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Singapore Company Registration Procedures
Written by: Lawrence SmithArticle Overview: This article provides a brief explanation of the procedures for completing Singapore company registration.
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Singapore Company Registration Procedures
Hundreds of foreign companies are nestled in
Singapore’s Central Business District, ranges from banking, insurance and law
firms, to design and art companies, to bar and restaurant chains. According to
the Singapore Economic Development Board, more than 7,000 multinational
companies have registered a company in Singapore as a regional or global
headquarters to date. Singapore company registration is also a very popular
option for international entrepreneurs, and SME’s, wishing to register any type
of business. The main reason for
this appeal is the quick and efficient procedure of registering a company in
Singapore.
A typical Singapore
registration procedure with the help of a service firm is as follows:
(i)
A Singapore company name and corporate structure are
determined. The service firm chosen to help register your company in Singapore
presents the application to the Accounting and Corporate Regulatory Authority
of Singapore (ACRA). The approval/rejection normally comes quickly unless the
pending name has to be reviewed by an external authority, which may then take
1-3 weeks for notification to be received.
(ii)
If the details are approved, a minimum of one resident
individual director (corporate directors are not allowed) is appointed. A
resident is classified as a Singapore Citizen, a Permanent Resident, a person
with an Entrepass, Employment Pass or Dependent Pass.
(iii)
At least one shareholder has to be appointed. The
maximum number of shareholders a private limited company can have is 50. A
director and shareholder can be the same person.
(iv)
The minimum authorised share capital for a Singapore
registered company is S$1.
(v)
A Unique Entity Number (UEN) is given to the company
as its identification number.
(vi)
A certificate of incorporation is given by ACRA and
the company details can be viewed from the ACRA online public register.
Foreigners wishing to register a company in Singapore need
to consider several impacting factors.
These include:
(i)
You must be 18, or more, years old.
(ii)
You cannot be an undischarged bankrupt, otherwise,
permission must be gained from the High Court or official assignee.
(iii)
Unless
the foreigner is a Singapore Permanent Resident, they must apply for an
Entrepass to be able to engage in operation of a business in Singapore.
(iv)
Alternatively
to an Entrepass, a foreigner may appoint a local resident director to complete
their Singapore company registration.
This means the foreigner can then still live outside of Singapore.
The company may benefit from many factors after
registering in Singapore, such as tax exemptions and incentives, Singapore’s
sophisticated transportation system, Singapore’s key central location in Asia,
the influx of investment opportunities, Singapore’s protection of Intellectual
Property Rights, and many more. Singapore is not only an easy place to register
a company, but, according to the 2010 Doing Business Report, it is also the
easiest place to do business in the world.
Singapore Offshore Company
Healy Consultants’ Top 5 benefits of Singapore company registration
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Article Tags: registering a company, Singapore company, Singapore company registration, Singapore incorporation
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- Hi Garth - here is how we did it at Northern Crown Capital when I was helping them raise venture capital for Toronto-based entrepreneurs. Assume the start date is 2003 so 2008 projections are 5 years out:
How Northern Crown Capital Valuates a Business
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I hope this helps!
Re: just joined
- This is Richard Chiong from Singapore. Am a business consultancy active in the Indo China banking & financial market. Looking forward to interacting with all of you!
Qualifying Countries
- Martin,
You just reminded me of another important item ...
This system is currently available in seven countries:
1. United States
2. Canada
3. Australia
4. New Zealand
5. United Kingdom
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Thanks for the reminder.
Any Ex-Bankers and Stock Brokers here?
- We are looking for partners and collaborators especially ex-bankers and stock brokers to set up an operation in Indo China, where we believe the mid to long term growth prospects are tremendous.
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