Incorporating Company in Singapore

Incorporating company Singapore is an attractive choice for many entrepreneurs. Singapore is rated as the top in the world for ease of doing business with a robust economy. It is the number one foreign investment destination in Asia with no red-tape and corruption as the rule of law prevails in the country. There are also low taxes while capital gains and the dividend is not taxed.

Knowing the key requirements for company incorporation in Singapore is crucial before starting the process. If you plan to incorporate, there are things you must prepare beforehand. You must have at least one director of the company who is a local resident in Singapore and at least 18 years of age. At least one shareholder is required. A company can have up to a maximum of 50 shareholders. Foreigners can hold full ownership of the company. A minimum of $1 shared, paid-up capital is also a requirement which can be increased. Every Singapore company must have at least one local resident secretary as per Section 171 of the Singapore Companies Act. You must also have a local address in Singapore as your official address in order to register your company.



Process of incorporating company in Singapore 

The process is simple, efficient, and quick. Since there is a set of initial and ongoing regulatory compliance requirements in registering and operating a company, getting a professional incorporating service provider is essential. Incorporation can be completed within one to two days as the company registration procedure in Singapore is administered by ACRA (Accounting and Corporate Regulatory Authority) which is fully-computerized.

The first step in the incorporating procedure is getting your company name approved by the Singapore company registrar. If your chosen company does not have certain words (like media, law, finance, etc.) that require review, you can get your approval or rejection in less than an hour. The next step is signing all incorporation documents such as the shareholder agreements, constitutions, and more. After this, the company will be incorporated by ACRA and receive a unique ID. For the post-registration formalities, ACRA will send you a Certificate of Incorporation and you will have a company business profile in a PDF file containing your company name, registration number, previous company names (if it applies), incorporation date, principal activities, paid-up capital, registered company address and details on your director, shareholder, and company secretary.
The initial cost of incorporating company in Singapore ranges from $500 to $1,000 which covers company name reservation, required KYC due diligence, document preparation, incorporation filing, company seal, and government and professional fees.

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