Singapore does not have Taxation on capital gains, is it true?2020-11-19T15:07:17+08:00

Yes, one of Singapore’s most well-known tax policies is that of the lack of taxation on capital gains. This policy was put in place to encourage the undertaking of business ventures in Singapore. Thus, it has contributed to the country’s economic development. 

How do I know if my company is successfully set up in Singapore?2020-11-19T15:04:14+08:00

After your company has been successfully set up, you will receive the Certificate of Good Standing from ACRA and a Company Business Profile.  Once you have these documents in hand, you will be assured that your company has been successfully incorporated. 

How long will ACRA reserve my registered company name before my company is being set up?2020-11-19T15:03:32+08:00

Your registered company name will be reserved for 60 days before incorporation. You can apply for another 60 days extension if you need it. 

2021-01-27T17:05:00+08:00February 11, 2019|0 Comments

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