Setting up a company together with WLP Group

• At least 1 local citizen, PR or resident director to start a business in Singapore
• At least 1 shareholder. This may be either an individual, or a corporate entity.
• At least 1 company secretary.
• At least S$1 for initial paid-up share capital to start a business. This is per rules and regulations by the government.
• A physical Singapore office address to start a business.

Director:

Every company needs at least 1 director who lives in Singapore. This person can be a Singapore citizen, someone with permanent residency. Or someone with a work pass like an Entry Pass or Employment Pass. This person should be older than 18 and shouldn’t have any bankruptcy or other issues.

Directors don’t have to be shareholders. If there’s no local director, outsiders can’t run a company here. But hiring someone local can fix this problem. WLP Group can help with this.

Shareholder:

Before starting a business, know the Singapore Companies Act. A company in Singapore can have 1 to 50 shareholders. Shareholders can be individuals or companies or trusts.

A person can be both a director and a shareholder. Companies can have all local or all foreign shareholders.

Company Secretary:

Every company must have a company secretary who knows the rules well. They should be hired within 6 months of starting the company.

If a company has only one person as a director or shareholder, that person can’t be the secretary. A company can’t be without a secretary for more than 6 months.

Paid-up Capital:

Companies in Singapore should have at least S$1 as paid-up capital. This amount can be increased later.

Registered Address:

Every company needs a real address in Singapore for official mails. It can’t be just a P.O. Box.

People can use their home address for the business. But if they do, they should get permission from the right authorities first. In the case is HDB and the URA². ( Housing Development Board) & (Urban Redevelopment Agency)

The following documents are required to set up a company. Meet with our team for a free company registration consultation. We have the most competitive company incorporation fees!

• Company name.

• A brief description of business activities.

• Registered address.

• Company constitution.

Local / PR Directors or Shareholders

• Scanned copy of Singapore NRIC. The front and back of the Singapore NRIC is needed.

For Foreign Directors or Shareholders

• Scanned copy of foreign NRIC.

• Scanned copy of your passport.

• Latest 3 months proof of residency. For example, utility bills and telephone bills.

• Notarised official documents.

For Corporate Shareholders (if any)

• Scanned copy of the business profile.

Step by step guide:

Local / PR Directors or Shareholders:

• Need a scanned picture of your NRIC, both front and back.

Foreign Directors or Shareholders:

• Need a scanned picture of foreign NRIC.

• Need a scanned picture of your passport.

• Need recent 3 months’ proof of where you live, like utility or phone bills.

• Need official papers that are notarized.

Corporate Shareholders:

• Need a scanned picture of the business profile.

Starting a company in Singapore can be hard and take a lot of time Especially the tedious process of company incorporation. Especially if you’re doing it alone for the first time.

Here’s a simple guide on how we can help:

Step 1: Choose and Approve the Company Name

• Think of 3 business names you like.

• Usually, you’ll know if the name is okay within an hour. But sometimes it can take up to two weeks.

• If your name is approved, it’s saved for you for 120 days. If you don’t use it, someone else can.

Step 2: Register with ACRA

• Once you have all your papers ready, the company can be officially made with ACRA. This can be done in less than an hour.

Step 3: Get Official Papers from ACRA

• After registering, ACRA will give you an email that says your company is made. Also it will give you a special company number.

• ACRA will also give you a business profile in a PDF. This has important information like:

• Your company name and number.

• When your company was made.

• What your company does.

• How much money was put into the company.

• The company’s official address.

• Information about the people who run the company and own it.

You’ll need these documents for things like opening a bank account or renting an office. When you meet our team, we’ll explain everything in more detail. We offer a free talk about starting a company in Singapore.

The process to set up a company might seem complex to those new to company incorporation process. Pick a company name and make your company. We can help with that. New companies usually choose to be private limited companies. These companies can grow and are taxed.

Your company needs an office in Singapore. It also needs a company secretary who lives in Singapore. Your business needs a real address. If you don’t have one, you can use the address of WLP Group.

Register your company with ACRA. ACRA checks companies in Singapore. Your company name should be different from other companies. You will pay 300 SGD to register and 15 SGD for the name.

Get an office address. This is where your business is. Official papers are sent here. This can’t be just a PO Box. Some businesses can use a home address. It takes time to set this up, but it’s important. If you don’t want a PO Box or home address, you can use WLP Group’s address.