Singapore offers a straightforward and efficient process for company incorporation, making it an attractive destination for entrepreneurs. Here’s a step-by-step guide:
Decide on the legal structure for your business. The most common option is a Private Limited Company (Pte. Ltd.), known for its scalability, tax benefits, and limited liability for shareholders.
Directors: At least one director must be a Singapore resident (citizen, permanent resident, or valid pass holder).
Shareholders: You need at least one shareholder, who can be an individual or a corporate entity. A sole director can also be the sole shareholder.
Company Secretary: Appoint a qualified company secretary within six months of incorporation.
Registered Address: Provide a local Singapore address for your company’s office (P.O. boxes are not allowed).
Paid-Up Capital: The minimum is SGD 1, but you can increase this based on business needs.
Choose a unique name for your company that adheres to ACRA’s (Accounting and Corporate Regulatory Authority) guidelines. Ensure it isn’t identical or too similar to an existing name, offensive, or restricted.
Once your business name is approved, prepare the following documents:
After incorporation, open a corporate bank account with a local or international bank in Singapore to manage business transactions.
Depending on your business activities, you may need specific licenses or permits (e.g., food and beverage (F&B), healthcare, or education sectors). Check with our business advisors who can help you ensure compliance with government agencies.
Register for Goods and Services Tax (GST) if your annual turnover exceeds SGD 1 million.
Maintain proper accounting records and submit annual filings, including the company’s financial statements and tax returns.
Sign up for our Corporate Secretary Plan and Business Advisory, to ensure seamless compliance with Singapore Tax and ACRA regulations.
Adhere to ongoing regulatory requirements, such as holding an Annual General Meeting (AGM) and filing an Annual Return with ACRA. Check in with our business advisors to see if or when your company is required under government regulations, to submit Audited Financial Statements Filing, GST Registration Filing or XBRL Filing.
