Want to register new company in Singapore? Know your Singapore company registration and all the requirements that will be needed. We will guide you from what is the minimum paid up capital, opening of the Singapore bank account till the Singapore tax requirement.

Singapore Business Registration

Company Name

After thinking carefully for a company name, you must obtain approval the name from the Accounting & Corporate Regulatory Authority (ACRA) before registering  your  business in Singapore. This is important because ACRA will chose to either approve or reject the company name based on their regulations.

Directors

Accounting & Corporate Regulatory Authority (ACRA) requirement states that you must have at least one local resident director when you are incorporating a Singapore company. This person can either be a Singapore citizen, a permanent resident, or an individual with a Singapore employment pass (EP) or dependent pass (DP). Before being a company director, there are a few requirements that s/he has to fulfill.

The requirement is, the potential director must not be younger than 18 years of age, have a clean criminal record and can’t suffer from bankruptcy.

In Singapore, directors are not required to be the shareholder of the company and you can appoint as many directors as you want.

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Shareholders

According to Singapore Companies Act, a private limited company must have a minimum of 1 shareholder and cannot exceed a maximum of 50 shareholders. Shareholders can be either a natural persons or corporations. It c=can be local or foreign.

Furthermore, Singapore allows foreign shareholders to have 100% company ownership of their locally incorporated company.

To become a shareholder, an individual must first get hold of the shares of the company, either by purchasing it or by obtaining it.

By purchasing shares, any shareholder will be an automated owner of the company. Since the company is a separate legal entity, the shareholder does not hold any assets of the company nor is she liable for the debts of the company.

As owners of a company, shareholders are entitled to certain rights stated in the company constitution.

Company Secretary

Under the Singapore Companies Act, Section 171, you have six months to appoint a qualified company secretary after you have incorporated your Singapore business. According to regulations, a director or a shareholder can’t be the company secretary. The company secretary must be an individual living in Singapore.

 

Paid-up Capital

Paid-up capital refers to the total amount of capital that has been injected, or funded to your company by the shareholders. In a more layman context, it refers to the sum of money that a company has received from shareholders who have completely paid for their purchased shares.

Although we do recommend a higher amount, the minimum paid-up capital requirement for setting up a company in Singapore is SG$1.00.

 

Registered Address

You need to register a local business address. It can be residential or commercial, but can’t be a post office box. Under the Home Office Scheme, homeowners are allowed to conduct small-scale businesses using their residential premises. This scheme applies to both HDB and private properties. Application for approval under the Home Office Scheme can be submitted to HDB or URA before or after your company registration.

 

Taxation

Bask in the knowledge that companies in Singapore companies enjoy some of the world’s best tax benefits and business reputations. Pay no more than 8.5%  tax on your first S$300,000 of annual profits and 17%  thereafter.