Singapore Company Registration

1. Name Availability: When choosing the name of your Singapore, you need to make sure the name is fully compliant with Singapore’s legislature’s guidelines.
2. Share Capital: The minimum requirement of registering a Singapore company is 1 SGD paid-up share capital must be paid-up incorporation.
3. Authorized capital: The Accounting and Corporate Regulatory Authority (ACRA) of Singapore allows for a flexible authorized capital paid-up, which can be paid in tangible or intangible assets.
4. At least 1 Business Activity Code: A company must choose at least 1 SSIC Code (Business Activity Code) and state in in the registration profile.
5. At least 1 shareholder: A company must have at-least 1 shareholder which can be either a person or a corporate entity. 100% foreign ownership is allowed in Singapore.
6. At least 1 Singapore director: All Singapore companies must hire at least 1 Singapore director aging over 18. The director can only be an individual. The director can be a Singapore citizen, a Singapore permanent resident, or a holder of Singapore Entrepreneur Pass (EP).
7. At least 1 company secretary: A certified local company secretary must be hired within 6 months after incorporation. The sole director cannot service as the secretary at the same time.

What is the Procedure of Setting Up Singapore Companies?

Step 1: Choose the right type of business

Singapore offers various types of business entities, including private limited company, sole proprietorship, partnership, and limited liability partnership (LLP). You can learn about their differences from the table below, or you can book a meeting with Hongda’s experts for the best advice on how to choose.

Step 2: Choose an ideal company name

Choose a unique name for your company and check its availability. The name should comply with Singapore's naming guidelines and should not infringe on any trademarks or copyrights. Name reserve can be made online through the Accounting and Corporate Regulatory Authority (ACRA) website.

Step 3: Documents Signing and Material Preparation

After getting the company name approved, the registration process can now be proceeded. You need to procure some documents required by ACRA:

• Company constitution (the Articles of Association);
• Consent to act as the director signed by all directors (Form 45);
• Consent to act as the company secretary (form 45 B);
• Identification of company members;
• Proof of residential address of each shareholder;

During this process, you may need to make appointments with company directors and shareholders for document signing, obtain a registered address, hire a company secretary. But no worries, Hongda will provide assistance throughout the procedure for a smooth material gathering experience.

Step 4: Company Registration with ACRA

Your application of setting up a Singapore company now can be submitted to the ACRA when all the necessary documents are signed, and the company name is approved. The whole process is done 100% online through ACRA’s BizFile+ system. Your application is expected to be reviewed and the digital certificate of incorporation may be issued in just 1 day.

Step 5: Post-incorporation and Compliance 

• Open Singapore Bank Account: a bank account is essential for business operation in Singapore. There are numerous outstanding banks for your choice. Please visit our Singapore Bank Account Opening page (Link to Singapore bank account opening page) for more information about how to get your own account today!
• Tax registration: after company incorporation, you should register for taxes with the Inland Revenue Authority of Singapore (IRAS). This includes Goods and Services Tax (GST) registration if your company's annual turnover exceeds the GST requirement of 1 million SGD.
• Special licenses and permits application: Depending on your business activities, you may need specific licenses or permits from government agencies. Check the requirements with the relevant authorities, such as the Ministry of Manpower (MOM) for employment-related permits or the Health Sciences Authority (HSA) for certain healthcare products.