Incorporating a company in Singapore is a straightforward process, but it’s important to have a clear understanding of the key aspects involved. Here’s what you need to know about incorporating a Singapore company:
1. Business Structure:
- Choose the most suitable business structure for your company. The most common choice is a Private Limited Company (Pte Ltd) due to its limited liability protection and flexibility.
2. Company Name:
- Choose a unique and available company name. Ensure that it complies with ACRA’s naming guidelines. You can check name availability and reserve it online.
3. Directors and Shareholders:
- You’ll need at least one director who is a Singaporean citizen, Permanent Resident, or Employment Pass holder. Shareholders can be local or foreign individuals and entities.
4. Company Secretary:
- Appoint a qualified company secretary within six months of incorporation. The secretary must be a natural person and a resident of Singapore.
5. Registered Office Address:
- Maintain a registered office address in Singapore for official correspondence. You can rent a physical office space or use a registered address service.
6. Paid-Up Capital:
- There is no minimum paid-up capital requirement for most types of companies in Singapore. You can start your company with a nominal amount like SGD 1. The capital can be increased or decreased at any time after incorporation.
7. Memorandum and Articles of Association (M&AA):
- Draft your company’s M&AA, which defines the rules and regulations governing the company’s internal affairs.
8. Register Your Company:
- Register your company with the Accounting and Corporate Regulatory Authority (ACRA) through the BizFile+ portal. Submit the required documents, including the M&AA and shareholder details.
9. Corporate Bank Account:
- Open a corporate bank account in a reputable bank in Singapore. You’ll need your ACRA certificate and other required documents. A local bank account is essential for business transactions.
10. Compliance and Ongoing Obligations:
- After registration, it’s essential to comply with the following ongoing obligations:
- Annual filing requirements with ACRA
- Annual tax returns with the Inland Revenue Authority of Singapore (IRAS)
- Holding an Annual General Meeting (AGM)
- Maintaining proper accounting records
- Complying with any industry-specific regulations and licenses if applicable
11. Taxation:
- Singapore has a competitive tax regime. Be aware of the corporate tax rates, incentives, and filing requirements. Seek professional advice to optimize your tax strategy.
12. Additional Permits and Licenses:
- Depending on your business activities, you may require specific permits and licenses. Research and ensure compliance with industry-specific regulations.
It’s recommended to seek the assistance of professional firms or corporate service providers with expertise in Singapore company incorporation to streamline the process, ensure compliance with all legal and regulatory requirements, and provide ongoing corporate services to help buy business profile.
