Start Business in Singapore

Start Business in Singapore

Guide for startups who opts to start their business in Singapore. Blog includes tips for new entrepreneurs, selecting right service providers and how to keep initial business cost low by using freebies & outsourcing services.

How to Register a Pte Ltd Company in Singapore

Are you worried about whom to contact and how to register a Pte Ltd company in Singapore? Well, there is no cause to worry. Accounting & Corporate Regulatory Authority (ACRA) acts as the Company Registrar. And, the majority of business owners outsource the task to one of the Singapore incorporation services providing firms.

 

The business owners choose to set up a private limited company (Pte Ltd company) over other types of businesses. A Pte Ltd is a dynamic and scalable business structure. It is a legal, taxable entity in Singapore independent of its shareholders and inspires confidence in its investors and creditors.

 

Singaporean and foreign business owners are advised to seek professional assistance from incorporation services in Singapore. The process is straightforward. With all the necessary documents in hand, these firms can register your company with ACRA within a short time.

 

Key Pre-Incorporation Requirements

 

How to register a private limited company in Singapore is not a puzzle at all. The experts from your incorporation agent will advise you about the documents, process, and the necessary steps.

 

There is a set of private limited company Singapore requirements that you should be aware of. They are as follows:

 

  • At least one shareholder (an individual or a corporate)

  • At least one resident director

  • At least one company secretary

  • Minimum of $1 as initial paid-up share capital

  • A registered physical office address in Singapore

 

Documents Required for Singapore Company Registration

 

The following are the short descriptions of the documents that your services provider needs so as to form a Singapore company for you.

 

Registered Company Name

Create a list of names for your proposed company and see to it that they reflect your business activities. Your provider will check the availability of these names and register one for your use. It should also be suitable as the web address of your business website.

 

Description of Business Activities

This document gives a brief description of your business activities. You will need correct Singapore Standard Industrial Classification Code 2010 (SSIC code) to put on the application to register your company. Your services provider will advise you about the proper SSIC code to describe them.

 

Shareholding

You need a minimum of $1 in initial paid-up capital at the time of . Once formed, the company secretary issues one or more shares to its initial shareholder.

 

Later, the new company may issue more shares and raise capital for its business activities. The total number of shares multiplied by the nominal value of a share represents company's issued share capital.

 

Shareholders' Agreement

The shareholders' agreement is a document that defines the relationship between the shareholders and their rights and obligation. It is a must-have document. You can rely on it to avoid future disputes among shareholders.

 

It is only proper that the brain behind the company gets the lion's share. However, it means having the controlling rights in the company. It is the only way to protect your interests.

 

Particulars of Shareholders

An individual or a corporate entity can be the owner or a shareholder by starting a Pte Ltd company in Singapore. The shareholders can be as many as 50.

 

A shareholder can also act as the director of the company. One of the USP of registering a business in Singapore is that the country allows the foreigners to own 100% shareholding in their company.

 

Particulars of Directors

A company incorporated in Singapore must appoint at least a local director to direct and manage its affairs. Only a natural person, approved by the government, can be a director of such a company.

 

The director has to be an ordinary resident in Singapore which includes a Singapore citizen, a permanent resident, an EntrePass, or an Employment Pass holder. The foreign business owners can hire an ordinary resident as the director, or they can get the nominee director services from one of the incorporation services.

 

Particulars of Company Secretary

The companies incorporated in Singapore must appoint at least one company secretary within the six months of their dates of registration. They are is charged with the corporate governance and statutory compliance of the company.

 

Only a natural person can be the company secretary. They are expected to have mastered the knowledge and skills required for the job. In most cases, it is sufficient for the private limited companies. However, public limited companies must hire qualified and certified company secretaries.

 

Registered Local Address

You need to register a local physical address or registered address for your company's office. It cannot be a P.O. Adress. You can use the residential address for this purpose under the Home Office Scheme; though, you must obtain permission from the appropriate authorities like HDB.

 

The officials from the Singaporean regulating agencies use this address for the official communication with the company. They might also visit the same to check the company incorporation documents, company register folder, etc.

 

Auditor

It is must for the Singaporean companies to employ an auditor within the three months from its date of incorporation. However, it is not necessary to do so if the company is exempted from the audit requirements.

 

M&AA or Model Constitution

The Memorandum specifies the business activities the company may indulge in. The Articles of Association mentions the rules for governing it's internal management. You could use a model constitution prescribed by ACRA. Alternatively, you could use the customized model constitution to suit your business needs.

 

How to Register a Private Limited Company in Singapore

 

The authorities have simplified the process for setting up a private limited company in Singapore. There are only two procedures in it; a)Company Name Approval and b)Applying to ACRA to register a company.

 

Your incorporation agent initiates the process upon receiving the Singapore company registration cost. You also need to pass on all your incorporation-related documents to them.

 

You have to be careful in what you choose as the name of the proposed company. If it includes terms like 'Bank,''Education,' 'Financial,' 'Casino,' etc., the application gets referred to the higher authorities and may need two months for the approval.

 

Incorporation Documents that You Receive

 

After the successful incorporation of your Singapore company, the Company Registrar (ACRA), sends you or the incorporation agent an email.

 

Incorporation Certificate

The ACRA's email contains the soft copy of Incorporation Certificate. It is legitimate in Singapore. It contains the Unique Entity Number (UEN) of the company. Your agent can get its hard copy by paying a small fee to ACRA.

 

Business Profile

Your agent can also extract the business profile of the company by paying a small fee. This is an important document. It contains the company name, the registration number of the company, date of incorporation, its business activities, paid-up capital, registered address, etc. It also documents information of the company's shareholders, directors, and the company secretary.

 

Share Certificate

After the formation of a company, its company secretary issues share certificates to its shareholders. It is the proof of ownership of company's shares. It shows the number of shares issued to the shareholder.

 

First Board Resolution

During the first meeting of the board of directors, a pro-term chairman is selected unanimously to conduct the meeting. Once the quorum is determined, the proceedings of the meeting start. Then, the resolution is passed to appoint the shareholders, auditors, and directors of the company official.

 

Resolution for Opening Corporate Bank Account

A private limited company has an identity independent of its directors and shareholders. It is also a taxable entity in Singapore and needs its own bank account to facilitate its financial transactions. The resolution to open a corporate bank account is passed by the board of directors. It also mentions the signatories to the account in it.

 

Company Seal and Permits

Your provider of Singapore company incorporation services may assist you in obtaining company seal and stamp. You may feel that you are ready to start your business activities. But, first, check, if you need any business licenses and permits. Ask your services provider to apply and acquire them.

 

Singapore company incorporation process is a streamlined affair. How to register a Pte Ltd company in Singapore is not at all a challenging issue. The challenge lies ahead in facing the competition in the eye and applying your ingenuity to overcome it.

 

 

Source: http://www.sbsgroup.com.sg/blog/procedure-to-register-company-in-singapore
Types of Company Registration in Singapore

It is easy to start a business with ACRA (Accounting and Corporate Regulatory Authority, the Company Registrar of Singapore. The process for company registration in Singapore is also streamlined. In the most of the cases, it takes on 1-3 days to register a private limited company in Singapore.

 

As per the Companies Act of Singapore, any individual over 18 years of age can set up a local company. The locals, as well as the foreign entrepreneurs, can own 100% shares of their company. The following are the types of company registration in Singapore that may interest individual business owners.

 

Types of Companies in Singapore for Individuals

 

Singapore Private Limited Company (Pte Ltd)

A private limited company incorporated in Singapore is a type of limited liability company. It has a minimum of 1 to the maximum of 50 shareholders. Its name ends in Pte Ltd or Private Limited. It is a separate legal entity from its owners.

 

The business owners prefer to register a private limited company. It limits the liability of its members (shareholders) to the amount they have invested in its shares. Their personal assets are not used to pay the debts of the liabilities of the company.

 

A Pte Ltd company is robust, dynamic, and scalable. On the strength of its credible image can secure loans. It is the most advanced and type of Singapore company registration. The individuals, as well as corporate, can register it and be its shareholders.

 

Sole Proprietorship

A sole proprietorship is registered and operated by a single owner. It is easy to set up. However, it has no separate identity from its owner. It does not limit the liability of its owner.

 

The owner of a sole proprietorship has unlimited liability. It means the owners are responsible for business' debts and liabilities and may have to use their assets to pay them.

 

On the positive side, a sole proprietorship has a simple set up procedure, low registration cost, and minimal compliance requirements. It is a perfect business vehicle to start no-to-low-risk businesses.

 

Limited Liability Partnership (LLP)

A group of 2 or more professionals, having complimenting skills, can come together to form a limited liability partnership. The advantage of registering an LLP is that its partners cannot be held personally liable for the commission or omission of other partners.

 

The partners in an LLP can be persons or companies. Of course, you have the choice of registering a General Partnership or Limited Partnership. It is the most advanced type of partnership in Singapore. It combines the advantages of a partnership and a private limited company.

 

An LLP has a separate identity from its owners (partners). However, an LLP is not taxed as a business entity. Its income is treated as that of its partners. They have to pay personal income tax on it. Accountants, lawyers, architects, and other professionals benefit from forming an LLP.

 

Public Limited Company

The public limited company is a type of limited liability company. It has more than 50 shareholders. Unlike, Pte Ltd company, its shares are shares are available to the public. It has terms like “Ltd” or “Limited” in its name.

 

Since a public limited company raises funding from the public, it must follow compliance requirements. A public limited company can get listed on a stock exchange. It is registered to start a large business activity.

 

Public Limited Company by Guarantee Singapore

The non-profit organizations in Singapore use this business structure.

 

Types of Business Registration for Foreigners

 

Subsidiary Company

Registering a subsidiary company is the best option for a foreign company to start its business activities. The parent company can own hundred percent its shares. It is a type of limited liability company. In Singapore, the subsidiary company is treated as the local entity and qualifies for tax benefits and schemes offered by the authorities.

 

Branch Office

Registering a branch office in Singapore is the most convenient way for a foreign company to extend its activities and retain its control. A branch office does not have a separate identity and the parent company is responsible for its debts and liabilities.

 

Representative Office

A foreign company can register a Representative Office (RO) in Singapore. However, an RO cannot conduct any business activities. Its purpose is to do market surveys and market research and send to the data to the parent company. It is not a separate legal entity.

 

Pre-Incorporation Requirements

 

Singapore is one of the favored business destinations for the entrepreneurs. It also offers the ease of doing business. Its low tax regime and support to the small businesses attract many for setting up a private limited company in Singapore. They have to complete the following requirements:

 

 

SBS Consulting Pte Ltd is an experienced registered filing agent that is capable of handling all types of company registration in Singapore. We have an affordable promo incorporation package that offers services to register a company, FREE company secretary and FREE registered address services for the first year.

 

SBS Consulting Pte Ltd

High Street Centre, 
#17-02, 1 North Bridge Road,
Singapore
179094 - Singapore

Phone: +65-6536 0036 

 

 

Source: http://www.sbsgroup.com.sg/blog/procedure-to-register-company-in-singapore
How to Register a Pte Ltd Company in Singapore

 

Are you worried about whom to contact and how to register a Pte Ltd company in Singapore? Well, there is no cause to worry. Accounting & Corporate Regulatory Authority (ACRA) acts as the Company Registrar. And, the majority of business owners outsource the task to one of the Singapore incorporation services providing firms.

 

The business owners choose to set up a private limited company (Pte Ltd company) over other types of businesses. A Pte Ltd is a dynamic and scalable business structure. It is a legal, taxable entity in Singapore independent of its shareholders and inspires confidence in its investors and creditors.

 

Singaporean and foreign business owners are advised to seek professional assistance from incorporation services in Singapore. The process is straightforward. With all the necessary documents in hand, these firms can register your company with ACRA within a short time.

 

Key Pre-Incorporation Requirements

 

How to register a private limited company in Singapore is not a puzzle at all. The experts from your incorporation agent will advise you about the documents, process, and the necessary steps.

 

There is a set of private limited company Singapore requirements that you should be aware of. They are as follows:

 

  • At least one shareholder (an individual or a corporate)

  • At least one resident director

  • At least one company secretary

  • Minimum of $1 as initial paid-up share capital

  • A registered physical office address in Singapore

 

Documents Required for Singapore Company Registration

 

The following are the short descriptions of the documents that your services provider needs so as to form a Singapore company for you.

 

Registered Company Name

Create a list of names for your proposed company and see to it that they reflect your business activities. Your provider will check the availability of these names and register one for your use. It should also be suitable as the web address of your business website.

 

Description of Business Activities

This document gives a brief description of your business activities. You will need correct Singapore Standard Industrial Classification Code 2010 (SSIC code) to put on the application to register your company. Your services provider will advise you about the proper SSIC code to describe them.

 

Shareholding

You need a minimum of $1 in initial paid-up capital at the time of . Once formed, the company secretary issues one or more shares to its initial shareholder.

 

Later, the new company may issue more shares and raise capital for its business activities. The total number of shares multiplied by the nominal value of a share represents company's issued share capital.

 

Shareholders' Agreement

The shareholders' agreement is a document that defines the relationship between the shareholders and their rights and obligation. It is a must-have document. You can rely on it to avoid future disputes among shareholders.

 

It is only proper that the brain behind the company gets the lion's share. However, it means having the controlling rights in the company. It is the only way to protect your interests.

 

Particulars of Shareholders

An individual or a corporate entity can be the owner or a shareholder by starting a Pte Ltd company in Singapore. The shareholders can be as many as 50.

 

A shareholder can also act as the director of the company. One of the USP of registering a business in Singapore is that the country allows the foreigners to own 100% shareholding in their company.

Particulars of Directors

A company incorporated in Singapore must appoint at least a local director to direct and manage its affairs. Only a natural person, approved by the government, can be a director of such a company.

 

The director has to be an ordinary resident in Singapore which includes a Singapore citizen, a permanent resident, an EntrePass, or an Employment Pass holder. The foreign business owners can hire an ordinary resident as the director, or they can get the nominee director services from one of the incorporation services.

 

Particulars of Company Secretary

The companies incorporated in Singapore must appoint at least one company secretary within the six months of their dates of registration. They are is charged with the corporate governance and statutory compliance of the company.

 

Only a natural person can be the company secretary. They are expected to have mastered the knowledge and skills required for the job. In most cases, it is sufficient for the private limited companies. However, public limited companies must hire qualified and certified company secretaries.

 

Registered Local Address

You need to register a local physical address for your company's office. It cannot be a P.O. Adress. You can use the residential address for this purpose under the Home Office Scheme; though, you must obtain permission from the appropriate authorities like HDB.

 

The officials from the Singaporean regulating agencies use this address for the official communication with the company. They might also visit the same to check the company incorporation documents, company register folder, etc.

 

Auditor

It is must for the Singaporean companies to employ an auditor within the three months from its date of incorporation. However, it is not necessary to do so if the company is exempted from the audit requirements.

 

M&AA or Model Constitution

The Memorandum specifies the business activities the company may indulge in. The Articles of Association mentions the rules for governing it's internal management. You could use a model constitution prescribed by ACRA. Alternatively, you could use the customized model constitution to suit your business needs.

 

How to Register a Private Limited Company in Singapore

 

The authorities have simplified the process for setting up a private limited company in Singapore. There are only two procedures in it; a)Company Name Approval and b)Applying to ACRA to register a company.

 

Your incorporation agent initiates the process upon receiving the Singapore company registration cost. You also need to pass on all your incorporation-related documents to them.

 

You have to be careful in what you choose as the name of the proposed company. If it includes terms like 'Bank,''Education,' 'Financial,' 'Casino,' etc., the application gets referred to the higher authorities and may need two months for the approval.

 

Incorporation Documents that You Receive

 

After the successful incorporation of your Singapore company, the Company Registrar (ACRA), sends you or the incorporation agent an email.

 

Incorporation Certificate

The ACRA's email contains the soft copy of Incorporation Certificate. It is legitimate in Singapore. It contains the Unique Entity Number (UEN) of the company. Your agent can get its hard copy by paying a small fee to ACRA.

 

Business Profile

Your agent can also extract the business profile of the company by paying a small fee. This is an important document. It contains the company name, the registration number of the company, date of incorporation, its business activities, paid-up capital, registered address, etc. It also documents information of the company's shareholders, directors, and the company secretary.

 

Share Certificate

After the formation of a company, its company secretary issues share certificates to its shareholders. It is the proof of ownership of company's shares. It shows the number of shares issued to the shareholder.

 

First Board Resolution

During the first meeting of the board of directors, a pro-term chairman is selected unanimously to conduct the meeting. Once the quorum is determined, the proceedings of the meeting start. Then, the resolution is passed to appoint the shareholders, auditors, and directors of the company official.

 

Resolution for Opening Corporate Bank Account

A private limited company has an identity independent of its directors and shareholders. It is also a taxable entity in Singapore and needs its own bank account to facilitate its financial transactions. The resolution to open a corporate bank account is passed by the board of directors. It also mentions the signatories to the account in it.

 

Company Seal and Permits

Your provider of Singapore company incorporation services may assist you in obtaining company seal and stamp. You may feel that you are ready to start your business activities. But, first, check, if you need any business licenses and permits. Ask your services provider to apply and acquire them.

 

Singapore company incorporation process is a streamlined affair. How to register a Pte Ltd company in Singapore is not at all a challenging issue. The challenge lies ahead in facing the competition in the eye and applying your ingenuity to overcome it.

 

Source: http://www.sbsgroup.com.sg/blog/procedure-to-register-company-in-singapore
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Step by Step Guide to Register a Business in Singapore in Less Efforts

Guide explains the list of document require for business setup in Singapore as per the ACRA rules and regulations and how to register business online.