A Systematic Approach to

Company Incorporation
Singapore

Singapores efforts to become the entrepreneur hub of Southeast Asia have paid
off. Still, not an entrepreneurial hub in the true sense; Singapore has already
started global entrepreneurs and multinational companies singing to its tunes. In
a few decades, this island nation has started catalyzing economic and industrial
growth in a definitive manner. The strategic location and The favorable economic
environment have attracted many local and international entrepreneurs to set up a
company in Singapore.

website : www.sbsgroup.com.sg

General Characteristic of
Singapore Company Incorporation

Although, Singapore has introduced different types of business entities, the most common business
entity preferred by many entrepreneurs is Private Limited Company.
In a Private Limited company, the numbers of shareholders are restricted to fifty or less. They have
no restrictions when it comes to transferring the shares.
The locals or foreign individuals and local or foreign business entities are eligible to incorporate a
private limited company in Singapore. The Singaporean corporate environment is flexible enough
to allow nonresident Singaporeans to incorporate a company in Singapore.
In a private limited company, the shareholders are not liable for any losses or debts incurred by the
company during the course of business. One can establish a business in Singapore with a minimum
paid-up capital of S$1.
Normally, the incorporation of a company takes only 1 - 3 days. However, it may also require as long
as 2 months if the application needs to be reviewed by the higher authorities.

The Systematic Process of

Singapore Company Registration
A foreigner interested in Singapore company formation and being the director of his own company
will have to acquire an EntrePass or Employment Pass as per the norms of Ministry of Manpower
(MOM). Only after approval of a pass, the foreign individual can go ahead and work in Singapore. A
foreign entrepreneur owning a Singapore registered company for not more than six months is also
eligible to apply for the EntrePass.
The first step of incorporating a company in Singapore is to get approval for the proposed name of the
business. At the time of registering a company name, it is mandatory to follow and comply with
certain guidelines prescribed in the Companies Act.
Once the proposed business name is approved, documents necessary for company incorporation
need to be prepared like,
A document setting out the purpose and bylaws of the incorporated company which is called as the
Memorandum & Articles of Association (M&AA).
Form 6, for Statutory Declaration of Compliance
Form 7, for the Certificate of Identity
Form 44, for the Notice of Situation of Registered Office and Office Hours
Form 45, for the Consent to Act as Director and Statement establishing the Non-Disqualification of
appointed individual to act as Director of proposed company

Few Important Points Related To

Singapore Company Incorporation

Companies incorporated by a single person or a single business are permissible and must have at
least one local resident Director who happens to be above 18 years of age with a clean record.
More often, the firm offering Singapore incorporation services will make an arrangement of the
registered Singapore address for a nominal fee until the company manages to get its own
registered address.
Apart from that, an entrepreneur taking advantage of the Home Office Scheme can utilize a
residential property or flat as the registered address in Singapore.

Post-Incorporation Obligations

Applications for Licenses and Permits: There are few businesses, regulated by elite governing
authorities in Singapore. Therefore, it is mandatory to ensure whether your business requires any
type of licenses or permits to initiate business operations. If required the it is necessary to acquire
the licenses from appropriate governing authorities.
Opening a Bank Account: Singapore considers a private limited company as a separate legal
entity, hence will require a corporate bank account against its registered business name. You will
need a resolution from the companys board of directors stating the requirement to open a bank
account, a copy of Certificate of Incorporation, business profile, a copy of companies M&AA, details
of passports or Singapore national identities of the designators and residential address proofs of
directors and beneficial owners.
Company Stamp and Seal: Preparing a company seal constitutes one of the major postincorporation compliances. If mentioned in the constitution of the company, it is mandatory to
prepare the company seal. Along with the seal, preparing a company stamp is also important as it
affirms the legitimacy of the company. Thus, apart from having Unique Entity Number, having an
official seal and a rubber stamp are two major obligations for each company registered in
Singapore.

Post-Incorporation Obligations

Appoint a Company Secretary (CS): According to the Singapore Companies Act, it is mandatory
for each company registered in Singapore to employ a company secretary within six months from
the date of its incorporation. Ensure that the appointed company secretary is a natural person who
has Singapore as the principle place of residence. In addition to that, make sure that the appointed
CS is as per the qualification, experience, and eligibility criteria prescribed by the ACRA.
Appoint an Auditor: Unless the incorporated company is exempt from audit requirements, every
newly incorporated company in Singapore has to appoint an auditor within three months from its
date of incorporation. An exempt company is one having less than 20 shareholders out of which not
even a single shareholder is a corporate entity.
Goods and Service Tax Registration: Consumption tax in Singapore is called as Goods and Service
Tax (GST) and the current rate of GST is 7%. Companies expecting to exceed annual revenue
generation above S$ 1 Million or companies already involved in taxable supplies, expecting to cross
the S$ 1 Million mark are required to voluntarily register for GST. As per the Companies Act, a
business must register for GST within thirty days after it is deemed liable.

Post-Incorporation Obligations

It is mandatory by law for foreign business entities or foreign individuals, to hire local firms offering
Singapore Incorporation Services.The process needs SingPass ID which the foreigners do not have.
Foreign companies registering their business in Singapore must appoint at least two agents to act on
their behalf. Ensure that the appointed agents are permanent Singapore residents, Singapore citizens
or the persons holding Singapore Employment Pass.

SBS Consulting Pte Ltd

SBSGroup.com.sg is an online portal of SBS Consulting, one of the leading corporate services
providers in Singapore. The site contains all the information related to the corporate environment in
Singapore, offering a great assistance to companies and individuals opting to open company in
Singapore.
Although, company incorporation remains as one of the prime service areas for SBS; taxation,
company secretarial services, XBRL, GST filing, HR & Payroll, etc., are its specialties. The versatile
range of services offered by SBS Consulting is helping worldwide clients in incorporating their
companies, and in staying compliant and.
For More Information, Please Visit www.sbsgroup.com.sg

Contact Us

SBS Consulting Pte Ltd

35-B Hongkong Street,
Singapore
059674 Singapore

Phone : +65 6536 0036

Email : info@sbsgroup.com.sg