A decade ago, when I began my entrepreneurial journey, information was not readily available. I ended up paying a corporate service provider a whopping $2000 to do my company registration. Looking back, I realize that setting up a company in Singapore, especially as a Singaporean, is a surprisingly simple process.
This comprehensive guide aims to demystify the process and arm you with the knowledge you need to register your company in Singapore with confidence.
Decisions you need to make before signing up
- Company Name: Choose a unique name that complies with the Accounting and Corporate Regulatory Authority (ACRA) guidelines. Check availability and have alternatives ready.
- Business structure. Decide whether you want to register as a sole proprietor or a local company (private or public), limited partnership (LP) or limited liability company (LLP).
- Directors (companies only): You need at least one Singapore resident director (citizen, permanent resident or work/dependent pass holder). There are no limits on the number of directors and they do not have to be shareholders. Directors must meet specific eligibility criteria.
- Shareholders (companies only): You need at least one shareholder and you can have up to 50 shareholders. Shareholders can be individuals or organizations of any nationality. Don't forget to protect the partnership with a partnership agreement.
- Company Secretary (only companies): Appoint a Singapore resident company secretary within six months of incorporation. This person cannot be the sole director of the company.
- Auditor (only companies): Appoint an auditor within three months of incorporation unless you qualify for a small company audit exemption based on your revenues, assets and number of employees.
- End of financial year. Select a year-end date (eg March 31, June 30) and reporting period (12 months or 52 weeks).
- Paid up capital. The minimum paid up capital is S$1 and you can increase it later.
- Registered address: Provide a local residential or business address (no PO Boxes). If you plan to work from home, check your eligibility for HDBs home business schemes. Alternatively, you can look at virtual offices that can provide you with corporate mailing addresses at an affordable price (starting at $40 per month).
- Business licenses. Research and apply for necessary licenses after integration. GoBusiness website provides information on license requirements for various industries.
How to register?
- Once you've made your decisions, you'll need to prepare the necessary documents, such as the company's articles of association and details of shareholders and directors.
- Submit your company registration application online BizFile+, ACRA's online submission portal. You need a SingPass account to do this.
After registration
- Get licenses. Apply for necessary business licenses if necessary.
- Download the business profile. Download your business profile for free within seven days of investment.
- Appoint a corporate secretary (companies). Complete this claim within six months.
- Open a bank account. Prepare the required documents (eg application form, identity documents, board decision) and open a corporate bank account. Many banks offer to open an account online.
- Get to know the state bodies. Learn about the roles and functions of such agencies ACRA:, IRAS, MOTHER:and others you may interact with.
Foreigners registering a company
Foreigners cannot register a business on their own. They must attract a local representative or corporate secretary with a SingPass account. If you are a foreigner residing in Singapore, you may need an EntrePass. If you do not live here, you will need a local authorized representative or director.
Need more help?
If you have additional questions or concerns, contact ACRA for guidance and support.
