How to get incorporated in Singapore

Published by Beaufort.SG

Compliance is a Breeze (R) with BEAUFORT

2023-10-27

Introduction

Singapore is a popular destination for businesses of all sizes, due to its pro-business environment, low taxes, and strategic location. If you are thinking about incorporating a company in Singapore, here is a step-by-step guide on how to do it.

Step 1: Choose a company structure

There are three main types of company structures in Singapore:

  • Sole proprietorship: This is the simplest type of company structure, but it also offers the least protection to the owner. The owner is personally liable for all of the company’s debts and liabilities.
  • Partnership: This type of company structure is suitable for two or more people who want to start a business together. The partners share the company’s profits and losses, and they are also jointly liable for the company’s debts and liabilities.
  • Private limited company (Pte Ltd): This is the most common type of company structure in Singapore. It offers limited liability to the shareholders, meaning that they are only liable for their unpaid share capital.
Step 2: Choose a company name

Your company name must be unique and not already in use by another company. You can check the availability of company names on the Accounting and Corporate Regulatory Authority (ACRA) website.

Step 3: Reserve a company name

Once you have chosen a company name, you can reserve it for up to 60 days. This will give you time to prepare the necessary incorporation documents.

Step 4: Appoint directors and a company secretary

Every Singapore company must have at least one director and one company secretary. The director is responsible for the overall management of the company, while the company secretary is responsible for administrative tasks such as filing annual returns and maintaining company records.

Step 5: Open a corporate bank account

Once you have incorporated your company, you will need to open a corporate bank account. This will allow you to receive and make payments on behalf of your company.

Step 6: Register your company with ACRA

To register your company with ACRA, you will need to submit the following documents:

  • Application for Registration of a Company
  • Company Constitution
  • Memorandum and Articles of Association
  • Particulars of Directors and Company Secretary
  • Notice of Registered Address
Step 7: Obtain relevant licenses and permits

Depending on the type of business you are operating, you may need to obtain relevant licenses and permits from the government. For example, if you are operating a food and beverage business, you will need to obtain a food license from the Singapore Food Agency.

Conclusion

Incorporating a company in Singapore is a relatively straightforward process. By following the steps above, you can quickly and easily set up your new business. If you have any questions about incorporating a company in Singapore, you can WhatsApp us at +65 8822 9376 and we will be happy to help you.

Frequently Asked Questions

How long does it take to incorporate a company in Singapore?

While we strive to incorporate your company within 60 minutes if all necessary information is provided, there is no guarantee that every application will be processed this quickly. Some applications may be referred to the relevant authorities and may take 14 days to 60 days to process.

List Of Referral Authorities:
Board of Architects (BOA) Singapore
Council for Estate Agencies (CEA)
Enterprise Singapore
Ministry of Culture, Community and Youth (MCCY) – Charities Unit
Ministry of Defence (MINDEF) – Defence Industry & Systems Office (DISO)
Ministry of Education (MOE) – Private Schools Section
Ministry of Foreign Affairs (MFA) – ASEAN National Secretariat, Singapore
Ministry of Home Affairs (MHA) – Registry of Foreign and Political Disclosures (RFPD)
Ministry of Law (MinLaw) – Legal Services Regulatory Authority (LSRA)
Monetary Authority of Singapore (MAS)
Professional Engineers Board (PEB)
Singapore Tourism Board (STB)

How to choose a company name in Singapore?

In Singapore, two companies can’t bear the same name. So, you have to come up with a unique word or word combination. In case that your desired name is taken, you may try to chance of being referred to a Referral Authority due to having an identical name.

Can a foreigner be a director in a Singapore Company?

Yes! A foreign individual can be the director of a Singapore-based company. However, Singapore does not permit Corporate Directors but they can be Corporate Shareholders.

What happens after Incorporation?

Once incorporated, BEAUFORT will send you a Business Profile containing all your company details and your company UEN (Unique Entity Number) which you can use to register for license and opening a bank account.

What business structures are available for Singapore business registration?

A private limited company (PTE. LTD.) is a Singapore Company in which the shares are held by less than 50 persons. Most privately incorporated businesses in Singapore are registered as private limited companies.

Limited liability partnerships (LLP) allows companies to operate as partnerships while enjoying the benefits of a private limited company. LLP are separate legal entities. Partners will not be held liable for any losses or debts from the business.o Sole proprietorship essentially means there are no partners in the business. This means the owner can earn all the profits but also bear higher risk if anything happens.

About Us

Our firm specialises in assisting local and foreign investors to set up presence in Singapore, the United States, India, and Indonesia.

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    Beaufort Corporate Services Pte. Ltd.

    8 Eu Tong Sen Street
    #14-94 The Central
    Singapore 059818

    T: (65) 6227 7269
    WA: (65) 8822 9376
    E: contactus@beaufort.sg

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