Company Incorporation & Registration Singapore

The very first step is to get your business name approved and registered. In fact, you can’t complete the actual company incorporation process without your company name registration number.

There are a couple of things that you have to keep in mind when selecting a company name. Obviously, it can’t be similar to any existing company names. For example, you can’t create another company called “Microloft” since that would be too similar to “Microsoft”. Your company name can’t infringe on any ACRA rules either. It can’t use certain words like “Church” or “School” unless given approval by ACRA beforehand. Your company name can’t contain any vulgarities either.

The name of your new company can be approved instantly. However, your company registration name application will be rejected if ACRA’s rules are not followed. Company name must get further approval if the business name contains sensitive words. Sensitive words include “banks”, “broker”, “finance”, “legal”, “law”, “money lending”, “school”. This can postpone your company name approval process by another few weeks.

If ACRA approves your company name, you can book or reserve that name for up to 120 days. But the reserved company name will be released if you do nothing about it or fail to incorporate your company during that time.

Once your company name has been approved, it will take in a few weeks for your company to be incorporated. We will do the entire company name and company registration process for you.

The company incorporation timeframe depends on the corporate entity type. For example, it takes longer to register a private limited company compared to a starting a simple sole proprietorship. But starting a business will go along much faster with the help of an incorporation specialist like WLP Group.

Usually, the total company incorporation process takes less than 3 hours to complete. This is apart from several exceptional cases such as changing the entity type after the application has already been filed.

You need to provide an address when registering a company in Singapore with ACRA. But you can use a company secretary if you don’t have an office space and want to keep overheads low. You can use your home residential address but you have to follow home office guidelines. The guidelines are there to protect your neighbours. One guideline is that the home office can’t affect your neighbours in a negative manner in any way. A company secretary will use their own office as your office address. It will essentially act as a PO box since ACRA will send all notifications via mail to that address.

First and foremost, you will have to be familiar with the different corporate entity types and decide whether you would like to register and incorporate your new company as a sole proprietorship, partnership or as a private limited company. There are more options but most small businesses start out as a sole proprietorship, partnership or private limited company.

Sole Proprietorship

• A sole-proprietorship is a new company set up entity structure, owned by an individual or corporate entity. The sole-proprietor has full control in the operation of the business.
• The sole-proprietor is personally held accountable for all debts and liabilities that have been incurred during the course and operations of the business.
• Profits of the sole proprietorship are treated as personal income/ corporate income of the individual / corporate entity who owns the sole-proprietorship, hence the profits are taxable to a tax rate as that of personal / corporate income.
• Sole-proprietorships are not required to audit their accounts (unless special circumstances) or file annual returns with ACRA after the new company set up. Note that foreign companies are required to go through an incorporation consultation firm.
• Registration of Singapore sole-proprietorship has to be renewed annually, and WLP Group, a new company set up Singapore provider, can help you with your annual renewal!

Partnership

• A partnership is a new company set up entity structure, formed by minimum of two, and a maximum of twenty partners. Once the partnership exceeds more than twenty partners, the partnership must be registered as a company under the Companies Act, Cap. 50.
• The partners who join and set up the new company are personally held accountable for all debts and liabilities that have been incurred (i.e. do not have limited liability) during the course and operations of the business.
• Profits of the partnerships are treated as personal income/ corporate income of the individual/ corporate entity who is part of the partnership, hence the profits are taxable to a tax rate as that of personal / corporate income.
• Partnership is not required to audit their accounts (unless special circumstances) or file annual returns with ACRA.
• Registration of Singapore partnership has to be renewed annually. This can be done through a new company set up service provider such as WLP Group.

Registering a business in Singapore is a fast and efficient process. Many claim that the entire registration process is lengthy and cumbersome. This is not true. You can start your business registration Singapore process online. However, note that you are required to meet and fulfil the following requirements:

You need to have an available company name. Check if your desired company name is available before starting the company registration process. You can do so by checking with the ACRA government website. If found available, you need to pay for the booking incorporated company fees. These are the company incorporation fees for reserving your company name.

A company secretary and company officers and directors. Foreigners registering a company in Singapore need at least one Singaporean representative as a point of contact.

You will also need to set the number of outstanding shares in the company as well as a list of shareholders and their respective ownership in the company.

Yes, you do. Aside from being a Singaporean or Singapore PR, any business registered in Singapore has to be set up by a person who is at least 18 years of age. This person is eligible to incorporate and set up a new Singapore company, as either a sole proprietorship or a partnership.

One document that you need is the company constitution. It is formerly known as the Articles of Association. Select between the standard Singapore Company Constitution (offered by ACRA) or design your own Company Constitution. Do take note that an ACRA standard constitution is acceptable for most small and medium-sized companies. The Company Constitution include terms that are deemed fair to all shareholders.

Signed ACRA Forms(for both Director and Secretary). Both local and foreign directors must sign and consent to act as Company Director. Meanwhile, a company secretary is required to sign and agree to serve as the Company Secretary.

Original Identification Documents. Do note that the identification documents have to be checked and verified by CSP. Every official of the Company must produce identification documents. Identify documents include the Singapore NRIC, PRs, passports (for foreigners) and proof of residential address. Proof of residential address includes lease agreements and utilities bills.

KYC and due diligence. The ACRA and the actual Corporate Service Provider (CSP), such as WLP Group, need to perform a KYC (Know-Your-Customer) due diligence. Before dealing with the potential client, we will verify that all official documents are in English and error-free.

Incorporation Package Includes:

1. Checking and reserving the company name.
2. Preparing your local company constitution (memorandum & articles of the company).
3. Preparing all registration forms for the process of company incorporation Singapore.
4. Filing with ACRA to complete the business registration Singapore process^[1] https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company.

Free with engagement of secretarial service

Call us at +65 6493 2970 for a free Singapore company registration consultation and chat with our experienced consultants!

All the Singapore company incorporation fees are included in the price. You only pay what you see. We typically get your company registered in 3 hours within the same day. Contact us for a free Singapore company registration consultation!

INCORPORATION FEES | $800 | (INCLUSIVE OF S$315 ACRA REGISTRATION FEE)

The answer is a straight no! The Singapore government forbids foreigners to register a Singapore company without engaging a third party CSP. Foreigners need to use a local company registration services provider. Incorporation services providers include WLP Group. WLP Group acts as the Filing Agent on behalf of our clients.

The Filling Agent is also known as the company registration services provider that can act as the corporate secretary. The company secretary must be a resident of Singapore and fully comprehends the Singapore company law in detail.

What’s next? After setting up a new company, you will need to find a trusted accountant. The accountant must help your new company’s accounting and payroll services. Keen to find out about our Singapore company incorporation fees? Call us at +65 6493 2970 for a company registration consultation!

Secretary Package Includes:

Our corporate secretary services are handled by our in-house team of certified corporate secretaries with over 10 years of experience! This package includes:

1. Provision of a named secretary for your company.
2. Maintaining of company register and minute books.
3. Preparation of documents for the Annual General Meeting. Documents are needed when due and applicable.
4. Filing of the Annual Return to ACRA when due and applicable.
5. Advisory on corporate secretarial government compliance matters.
6. Automated reminders to inform you of your filing due dates.

Secretary package details

1. Free AGM (Standard) & Annual Return Submission.
2. Free Approval of Director Fees
3. Free Update of Director’s Particulars With ACRA

SECRETARY SUITE FEES | FROM S$800 PER YEAR

A company that was registered in Singapore and is unable to pay off its debts and liabilities may be wound up in a mandatory manner. The incorporated company will be wound up under an Order of the Court.

The liquidation proceedings may be initiated by the company itself. The proceeding may also be initiated by creditors, shareholders and the judicial manager with the High Court. Thereafter, the Court will appoint a liquidator to wind up the company. Foreigners going through the business registration Singapore must apply through a local firm. Laws and regulations for company foreclosure may be different for foreign-owned business entities.

The liquidator appointed will review the Singapore company’s assets and the claims made by the creditors. The liquidator or company incorporation officer will also investigate the conduct of its local and foreign directors. Additionally, the liquidator will investigate other important people within the company. Any person found realising the company’s assets in a way that is not of best interest to the company and its creditors will be fined and punished. The liquidator may also authorise the business to carry on if he or she deems it as the most advantageous option. The officers of the company are stripped of their power to continue operating the Singapore company.

However, they have the duty to cooperate and assist the liquidator or company incorporation officer to run the company and assist in the company matters. Eventually, the liquidator will consolidate all the claims lodged against the company. This is after all assets of the Singapore-registered business have been assessed and dealt with. The liquidator may admit or reject them accordingly as he or she deem fit. Any the settlement of all claims, the surplus (if any) will be returned to the company’s shareholders.

There is a lot of paperwork and legal regulations during the process to incorporate a company in Singapore. Foreign entrepreneurs often look to Singapore when planning to expand into Asia. Aside from its low corporate tax rate of 17%, Singapore is a beautiful city filled with innovative skilled workers. A good company incorporation Singapore consultant will help you through the application forms. WLP Group has been featured on FinestInCity Singapore as one of the  best company incorporation service providers in Singapore.

In addition, an experienced incorporation consultants will warn you of commonly made mistakes. For example, one common mistake is not registering the company name through ACRA before starting the application. Approval from ACRA (for the company name) may take weeks. Waiting till the application process to register and book a company name will delay the company incorporation Singapore application unnecessarily. A good incorporation consultant will warn you of this and go the extra mile to ask whether you had thought of a company name, whether you have any questions, and help you through the booking process. 

An experienced incorporation firm will also be familiar with the legal regulations in setting up a new company. They will be able to walk you through the many legal forms and answer any questions that you may have. Never sign something you don’t understand. Making any errors or declaring false information will lead to costly outcomes in the future. Aside from its greenery, Singapore is known for its strict punishments. The cost of working with a good experienced incorporation firm is small compared to the huge legal fees that you may have to pay in the event of declaring false information to the government.

You should always understand corporate taxes and local regulations. For example, foreign entrepreneurs expanding into Asia are required to work with a local company incorporation Singapore firm. Foreign entrepreneurs are also limited in their choice of entity types.

As an entrepreneur, you can’t do everything yourself – you have to outsource time-consuming work. Your time should be spent focused on developing your product or selling your service. Leave the company incorporation application to experienced professionals.

Call +65 64932970 for a free consultation with one of our incorporation consultants!There is a lot of paperwork and legal regulations during the process to incorporate a company in Singapore. Foreign entrepreneurs often look to Singapore when planning to expand into Asia. Aside from its low corporate tax rate of 17%, Singapore is a beautiful city filled with innovative skilled workers. A good company incorporation Singapore consultant will help you through the application forms.

GST is the Goods & Services Tax. It’s the tax on all goods and services in Singapore. GST is currently set at 8% and you’ll have to pay GST if you purchase a vacuum in the store or eat out in a restaurant. GST is also levied on the imports of goods. It is collected by Singapore Customers. However, there is no tax on goods exported out of Singapore. The only GST exemptions are the lease of residential properties and most financial services.

You don’t need to register your business to pay GST if your annual revenue is less than SGD $1 million. But it is compulsory for Singapore Companies to register for GST when their turnover exceeds S$1 million per year. Likewise, newly formed companies that do not exceed SGD $1 million in turnover may opt for voluntarily GST registration.

Businesses in certain industries must charge GST prevailing rate. This must be clearly stated during the company formation Singapore application. The GST that business charge and collect is known as output tax, which has to be paid to IRAS. GST incurred on business purchases or expenses (including import of goods) are known as input tax. Businesses can claim input tax if it satisfied the conditions for claiming. This credit mechanism ascertains that only the value added is taxed at each stage of a supply chain.

A GST-registered business will be required to submit GST return to the IRAS at the end of each prescribed accounting period. The business will report its output tax and input tax for that prescribed accounting period in the GST return. The difference between output tax and input tax is the net GST payable to or refundable from IRAS.

Our consultants will help you through the process of company incorporation Singapore. Our incorporation consultants will help you decide the ideal entity type for your new business. There are many entity types for entrepreneurs to choose from, such as sole proprietorships, partnerships and private limited companies.

Each entity type has its own advantages and disadvantages. For example, a private limited company provides the shareholders with limited liability. However, a private limited company is also more costly and time consuming to set up.

Our team will advice you on the company structure that best suits your business best. You should select a company entity type most suitable for your industry and business model. Furthermore, our team will advice you on the pros and cons of certain corporate structures. For example, we will advice you on incorporating as a sole proprietor compared to a private limited company, our team will help you to set up a corporate bank account. Our consultants can also help with tax filings after the process of company incorporation in Singapore

Our consultants will help you through the process of company incorporation Singapore. Our incorporation consultants will help you decide the ideal entity type for your new business. There are many entity types for entrepreneurs to choose from, such as sole proprietorships, partnerships and private limited companies.

Each entity type has its own advantages and disadvantages. For example, a private limited company provides the shareholders with limited liability. However, a private limited company is also more costly and time consuming to set up.

Our team will advice you on the company structure that best suits your business best. You should select a company entity type most suitable for your industry and business model. Furthermore, our team will advice you on the pros and cons of certain corporate structures. For example, we will advice you on incorporating as a sole proprietor compared to a private limited company, our team will help you to set up a corporate bank account. Our consultants can also help with tax filings after the process of company incorporation process in Singapore

You will have to submit the strike-off application to ACRA (Accounting and Corporate Regulatory Authority) to strike its name off the Registrar. The application will only be approved by ACRA if the company has met the requirements listed below for the purpose of striking-off.

• The Singapore-formed and incorporated company have ceased all business.
• The company is not to be involved in any court proceedings whether inside or outside Singapore.
• The company has no assets and liabilities at the time of application. This includes any outstanding fines and penalties owing to government bodies and tax liabilities with IRAS after the company was formed in Singapore.
• The officers (e.g. directors and corporate secretary) of the company must not have any outstanding ACRA summonses and / or civil charges against any of them.
• The particulars of the directors are accurate in the records of ACRA.
• All shareholders must consent to the company striking off and a letter of consent must be obtained from each individual shareholder.

A private limited company is well-known to be one of the most common entity types selected by Singaporean entrepreneurs.

Advantages of setting up a private limited company

This is because there are many benefits of setting up a local company as a private limited such as limited liability. This means that an entrepreneur’s personal finances and assets can’t be seized if the private limited company is unable to pay its debts. The company’s officers (i.e. the directors and shareholders) are not affected by the private company’s debts and liabilities

Also, a private limited company has the ability to have many shareholders. In fact, a private limited company allows business owners to have up to 50 shareholders! Lastly, setting up a local company in Singapore as a private limited company gives the new business a status that will make it easier to raise capital.

Regarding taxes, a private limited company is considered to be a tax resident. This is regardless of the nationality of its directors. This also means that private limited companies set up by foreigners are eligible to local tax exemptions and incentives,. All profits of local companies are taxable at 17% flat rate . This is the corporate income tax. Dividends will not add on to the local company’s shareholders’ personal taxes. But to encourage entrepreneurs to start companies, private limited companies are eligible for a private tax exemption for the first three years from their incorporation date. This is only applicable for companies set up from the year 2020 and onwards.

Disadvantages of setting up a private limited company

All private limited companies must comply with the Singapore Companies Act. Failure to comply with requirements such as filing annual reports may result in fines or imprisonment for the company directors. In addition, there’s a lot more paperwork required when setting up a private limited company. It takes longer in comparison to setting up a sole proprietorship. There is also a higher maintenance cost, such as secretarial fees and compliance fees. These fees will be incurred when you register a private limited company in Singapore.

It is mandatory for companies to give Singaporean employees CPF. CPF is a government retirement scheme. Note that there are different payroll and CPF guidelines for Singaporean and foreigner employees. If you are paying an employee by an hourly wage, it is important to keep a record of employee payroll for claim submissions. You need to keep all work shift attendance and leaves taken by your employees.