Setting up a business in Singapore can be an attractive option for entrepreneurs, as it is a centrally located city-state in Southeast Asia, with reliable infrastructure and legal systems, and low corporate tax rates. In this article, we will outline the incorporation process for setting up a company in Singapore.

Preparing your documents

Documents required to register a company with ACRA

Registering a company with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) requires completing the Business Profile Form and submitting relevant documents such as Memorandum of Association and Articles of Incorporation. Other documents that may be required include:
Proof of identity (original or certified copies)
Proof of residential address (utility bill, bank statements, etc.)
Application for registration to ACRA
Memorandum and Articles of Association
Details of directors, shareholders, company secretary and/or auditor
A copy of the business profile form.

Considerations when setting up a business in Singapore

When setting up a business in Singapore, there are several considerations to take into account. These include:

• Finding the right partners or investors – Choose partners and investors who share similar goals and have the necessary skills to help realize your vision.
• Securing business premises – Ensure that the business space you choose is suitable for your needs and can accommodate future growth.
• Securing financing – Research all your options for startup funding such as grants, loans, equity investments and crowdfunding.
• Registering with ACRA – Follow the proper registration process with ACRA to ensure that your company remains legally compliant.
• Obtaining business licenses or permits – Find out what types of licenses or permits are required by law for operating your business in Singapore.
• Having a sound accounting system – Have an effective system in place from day one to ensure accurate recordkeeping that complies with local laws and regulations.

Getting Started

Register your business name with ACRA

The first step is to register your business name with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). To register a business name with the ACRA, applicants must provide their personal contact information (name, address, telephone number) as well as the proposed business name. The application process is straightforward and can be completed online or at the ACRA service center. Once all information has been submitted, ACRA will verify the proposed business name. Verification usually takes up to 3 working days, after which applicants will receive an official notification if their application is accepted. If it is rejected, applicants may have to submit a new name for consideration.

Explain the right structure for my business

Choosing the right structure for your business can be a critical decision. The most popular choices are sole proprietorship, limited liability company (LLC), and private limited company. Each type of structure offers different advantages – such as legal protection, tax deductions and simplified administration – so it’s important to evaluate your business objectives to determine which option is best suited for you. Furthermore, you should also consider factors such as capital requirements, ownership restrictions, compliance obligations and ongoing fees when making your decision.

Appoint directors and shareholders for my company

When appointing directors and shareholders for your company, it’s important to choose individuals who are familiar with the business goals and have the necessary qualifications and experience. You should also consider the legal ownership requirements of your chosen corporate structure, as well as any tax implications associated with different types of shares. It’s also important to draft up a shareholders agreement that outlines responsibilities, voting rights, and other pertinent details associated with owning stakes in the company.

Get a Certificate of Incorporation from ACRA

After all these tasks are completed successfully, applicants will receive a Certificate of Incorporation from ACRA indicating that their company has been formally registered in Singapore.

Licenses and permits you need in Singapore

Depending on the type of business you are planning, you may need to apply for a variety of licenses and permits such as an Employment Pass, GST registration, food shop license, and foreign worker permit. You’ll also need to register your company with the Accounting and Corporate Regulatory Authority (ACRA), open a corporate bank account and secure any necessary insurance coverage. Before setting up your business, make sure that you get the right advice from qualified professionals who can guide you through the process.

Set up a bank account for managing business finances

Setting up a bank account is essential for managing your business finances. First, you’ll need to decide which type of account to open – such as a checking or savings account – and which financial institution to use. The next step is to gather all the necessary documentation, such as company registration documents, identification documents and proof of address. You’ll also need to provide information about your business structure, operations and transactions you expect to make. After submitting the application, it may take several days before you can start using the new account. Making sure that you have the right accounts in place can help you get the most out of your business finances.

There are several corporate bank account providers available in Singapore, including DBS Bank, UOB Bank, OCBC Bank and HSBC. Each bank offers different services and features, so it’s important to compare the options before choosing one. For example, some banks may offer lower fees for corporate accounts or provide more specialized banking services for businesses. It’s also important to consider the banks’ customer service reputation and safety ratings in order to make sure your money is secure. By researching the different providers, you can find a corporate bank account that fits your business needs.

Overall, incorporating a business in Singapore is relatively straightforward if all relevant documentation is prepared accurately and submitted on time according to ACRA’s guidelines.

The key steps and benefits of incorporating a business in Singapore

Incorporating a business in Singapore can provide many benefits, such as ease of access to global markets and a business-friendly environment. The process typically involves the following steps:

• Choosing the right structure – Determine what type of entity is most suitable for your business.
• Registering with ACRA – Submit the necessary documentation and information required by ACRA to incorporate your company.
• Appointing directors and shareholders – Establish who will be leading the company and who will own shares.
• Obtaining licenses and permits – Make sure you obtain all the necessary licenses and permits required by law for operating your business in Singapore.
• Setting up a bank account – Open a dedicated corporate bank account for managing the business finances.
• By going through these steps, businesses can benefit from legal protection, access to financing options, reduced taxation liabilities, and simplified processes when opening overseas branches.

Incorporating with a reliable corporate services partner will help the process move faster and smoother, as all necessary documents and paperwork can be taken care of quickly and correctly. SCS also offers value-added services like assistance in setting up bank accounts or managing employee visas.

We also provide access to accounting and tax advice that can be invaluable when starting a new business. By hiring an experienced corporate services company, your company can focus on running your business while resting assured that the incorporation process is being taken care of properly.

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