Guide to Singapore Company Registration
Registering a company in Singapore can be a smooth process with the right information. Here's a simplified guide to get you started:
1. Choose Your Business Structure:
Limited Company: This is the most common option offering liability protection for its owners (shareholders). It requires a minimum of one shareholder and one director. At least one director must be a Singapore resident.
2. Register Your Company Name:
Use the Accounting and Corporate Regulatory Authority (ACRA) website to check for available names and submit your application for reservation.
3. Gather Required Documents:
You'll need details about shareholders, directors, company secretary (if appointed), registered address, business activities (with Singapore Standard Industrial Classification (SSIC) code), share capital, and company constitution.
4. Register Your Company with ACRA:
You can register online through BizFile+, the official ACRA portal. There are filing fees involved.
Additional Points:
As a foreigner, you'll need to meet specific requirements, which may include having a local resident director or using a corporate service provider.
Consider opening a corporate bank account after successful registration.
Comprehensive Guide to Singapore Company Registration
Registering a company in Singapore can be streamlined if you have the proper information and complete the steps thoroughly. Here's a detailed guide to walk you through the process:
1. Choose a Business Structure:
This initial decision impacts your legal and financial responsibilities. Here are common options:
Limited Company (Private Limited Company): Most popular choice, offering liability protection for shareholders (owners). Requires at least one shareholder and director, with at least one director being a Singapore resident.
Sole Proprietorship: Simplest structure, but owner has unlimited liability for business debts. Ideal for small, low-risk businesses.
Partnership: Two or more people co-own and manage the business. Partners share profits and losses according to their agreement. There are different partnership types, each with varying liability rules.
2. Secure a Unique Company Name:
Conduct a name check through the Accounting and Corporate Regulatory Authority (ACRA) website: https://www.acra.gov.sg/.
The name should be available, adhere to ACRA's naming guidelines, and not infringe on trademarks.
Reserve your chosen name through ACRA for a fee.
3. Prepare Required Documents:
Company Constitution: This document outlines the company's internal governance rules, including shareholder rights, director duties, and meeting procedures. You can find templates online or use a professional service.
Share Capital: Determine the total value of the company's shares divided into units. Minimum paid-up capital of S$1 is required for a private limited company.
SingPass (for Singapore Residents) or Passport (for Foreigners): Proof of identity for shareholders and directors.
Registered Address: A physical Singapore address for receiving official documents. This can be your business location or a service provider's address.
Business Activities: Describe your core business activities using the Singapore Standard Industrial Classification (SSIC) code system. You can find the SSIC code list on ACRA's website.
Appointment of Directors and Company Secretary (Optional): Details of individuals taking these roles, including their identification documents and residential addresses. A company secretary is not mandatory but recommended for good corporate governance.
4. Register Your Company with ACRA:
Utilize BizFile+, the online portal for ACRA registrations: https://www.bizfile.gov.sg/.
The process involves creating an account, inputting company details, uploading required documents, and paying registration fees.
5. Open a Corporate Bank Account:
Once your company is registered, establish a corporate bank account to separate business and personal finances.
Additional Considerations for Foreigners:
Foreign ownership of a Singapore company is allowed. However, specific requirements may apply, such as having a local resident director or using a corporate service provider to facilitate the registration process.
Registration Fees
The registration fees for setting up a company in Singapore are very affordable:
Government Fees:
Company Name Reservation Fee: S$15 (Singapore Dollars) - This fee secures your desired company name for a period of 60 days.
Company Registration Fee: S$300 - This fee covers the actual registration process with ACRA.
Payment Method:
These fees are payable electronically during the online registration process through BizFile+, the official ACRA portal.
Additional Costs to Consider:
It's important to note that while the government filing fees are minimal, there might be other costs associated with registration:
Corporate Service Provider Fees: If you choose to engage a professional service to handle the registration process, they will charge a fee. This fee can vary depending on the complexity of your situation and the level of service provided (e.g., name search, document preparation, liaising with ACRA).
Company Constitution: If you don't utilize a template and require legal assistance in drafting the company constitution, there might be lawyer fees involved.
Overall:
The S$315 in filing fees represents the government charges for name reservation and company registration. When budgeting for company setup, remember to factor in any additional costs you might incur for professional services or legal fees.
Remember: This guide serves as a general overview. It's advisable to consult with a professional, such as a lawyer or corporate service provider, for personalized advice based on your specific circumstances. They can help ensure a smooth registration process and compliance with all regulations.
Resources:
How Bestar can Help
Guide to Singapore Company Registration
Bestar can be a valuable asset in navigating the Singapore company registration process, especially for those unfamiliar with the legalities or intricacies involved. Here's how our services can guide you:
Understanding Business Structures:
Bestar can help you choose the most suitable business structure for your specific needs. This involves factors like liability protection, number of owners, and growth plans. We can explain the pros and cons of options like sole proprietorships, partnerships, and limited companies.
Navigating ACRA Requirements:
The Accounting and Corporate Regulatory Authority (ACRA) governs company registration in Singapore. Bestar can assist you with understanding and completing the necessary paperwork, ensuring all ACRA requirements are met for a smooth registration process.
Streamlining the Process:
Our expertise can save you significant time and effort. We can handle the registration steps efficiently, including name reservation, document preparation, and liaising with ACRA. This allows you to focus on other crucial aspects of starting your business.
Additional Services:
Beyond registration, Bestar might offer a range of additional services that can benefit your new company. These may include:
Opening a corporate bank account
Applying for business licenses
Ongoing accounting and tax support
Benefits of Using Bestar:
Reduced Errors and Delays: Our experience can minimize the risk of errors in the application process, potentially preventing delays in registration.
Compliance Assurance: We can ensure your company adheres to all regulations and requirements set by ACRA.
Peace of Mind: By delegating the registration tasks, you can free up your time and focus on your core business activities with the peace of mind that a professional is handling the formalities.
It's advisable to inquire directly with Bestar about our specific services and fee structure related to company registration.
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