9 Basic Requirements for Company Incorporation in Singapore
Incorporating a company in Singapore is a relatively straightforward process, but there are some essential steps to follow. Here are the 9 basic requirements:
1. Choose a Unique Company Name
Your company name should be distinctive and not similar to any existing company's name.
Conduct a name search through the Accounting and Corporate Regulatory Authority (ACRA) to check availability.
Ensure the name complies with ACRA's guidelines.
2. Determine Company Structure
Decide on the appropriate business structure for your company. Common options include:
Sole Proprietorship
Partnership
Private Limited Company (Pte Ltd) - most popular for startups and SMEs
3. Appoint Directors and Shareholders
A Private Limited Company requires at least one shareholder and one director.
The director must be a Singapore resident (citizen, permanent resident, or EntrePass/Employment Pass holder).
Shareholders can be local or foreign individuals or entities.
4. Appoint a Company Secretary
A company secretary is mandatory within six months of incorporation.
Must be a Singapore resident with relevant secretarial experience.
5. Registered Office Address
Every company must have a registered office address in Singapore.
This can be a physical address or a virtual office.
6. Determine Share Capital
Specify the total share capital of your company.
The minimum share capital for a Private Limited Company is SGD 1.
7. Prepare Incorporation Documents
Gather necessary documents, including:
Memorandum and Articles of Association
Consent forms for directors and shareholders
Proof of identity and address for directors and shareholders
Registered office address details
8. File for Incorporation with ACRA
Submit the completed incorporation documents to ACRA.
Pay the required fees.
9. Obtain Necessary Licenses (if applicable)
Depending on your business activities, you may need specific licenses or permits.
Research and apply for required licenses before starting operations.
Additional Considerations:
Corporate Bank Account: Open a corporate bank account for your company.
GST Registration: Register for Goods and Services Tax (GST) if your annual taxable turnover exceeds SGD 1 million.
Compliance: Adhere to ongoing corporate compliance requirements, such as annual returns, financial statements, and tax filings.
How Bestar can Help with Company Incorporation
9 Basic Requirements for Company Incorporation in Singapore
Engaging Bestar can significantly streamline the company incorporation process and mitigate potential risks. Here’s how we can assist:
Company Structure Advice: We can help you choose the most suitable legal structure for your business based on factors like ownership, liability, tax implications, and future growth plans.
Name Availability and Reservation: Bestar can conduct thorough name searches to ensure your chosen company name is unique and compliant with regulatory requirements.
Drafting Legal Documents: We can prepare essential documents such as the Memorandum and Articles of Association, ensuring they adhere to legal standards and accurately reflect your company's objectives.
Regulatory Compliance: Bestar can guide you through the complex web of regulations and ensure your company complies with all statutory requirements.
Due Diligence: We can conduct due diligence on directors, shareholders, and other parties involved in the incorporation process to minimize legal risks.
Post-Incorporation Support: Bestar can provide ongoing advice on corporate governance, shareholder agreements, employment contracts, and other legal matters.
Financial Projections: Bestar can help you create realistic financial projections, which are essential for securing funding or making informed business decisions.
Tax Planning: We can advise on tax-efficient structures and strategies to minimize your tax liabilities.
Bookkeeping and Accounting Systems: Bestar can set up efficient bookkeeping systems and provide ongoing accounting services to ensure accurate financial records.
GST Registration and Compliance: We can assist with GST registration and ensure compliance with GST regulations.
Financial Reporting: Bestar can prepare financial statements and reports required by regulatory authorities.
Business Advisory Services: We can offer valuable insights into financial performance, cash flow management, and overall business strategy.
By collaborating with Bestar, you can significantly increase your chances of a successful company launch and long-term growth.
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