Singapore has a versatile, economic environment. Though, in such environment, the only thing that has remained stable is ‘Change’. In last, few years Singapore has undergone many changes in the incorporation, taxation, and corporate compliance regime. When Europe was severely hit by the sovereign debt crisis, Singapore never showed any signs of a slowdown in the economy. Singapore with its attitude and determination has successfully risen to re-build confidence and trust in its financial system. This is one of the many reasons Singapore has been successful in attracting investors from all over the world. For sure, Singapore has become the incorporation hub of the modern economy.

Incorporating a company in Singapore means creating a definitive business structure under the Companies Act, Chapter 50, so that the newly formed business entity is recognized by the law. After incorporation of a business, this legal entity has to follow the set of corporate compliance standards in Singapore. Often the company is treated differently from its founders and shareholders, eventually reducing the liability of shareholders, but acquiring all the government benefits that could help in flourishing the business.

Important Things About Singapore Company incorporation

Types of Companies in Singapore

You can incorporate a company in Singapore under three major types

Private Company: A company having fifty or fewer shareholders and has restricted rights concerning the share transfer.

Public Company: A company allowed to have more than fifty shareholders and bestowed with rights to offer shares and debentures to the public.

Foreign Company: A branch of a company established and registered in another country.

Payable Fees for Incorporating a Business in Singapore

Name Approval – S$15

Company Limited by Shares – S$300

Public Company Limited by Guarantee – S$600

Registering a Foreign Company with Share Capital – S$300

Registering a Foreign Company without Share Capital – S$1200

Minimum Requirements to Incorporate a Company in Singapore

-> Minimum One Singapore Resident Director

-> Minimum One Shareholder

-> At least One Dollar as initial investment and

-> One Singapore resident Company Secretary

-> Although Director and shareholder can be the same person, it is always better to have two directors. This is because it inevitably benefits during the bank accounting procedure where you need to have two signatories by default.

Things That Matter a Lot in The Incorporation Procedure

-> The first step to register a business in Singapore is registering and getting approved the proposed company name.

-> By paying a fee of S$15, you can apply for the company name, which should qualify against the stringent guidelines put forth by ACRA for choosing the suitable business name.

-> A company can be registered online by submitting an online application to the Bizfile with your Identification Number and SingPass password. Prefer to hire a local Singapore incorporation Firm in case if you do not have a SingPass.

-> It takes about one hour to get your preferred name approved.

-> It is mandatory to provide the Singapore Standard Industry Classification Code (SSIC) code at the time of Singapore company registration.

-> Accounting and Corporate Regulatory Authority of Singapore (ACRA) has a specialized online search engine for searching appropriate SSIC code of your business.

-> Providing a registered business address, which should be either private residential or commercial, is one of the vital aspects of Singapore business incorporation.

Documents You Need to Set-up a Business in Singapore

-> Approved company name and SSIC Code

-> Brief description of intended business activities

-> Details of director, shareholders and company secretary

-> Registered office address

-> Memorandum and Articles of Association

In addition to that:

-> Permanent residents should provide Scanned copies (Front and Back) of National Registration Identity Card (NRIC)

-> Nonresidents should provide a scanned copy of passport, proof of overseas address and Completed KYC (Know Your Client) form. Usually, banks require KYC form along with the bank account opening form.

-> If there happen to be any corporate shareholders, then they should submit address proof, and scanned copies of the certificate of incorporation, business profile as well as the Memorandum of Association.

Actual Company Incorporation Procedure

-> Assuming all documents and all the necessary things are in order, it will take about a day or two to complete the registration of business in Singapore.

-> It takes about an hour to get the preferred business name approved or rejected.

-> In rare instances, if the name approval application is referred to higher authorities, it will take a week or two.

-> All the prepared and duly signed documents are filed with ACRA for registration of a company

-> If everything is in order, then the entire company registration process will require no more than 15-20 minutes.

-> Upon successful company registration, ACRA generates an email notification containing the company registration number. This incorporation certificate and registration number, confirms the identity and the incorporation of your business entity in Singapore.

-> When you receive the company business profile, you get official documentary proof of your incorporated company. You can download a PDF copy of the business profile after paying a nominal fee.

Remember the incorporation certificate and the business profile are the two most important documents you will need at each stage to carry out your business activities. Although soft copies of both these documents are enough, it is better to have the hard copies as well.

Although the actual incorporation procedure ends here, a dedicated and quality incorporation service provider like SBS consulting ensured that along with an incorporation certificate all post-incorporation procedures are also duly fulfilled.

A typical post-incorporation procedure is to issue, share certificates to the shareholders, prepare statutory registers, a common seal, and original rubber stamp. Helping clients in opening corporate bank accounts and applying for business specific licenses and permits as well initiating GST registration are some of the traits of quality Company incorporation service providers. If and when required SBS consulting also helps newly incorporated companies for registering their own domain, setting up their web hosting and email accounts.

A typical post-incorporation procedure is to issue, share certificates to the shareholders, prepare statutory registers, a common seal, and original rubber stamp. Helping clients in opening corporate bank accounts and applying for business specific licenses and permits as well initiating GST registration are some of the traits of quality Company incorporation service providers. If and when required SBS consulting also helps newly incorporated companies for registering their own domain, setting up their web hosting and email accounts.

Author Bio: A typical post-incorporation procedure is to issue, share certificates to the shareholders, prepare statutory registers, a common seal, and original rubber stamp. Helping clients in opening corporate bank accounts and applying for business specific licenses and permits as well initiating GST registration are some of the traits of quality Company incorporation service providers. If and when required SBS consulting also helps newly incorporated companies for registering their own domain, setting up their web hosting and email accounts.

Category: Home Management
Keywords: GST Filing Singapore, GST Quarterly Filing, Company incorporation