Singapore is recognized by the World Bank as the best place in Asia to do business. That statement looks true all the new businesses in Singapore that have been incorporated in the past decade.
From incorporating a Private limited company, to set up a representative office, Paul Hype Page & Co is the NO. 1, one-stop solution center you need.
Below are the general requirements and procedures needed for you to get your company in Singapore up and running.
Regulation to Adhere to Before a Company Incorporation
- ACRA Requirements Directors: A minimum of one resident director (a Singapore Citizen, a Singapore Permanent Resident, a person who has been issued an EntrePass, Employment Pass, or Dependent Pass) is mandatory. All directors must be at least 18 years of age.
- Shareholders: The shareholder can be an individual or a corporate entity. 100% local or foreign shareholding is allowed. A director and shareholder can be the same or different person.
- Paid-up Capital: Minimum paid-up capital for registration of a Singapore company is S$1.
- Registered Address: The address must be a physical local address. The use of a PO Box is not allowed.
- Company Secretary: The Companies Act requires one Company secretary who must be a resident of Singapore.
- Audit Requirements:Unless exempted from audit requirements under the Companies Act, every company must appoint an auditor within three months after its incorporation. These annual filings are required by law. Only small exempt private companies and dormant companies are exempted from audit requirements.
A small exempt private company is one that meets the following conditions:
- The turnover for the financial year is less than S$5million,
- The company does not have more than 20 shareholders, and
- The company does not have, directly or indirectly, a corporation as a beneficial shareholder.
The Documents That Need To Be Presented For An Incorporation
For each Singapore resident individual shareholder and director
- Copy of Singapore IC; and or
- Copy of passport if the individual is not a citizen of Singapore
For each non-resident individual shareholder and director:
- Copy of passport; and
- Copy of residential address proof such as a recent utility bill, residential phone bill, tax bill, or cable TV bill
For each corporate shareholder:
- Copy of the Foreign Corporate Company Certificate and
- Special Director(s) Resolution to resolve to become a newly incorporated company subsidiary shareholder
YOU DO NOT NEED TO BE IN SINGAPORE PHYSICALLY TO INCORPORATE YOUR COMPANY!!!
With our state-of-the-art facilities and pending patent ibizfile system:
- You don’t need to go out of your way to visit a lawyer, registrar of oath, official councillor, or any government official to certify true copies of your identity card or passport. Hence, physical presence is not required with our system
- All directors and shareholder are now able to complete the signing of documents and all submission via our ibizfile system online
- Collection and viewing of all the company incorporation documents can be done online. It’s a trusted and secure system that has been tested for years.