Company Incorporation Singapore | Company Setup Singapore in Year 2020

This article is about company incorporation Singapore in the year 2020 and beyond. We list down company setup Singapore requirements below as a guide for anyone interested in setting up a company in Singapore. Towards the middle part of this article, some useful links are pointing to various business entities such as private limited company, sole proprietorship and limited liability partnership. You can even submit your business activity details to us if you are keen on engaging us as your preferred professional corporate service provider. We at WLP Group can handle all matters about new company incorporation Singapore / company setup Singapore.

 

Why Foreigners Love Singapore?

Many people, mainly professionals and foreign entrepreneurs, love to migrate over to Singapore for various reasons. For professionals, Singapore offers better career opportunity, perks and a higher salary. Meanwhile, foreign entrepreneurs like to do business here due to flexible business law. This is proven by the lesser red tapes, relaxed working legislation and attractive tax rebates for foreign entrepreneurs and investors. To further highlight the popularity of Singapore in the eyes of global investors, the World Bank has ranked Singapore as the second-best nation to conduct business! There are no other countries in the South-East Asian region that perform as good as Singapore.

 

If you are interested in running a business or setting up a company in Singapore, then you need to fulfill several requirements requested by the Singapore government.

 

In general, the requirements are not complicated but for foreigners, they are forbidden to register their companies on their own in Singapore. As for the Singapore local residents, they can choose to register and incorporate their company provided they fully understand the technical jargons associated with Singapore company incorporation. Just like the foreigners, the local residents also need to meet the requirements set by the Accounting & Corporate Regulatory Authority, also known as ACRA. The second option available to local residents is to engage professional corporate service provider such as WLP Group to manage all matters regarding company registration and incorporation. This is the best option to choose for company incorporation since reputable local registered filing agents like WLP Group knows what it takes to perform successful company registration and incorporation in record time.

 

Step 1: Choosing a Business Entity

The first thing you need to know before proceeding with company incorporation is to understand the difference between each business structure and what benefits and impact can you expect from each entity. Hence, we have listed down all the essential information you need to know the business structure available in Singapore and how each can impact you.

The common Singapore business entities are the:

 

  • Sole Proprietorship
  • Limited Liability Partnerships (or known as LLP)
  • Private Limited (or known as PTE LTD)

 

You may click on the banners below to obtain in-depth information about each business entity.


singapore company incorporation private limited company

Choosing the right kind of business structure can help you with the following things that can have a major impact your company, which include: paying taxes, admin costs associated with business setup, liability exposure from your product/service, your marketing plans and goals, partnerships and nationality (whether you are a citizen of Singapore or not).

We have created the table below in order to help you making an informed decision on which business entity you want to incorporate in Singapore. The table contains vital information related to business requirements, benefits and drawbacks and compliance requirement. For higher efficiency in terms of cost and time investment, we recommend you to engage professional company incorporation Singapore service provider like us to make a better decision on your behalf.

 

company incorporation singapore 2020

 

 

Step 2: Prepare Documents/Information for Company Registration

Once you know which business entity you want to establish in Step 1, then it’s time to move on to Step 2, which is the preparation of documents for company registration in Singapore. Here’s what you need to prepare beforehand:

  • Corporate Name – Make sure you have prepared a minimum of three names for your company. Make sure the company name is unique and easy to remember. Besides, the proposed name should not be similar to an existing business, not vulgar, obscene or offensive. Make sure the name is not prohibited by the Minister of Finance of Singapore.
  • Company Director –Appoint a director for your company and make sure that the candidate is a local resident of Singapore. The candidate must be either a Singaporean citizen, a permanent resident of Singapore (PR holder) or Entrepreneur Pass holders (EntrePass).
  • Company Shareholders – Name a minimum of one shareholder and up to fifty shareholders (which is the maximum limit for shareholders in a company). The shareholders can be either individuals and entities (can be locals or foreigners).
  • Corporate Secretary (Company Secretary) – You need to appoint a company secretary within the first six months upon successful company incorporation. Make sure to nominate a local resident in Singapore as your corporate secretary. Besides, make sure that the same person cannot serve both the role of director and company secretary.
  • Auditor –Appoint an auditor for your company (within three months from the date of company incorporation) 
  • Registered Office Address – Enter the actual local address in Singapore for your business. This is where all business communication and company records are kept. Make sure that the company address does not belong to a post office box.
  • Share Capital – You need to indicate how much the shareholders have paid for their shares (The minimum share capital is SGD $1). There will be zero minimum paid-up capital required.
  • Company Constitution – This is a crucial document, and you must get your company’s constitution fully prepared before proceeding with company incorporation in Singapore. Company Constitution is a legal document that has all the rules and regulations of the company’s governance. This legal document list down all the rights and responsibilities for all directors and the shareholders of the company.

 

 

Summary of New Company Registration Requirements

The above is the full list of details you need to prepare before you can proceed with company registration/company incorporation Singapore. As a summary, you just need to ensure you have the following minimum requirements ready for company registration in Singapore:

  • 3 Unique Company Name(s)
  • Minimum of One Director (Local Resident)
  • Minimum of One Local or Foreign Shareholder
  • One Company Secretary (Local Resident)
  • A Local Address in Singapore (Physical or Virtual Office Address)
  • Minimum SGD $1 of Issued Capital
  • A Company Constitution with Detailed Information
  • Appoint an Official Auditor for Your Company

 

Do take note that company registration and company incorporation Singapore process usually takes 1 business day to complete unless there is some delay from ACRA side.

 

How Foreigners Can Register a Business and Incorporate Their Company in Singapore

Any foreigner who is keen to register and perform company incorporation Singapore has to fulfil the following requirements:

  • You as a foreigner or foreigners are not allowed to file company registration on their own because Singapore forbids foreign individual/entity to self-register their company. They need a professional secretarial company in Singapore or an accounting firm like WLP Group to submit the online application on their behalf.
  • You as a foreigner or foreigners need to employ a local resident of Singapore as your nominee director.
  • You as a foreigner or foreigners may require to travel to Singapore to set up a corporate bank account. Many banks require the physical presence of directors or shareholders before they can allow the opening of the company bank account. 

Just like all local residents of Singapore, you also need to fulfill the minimum requirements as stated above. 

At this stage, if you are interested in hiring us to proceed with the registration and incorporation of your company, then kindly click on the special link below to avail the special discount we have prepared for you!

 

<<<  Click Here to Register and Incorporate Your Company Now >>>

 

If you have any questions pertaining company incorporation Singapore, please submit your details below! Thanks!

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