How much does Singapore company incorporation cost?
Incorporating a company in Singapore can be done online through the BizFile+ portal, which is operated by the ACRA (Accounting & Corporate Regulatory Authority).
There are 2 charges to be aware of. The first is the S$15 fee for the name application, and the second is the registration fee, which costs S$300.
But it must be noted that the applicant needs a SingPass ID, which many foreigners do not have, meaning they cannot incorporate the company themselves. This is why most people who open a business in Singapore do so with the help of a corporate secretarial firm. In fact, many local Singaporians will still use a secretarial service, as they are professionals who can quickly, and successfully, handle the entire project.
Also, it should be noted that there will also be maintenance and administrative costs that your business must handle. Again, this is why most people choose to employ a secretarial service that can help manage the company incorporation process, as well as other relevant services.
How do I incorporate my company in Singapore?
Singapore is consistently ranked as one of the best countries in the world to run a business – one of the primary reasons is how easy the process is.
To start the formation of your company in Singapore, there are three main things you must do…
- Choose your business structure
- Register your company with the ACRA (Accounting & Corporate Regulatory Authority)
- Set up your corporate bank account
It should be noted that there are also other factors to be taken into consideration. Some of which include…
- The company name
- The number of directors
- The number of shareholders
- An appointed company secretary
- An appointed resident director
- An appointed auditor
- A registered office address
- And more
This is why it is usually recommended to employ a professional agency, like Korchina, that can guide you with your business registration in Singapore. This way you can focus on growing your business while we take care of all the administrative needs in a way that is fast, and efficient.
What requirements need to be met for Singapore company incorporation?
While Singapore is considered to be one of the best countries to start a business, there is still a formidable amount of paperwork and decisions that need to be done to get your company properly incorporated in Singapore.
Here are some of the most important things to take into consideration.
Company name – Naming your company is one of the most important first steps of company incorporation in Singapore. The name of the company needs to be approved before proceeding with the registration process. The name cannot be identical to another business’ name or trademarks – this includes being reserved by another company.
Directors – Both Singapore residents and foreign-resident persons can be directors of a company that is registered in Singapore, but the company must have at least one Singapore resident director.
Share capital – The minimum paid-up capital is quite low – you only need S$1. You will then have the option to increase your company’s share capital at any point in the future, simply by injecting additional capital.
Company Secretary – If you are registering a business in Singapore, you must appoint a qualified company secretary within 6 months. The secretary must be a natural person, as well as a resident of Singapore. Here at Korchina, we not only can help you with the administrative paperwork, but we can be your legal company secretary.
Shareholders – Companies registered in Singapore must have a minimum of 1 shareholder, and a maximum of 50 shareholders. Shareholders can be a natural person, or a corporate entity, and it should be noted that 100% foreign shareholding is allowed.
Registered Address – All registered Singapore companies are mandated to have a local registered address. This address cannot be a P.O box, and will be where the company will store and keep all of its statutory documents.
Can a foreigner be a director of a company in Singapore?
Yes, both foreign-resident persons and Singapore citizens can be directors, but the company is required to have at least one Singapore resident director.
In case you do not have a local director, we can provide a nominee director service per annum. Please contact us to learn more about our nominee director service, and our business registration services in Singapore.
Is it easy to start a business in Singapore?
Registering and incorporating a company in Singapore is fairly straightforward – but there are necessary requirements that are needed for registration.
This, coupled with ongoing administrative tasks, is why many people choose company formation services from Korchina. We have decades worth of experience setting up companies in Singapore, and know how to handle things quickly and efficiently, so you can focus on building your business.
What documents are needed to incorporate a company in Singapore?
Here is a list of the documents required to register a company in Singapore.
- Company name
- Shareholder information
- Director information
- Company secretary information
- Registered address
- Description of business activity and plan
By working with Korchina, you can leave all of this administrative information to us – we will prepare all of the necessary paperwork and documents.
If you are not a resident of Singapore, you will need to provide additional information and documents such as a copy of passport, and proof of your overseas address. You will also be required to provide KYC (Know Your Client) information which includes, but is not limited to, bank references, personal profiles, and business profiles.
Singapore residents will be required to provide a copy of their Singapore identity card.
Corporate entity shareholders will be required to provide a copy of registered documents, such as the constitution, and certificate of incorporation.
For more information about our company formation services in Singapore, please reach out to us today.