Here is a guide to Singapore company registration. As a city-state renowned for its security and overall stability, Singapore is one of the fastest developing economies on the Asian continent. Once a colonial trading post for the British, it has evolved into a global business hub and a choice destination for individuals and corporations seeking to either startup or expand their businesses.
Like so many other countries, the first step in establishing any Singaporean business starts with the company registration. In this guide, we will look at how to start your Singapore Company registration process even as a foreigner.
Requirements for Singapore Company Registration
Certain conditions must be met before registering a company in Singapore. It includes:
1. Company Name
ACRA, the Singapore Company Registrar must approve the name of the company. To ensure that the company is successfully registered, the company name must meet the following criteria.
The company name must be different from that of any established company. It must also be free of any copyright law violations.
The name of the company must be relevant to the company’s operations.
Companies cannot be named with vulgar or indecent words.
2. Company Description
A brief outline of the company’s functions must also be provided.
The particulars of the company’s directors are also required to ensure that the company is successfully registered.
A company can have as many directors as its operations might require. At least one director must either be an indigene, a foreigner with a valid pass, or a permanent resident.
The directors of the company registration must satisfy the following conditions.
Directors must not have been convicted for any criminal offense. They must also have no affiliations to any criminal organizations or movements proscribed by local authorities.
No director of the company must be below 18, which is Singapore’s officially recognized legal age.
The particulars of the company’s shareholders must also be provided to register it.
The shareholders of any company could be indigenous or foreign. They could also be individuals or organizations.
There are minimums for the number of shareholders a company may have depending on its nature. Foreigners could solely own companies.
Companies are also required to have a secretary to be successfully incorporated.
The secretary must be an indigene residing in Singapore.
Neither the director nor any of the shareholders can be the company secretary.
6. Memorandum and Articles of Association (MAA)
Companies must also submit the Memorandum and Articles of Association (MAA) to be registered. The local authorities usually provide this document.
7. A Registered Address
Your company must have a valid local address to register it successfully.
The company address could either be a residential or commercial address depending on its business scale, but never a postal address.
Singapore comes with many tax exemptions and incentives when you register your business. They are;
- You only pay an 8.5% tax on your first annual profit of $300,000. Subsequently, it becomes 17%.
- No Capital or Dividend taxes
For more information, Check the Singapore Corporate Tax guide.
9. Paid-up Capital
You must have at least 1$ in paid-up capital to register your company in Singapore.
How to Register a Singapore Business as A Foreigner
As a foreigner who is looking to incorporate their business in Singapore; There are rules to follow to register a Singaporean company.
- Foreigners cannot self-register a company in Singapore. You are advised to use the service of an agency instead.
- Both your Shareholder’ and Director’s records must be publicly accessible.
- In case you plan to operate your Singapore company registration remotely, you do not require a Singapore visa. However, you will require a director resident in Singapore to act on your behalf.
- If you want to operate your company registration locally, you’ll need an employment or entrepreneur pass.