Guide to Singapore Company Registration
Singapore is known for its thriving business environment, making it an attractive destination for entrepreneurs and established companies alike. However, starting a business in Singapore can be a daunting task, especially for those unfamiliar with the process. This is why we’ve put together a comprehensive guide to help you understand the ins and outs of Singapore Company Registration. Whether you’re a local or an overseas entrepreneur, this guide will give you a clear understanding of the requirements, process and benefits of registering a company in Singapore.
How to Register a Company in Singapore?
Before you start the process of registering a company in Singapore, it’s important to understand the requirements. To register a company in Singapore, you need to fulfill the following criteria:
- A minimum of one resident director who is a Singapore Citizen, Permanent Resident or an Employment Pass holder
- A minimum of one shareholder, who can be an individual or a company
- A registered address in Singapore
- A company name that is unique and not similar to an existing company
- A Memorandum and Articles of Association (MAA) that outlines the company’s objectives and governance structure
Selecting a Company Name
Before you can register your company, you must choose a unique name that is not already in use. You can check the availability of a name by using ACRA’s online Business Name Search.
Choosing a Business Structure
There are several types of business structures to choose from in Singapore, including sole proprietorship, partnership, limited liability partnership (LLP), and private limited company. Each type has its own advantages and disadvantages, so it is important to consider your business goals and operations before making a decision.
A sole proprietorship is the simplest business structure, where a single individual owns and operates the business. It’s suitable for small businesses and individuals who are starting out.
A partnership is a business structure where two or more individuals own and operate the business together. It’s a popular choice for small businesses and start-ups.
Limited Liability Partnership (LLP)
An LLP is a hybrid business structure that combines the benefits of a partnership and a private limited company. In an LLP, the partners have limited liability, meaning they are only responsible for the debts of the business to the extent of their capital contribution.
Private Limited Company
A private limited company is a separate legal entity from its shareholders, and the liability of its owners is limited to the extent of their capital contribution. This is the most popular business structure for companies in Singapore.
Preparing the Necessary Documents
Before you start the process of registering a company in Singapore, you need to prepare the following documents:
- Proof of identity for the directors and shareholders
- Proof of registered address
- Company name reservation certificate
- Memorandum and Articles of Association (MAA)
- Incorporation forms
- Declarations of compliance
- Minutes of the first meeting of directors
Once you have chosen a company name and business structure, you must file the necessary documents with ACRA. These include the Memorandum and Articles of Association, a declaration of compliance, and a Form 24. You may also need to provide additional information and documentation, such as the company’s business plan and proof of identity for the directors.
Key Requirements for Company Registration in Singapore
To register a company in Singapore, you must meet certain eligibility requirements, including having at least one director who is a Singapore resident and at least one shareholder. The company must also have a registered office address in Singapore.
The director of a company in Singapore must be at least 18 years old and must not have been declared bankrupt. They must also be a Singapore resident or hold a valid work permit.
A shareholder in a Singapore company must be at least 18 years old and can be either an individual or a legal entity. There is no limit to the number of shareholders a company can have.
Benefits of Company Registration in Singapore
Access to a Highly Educated Workforce
One of the major benefits of company registration in Singapore is access to a highly educated and skilled workforce. The country has a well-developed education system and a high standard of living, which attracts talented professionals from around the world.
Political Stability and Economic Growth
Singapore is known for its political stability and strong economic growth. This makes it an attractive location for companies looking to establish a presence in Asia. The country also has a well-developed infrastructure, including a modern transportation system, telecommunications network, and access to international ports.
Attractive Tax Incentives
Singapore offers attractive tax incentives for companies, including a low corporate tax rate, tax exemptions for start-ups, and double taxation agreements with several countries. This makes it