Singapore Company Incorporation Services

Incorporating a company in Singapore involves choosing a unique company name, appointing directors, registering the company with the Accounting and Corporate Regulatory Authority (ACRA), and obtaining the necessary licenses and permits.

You must also provide information on the company's shareholders and directors, details of the company secretary, registered address, and nature of business. After registering with ACRA, you must open a corporate bank account and comply with tax and reporting requirements. It is advisable to seek the assistance of a professional corporate service provider to ensure a smooth incorporation process.

Singapore is known as one of the best countries in the world for doing business, and there are several reasons why incorporating a company there can be a good choice:

• Efficient and stable government: Singapore has a stable and efficient government that provides a favorable business environment and offers a transparent legal system, making it a safe place to conduct business.

• Strategic location: Singapore is located at the crossroads of major shipping lanes and is a hub for Southeast Asia, making it an ideal location for businesses looking to expand into the region.

• Low tax rates: Singapore has some of the lowest tax rates in the world, making it an attractive destination for businesses looking to minimize their tax burden.

• Highly developed infrastructure: Singapore has a highly developed infrastructure, including a world-class airport, seaport, and telecommunications network, which makes it easy for businesses to operate there.

• Skilled workforce: Singapore has a highly educated and skilled workforce, making it easy for businesses to find the talent they need to succeed.

• Multilingual society: Singapore is a multilingual society, with English being one of its official languages, making it easy for foreign businesses to communicate and conduct business there.

Overall, incorporating a company in Singapore can provide many benefits for businesses looking to expand into the region, minimize their tax burden, and take advantage of a favorable business environment.

At a minimum, you will need the following Officers to set up a company in Singapore:

One local company secretary

One local company director

A local registered address

One shareholder (Could be 100% non-resident owned, individual or corporate)

Minimum paid-up capital of $1.00

A local Director or Secretary is a person whose normal place of residence is in Singapore. They have the legal right to live in Singapore long-term - e.g. Singapore citizens, Singapore PRs, Employment Pass (EP) holders (who can only hold Directorship of their own companies).

As a non-resident, you will need to engage a Registered Filing Agent (RFA) like Piloto Asia to incorporate your company in Singapore. Self-incorporation by non-resident individuals or entities is not allowed under the Singapore Companies Act.

Singapore companies’ records of Directors and Shareholders are publicly accessible. Any individual who wishes to access such info could purchase a company’s Bizfile from Accounting and Corporate Regulatory Authority (ACRA) at a fee.

You can run your Singapore company offshore, and you would not require a visa to do so. When you need to visit Singapore for business, a short-term visitor visa could be arranged. However, each company will need at minimum a local resident director. Piloto Asia can assist you in that regard and act as your local nominee director.

Generally, there is no limitation to the kinds of business activities you could carry out in Singapore. However, do note that certain activities will require proper licenses. These include educational institutes, employment agencies, financial services, liquor/tobacco distributors, moneylenders, restaurants, travel agencies and the import/export of goods.

There are different capital requirements for licensed business activities that you may wish to pay attention to and consult with your accountant.

Yes, a foreigner can incorporate a company in Singapore. Singapore has a welcoming and open business environment and actively encourages foreign investment. There are no restrictions on foreign ownership of companies in Singapore, and foreign individuals and entities can incorporate a company in nearly the same way as a Singaporean citizen or resident.

However, to incorporate a company in Singapore, a local registered address is required, and at least one local resident director must be appointed to manage the company. Additionally, the company must appoint a company secretary and have a minimum of one shareholder, who can be a foreign individual or entity. If you are a non-resident entrepreneur without a Singpass ID, you will need to engage a qualified registered filing agent to help with the company incorporation process.

The process of company incorporation in Singaporerequires several steps. For a <a href='https://www.pilotoasia.com/guide/holding-company-singapore'>property holding company</a>, after name approval, shareholders and directors must be identified and confirmed. The company must register its address and appoint a secretary within six months of incorporating. The incorporation should also have a description of the intended business activities, which should explicitly mention property holding or real estate activities. With the support of Piloto Asia, all aspects, including the filing of forms with ACRA (Accounting and Corporate Regulatory Authority), can be smoothly managed, ensuring a hassle-free and successful company incorporation.

The whole process from engagement to officially opening a business with a corporate bank account could take no more than 4 weeks.

Week 1: Engagement planning & confirmation of scope

Week 2: Incorporation - Company name check, director's appointment, shareholders appointment, secretary appointment

Week 3-4: Bank account opening

Week 5-8 (if required): Once your company is set up, we will help you with your Employment Pass (EP) application enabling you to stay in Singapore long-term for work. We’ll coordinate and liaise with the Ministry of Manpower on your behalf.

The cost of incorporating a private limited company in Singapore varies based on your specific needs. It is difficult to determine a fixed cost without talking to you and knowing the details of what services are required. However, good incorporation companies or registered filing agents typically charge at least SGD 3,000 for their services, which include incorporating a company and providing basic corporate services such as appointing a local company secretary and ongoing compliance needs.

The following additional services will increase the cost accordingly.

• Nominee director
• Registered office
• Employment pass
• Professional consulting on company structure and tax optimization
• Next-level services such as connecting you to the right banks, real estate agents, lawyers, schools or business networks

It is important to work with experienced incorporation specialists to ensure the end-to-end incorporation process is done correctly and in compliance with ACRA’s requirements.

At Piloto Asia, we offer a free evaluation to help you understand our services and the cost of company incorporation in Singapore. Our team of experts is more than happy to answer any questions that you may have and guide you through the process. Don’t fall for unrealistic low prices from other service providers that may leave you in the dark about important compliance updates and deadlines, or hit you with hidden fees in the future.

Contact us today to schedule a 100% free evaluation and take the first step towards incorporating your company in Singapore!

The following is a list of the common documents required by ACRA to incorporate a company in Singapore:

• Details of the proposed company name: This includes the preferred name and two alternate names for the company.

• Brief description of business activities: This helps to classify the business under the appropriate industry code (i.e. SSIC code) for statistical and regulatory purposes.

• Company Constitution: This document outlines the rules and regulations that govern the company and specifies the rights and responsibilities of the shareholders, directors, and officers. Note that Company Constitution is previously known as the Memorandum and Articles of Association (M&AA).

• Particulars of the proposed directors, company secretary, and shareholders: This includes personal details, such as name, nationality, address, passport number, and occupation, for the proposed directors, company secretary, and shareholders.

• Declaration of Compliance: Form 45 and Form 45B must be completed and signed by appointed directors and company secretary respectively to declare their consent to act in the respective roles.

When you incorporate your Singapore company with Piloto Asia, we will request the following supporting documents as part of our KYC process:

Personal shareholders

Certified* copy of the current passport for all Directors & Shareholders.

Original or certified* copy of residential address proof of above persons

Proof of business

Should you require the Nominee Director service, then legitimate business proof is required. Please provide the following documentation:

Management accounts for the most recent financial year

Other business proof such as recent contracts or invoices

If these documents are not available, please provide either a personal tax statement or bank statements for a three-month period for each Director

Corporate shareholders

Power of Attorney (POA) or Official Authorization Letter issued by Parent Company (e.g. Notarized or with company seal) to authorize respective personnel to sign & execute on documents pertaining to Singapore entity (including but not limited to AGM, EGM, incorporation, bank account opening, etc.)

Passport copy of the authorized signatory stated in POA

The corporate shareholder’s Certificate of Incorporation

Memorandum and Articles of Association / Company Constitution

Extract of Company’s details from the Registrar of Companies / Business Profile / Certificate of Incumbency

Identify proof (Passport & residential address proof) of the ultimate beneficial owner (UBO) – Certified and in English*

Recent Financial Statement of Parent Company

*Copy may be certified by practicing lawyer / CPA / Notary Public / Bank / Singapore Embassy; Official translation is required if the original document is not in English

Piloto Asia’s expert consultants will help our clients determine the optimal corporate structure for their businesses.

There are several ways of incorporating a company in Singapore, the most common being the LLC or Limited Liability Company. Whether it is set up as a standalone under an individual shareholder, or a Singapore subsidiary to an international operation, the LLC is one of the most popular choices considering tax benefits and government support scheme available.

In Singapore, an LLC can be a:

Private Limited Company - by far the most flexible type of incorporated business in Singapore.

Public Limited Company -an LLC that can offer its shares to the general public.

Public Company Limited by Guarantee - Meant for non-profit purposes.

Non-resident companies wishing to set up a presence in Singapore can choose to incorporate an LLC (a fully owned subsidiary company), a branch office, or a Representative Office. As non-residents cannot set up Singapore companies on their own, you must engage a professional firm in Singapore to perform the incorporation.

For the most part, the differences mainly lie in entity type, liabilities, tax and filing requirements. A key point to note is that a representative office is not allowed to engage in any business activity except market research and liaising activities.

For non-resident companies intending to set up in Singapore, we generally recommend a subsidiary setup, as it is regarded as a separate legal entity from the parent, and the parent’s financials need not be filed with Singapore authorities. Also, a subsidiary works like a normal Singapore Private Limited Company, which is treated as a tax-resident and enjoys local tax benefits.

Please refer to our detailed guide about Common Business Structure here.