In a Few Easy Way How to Register a Company in Singapore

Singapore is at the top of the World Bank's "To Do Business" report, which follows and scores on the ease of doing business in more than 5 countries around the world.

Specifically, scores on the 'Startup Availability' measure of Singapore indicators are always significantly higher. It is primarily responsible for factors such as fast and easy online registration, S $ 1 minimum paid-up capital requirements, and low registration fees. The Accounting and Corporate Regulatory Authority (ACRA) oversees the company's registration process in Singapore. The following article is an overview of ten general steps for registering a company in Singapore.

Steps to register a company in Singapore

Step 1: Finalize the entity type

Before you register a business, it is important to choose a legal framework that is ideally suited to the nature of your business and maximizes tax benefits. Since the registration of entity types of a private limited company involves higher registration costs and complex compliance requirements, first-time entrepreneurs must consider the decision to register a business as a private limited company. It is not prudent to employ an obligation and expense structure that is a relatively unusual part of the risk or income generated by the business.

Sole proprietorship aligns with a small business that is less risky and generally operates by the owner himself; since it will have minimum post-registration obligations, compliance costs are also minimal. However, if the business relies on the pooling of funds or other resources of two or more partners who want to limit their liability, then a limited liability partnership would be an ideal choice. Importantly, the chargeable gains of these two types of entities will be assessed as income to the owners and subject to separate tax rates.

A private limited company, a common choice for businesses that have substantial risk, long-term plans and high profits, limits these entity-type shareholders' liability to their subscribed share capital, allows the entity access to tax deductions, provides a credible image and attracts more investors. There is a possibility. Or increases the likelihood of accessing more funding options. However, ongoing compliance costs are higher than those of a sole proprietorship or limited liability company.

Step 2: Choose a company name, check in, save and register

Naming your business is definitely an exciting experience. When you seek advice from your associates and well-wishers, choose a name that relates to your business in the long run. You need to remember that the name of any RCA is unchanged, or registered with the reserved name, or it is unacceptable at the direction of the Minister, will cancel the registration.

After you come up with a list of possible names, check to see if they are available. The names are probably already reserved or registered by another company or individual. This name verification step will help you identify and shortlist the names of your list.

Once the name is shortlisted, your next step is to apply with the ACRA for approval and reservation of the name. The Registrar will generally approve the name on the same day unless the name complies with the guidelines and does not require any trademark or copyright infringement and does not require the approval of other companies. For example, names that include words like banks, finance, funds, etc. need the approval of other financial authorities in Singapore.

To avoid unnecessary delays, corporate service providers like we ask our clients to provide two more name choices in addition to their preferred choices.

Once approved, the name will be stored with you for 60 days from the date of application. It is advisable to complete the company's inclusion within the reserved time. Still, you can look for another 60 days of extended reservation by submitting a request.

Step 3: Prepare the required details

The following items must be prepared before proceeding with the registration process.

• Name of the ACRA affiliated company
• Overview of business activities.
• You need to appoint at least one resident manager in your company - personal details and address details.
• You can have anywhere between 1-50 shareholders - each shareholder's personal identity and address details. In the case of foreigners, corporation shareholders' certificates of corporation and memorandum and association articles, proof of their passport and residence address and information of your client (KYC) such as bank reference letter, personal and business profile etc.
• You need a local registered address for the Singapore office
• Within six months from the date of the organization of the organization, you will ordinarily appoint a resident person to be the secretary of the company. In the case of a single manager, the director cannot serve as a company secretary.
• You need a minimum primary capital of S $ 1.

Step 4: Register a Singapore company

After approving the ACRA's name, you can proceed to register your company. After submitting the duly signed application form and all relevant documents and paying the registration fee, the Registrar will, in most cases, approve the registration within one business day. In rare cases, the registrar may request additional information or documents.

Step 5: Issue the company’s certificate

Once the application for registration has been approved, and the Singapore company incorporation is successfully completed, ACRA will send an official email notification to confirm. The email notification includes the company registration number and is considered as Singapore's Official Certificate of Incorporation and no hard copy is issued. However, if you need one, you can request online by providing S$ 50 per copy after incorporation. Hard copy of corporation certificate may be collected from ACRA office on the day after filing online request.

After joining the registrar, a business profile has been created for your company. Business Profile is a PDF document that contains the following information:

• Company name and registration number
• The previous name for the organization, if any
• Date of organization
• Important functions
• Paid-up capital
• Registered address
• Shareholders details
• Director details
• Details of the company secretary


A copy of this can be applied online to the ACRA with a nominal fee. A copy of the company's certificate and a copy of the business profile are usually the two requested documents for the purpose of the contract and other transactions.

Step 6: Post Incorporation Formalities

After the attachment, the company must ensure that the following are included
• Share credentials for each shareholder
• The share registrar indicates the shares allocated to each shareholder
• Company seal for company
• A rubber stamp for the company



Step 7: Open a corporate bank account

The most basic requirement is for a corporate bank account to start its operations after a successful addition to its business. As an international financial hub, Singapore has a wide choice of banks, including all the leading international and regional banks in Singapore. However, most banks that require the physical presence of foreign policies should take note of the bank. Some banks are not complicated due to strict international regulatory systems, such as FATCAC, AML and CFT guidelines; therefore it is advisable to be physically present to shop around the bank which renders the best service. For those who are physically unable to attend, we can try to facilitate opening a bank account. Generally, the following documents are required to open a corporate bank account
• Complete corporate account opening forms signed by authorized signatories.
• The Board of Directors approves the opening of the account and the signers to the account.
• Verified copy of the resolution of the account opening authorization and the signatures of the account - almost all banks have standard forms.
• Verified copy of Certificate of Incorporation - certified by the agency secretary or a manager.
• Verified copy of company business profile from company registrar - certified by the company secretary or a director.
• Copy of company memorandum and attested copy of association articles (MAA) - must be certified by the company secretary or any director.
• Proof of authenticated copy of passport (or Singapore IC) and residential address proof of directors, signers, and final beneficiary owners.



Step 8: Get a business license



A company’s certificate is not a license amount for conducting a business. Special licenses are required for certain types of business. Companies specializing in food and beverage, education, financial services or such employment companies and trading companies require special licenses to operate. The organization must then apply for a license with the relevant government agencies. In some cases, multiple licenses may be involved.



Step 9: Registration of GST

If your company's projected annual income exceeds S1 million, you will need to register with the Internal Revenue Authority of Singapore (IRS) for the Goods and Services Tax (GST). GST-registered companies must collect this tax and send this amount to the tax authorities for the supply of goods and services to their clients. GST-registered companies may also claim input tax or GST payable on their purchase or collection. However, if your company's annual revenue is not predicted to exceed S $ 1 million, you do not need to register for GST.

Step 10: Annual filing requirements and ongoing compliance

Registered companies in Singapore must prepare annual financial statements in accordance with Singapore's financial reporting standards. Accordingly, their companies must submit the ECI form to the Internal Revenue Authority of Singapore (IRAS) within the three months ending the financial year and declare the Revenue Amount and Estimated Chargeable Income (ECI). In addition to filing an annual tax return with the IRAS, an annual return must be filed with the ACRA within one month of the annual general meeting of a company, which will be held once per calendar year.
In order to avoid prosecution and penalties by the authorities for non-compliance, it is advisable to appoint a corporate service provider to meet these annual filing and ongoing compliance obligations soon after incorporating a company.


To learn more, please visit our information about background checks prior to Singapore Company