Guide to Company Incorporation Singapore

Singapore, also known as the Lion City, is truly a ferocious nation in terms of economy and technology. Despite being a small island in Southeast Asia, it has become a formidable giant in comparison to its neighbors. This is the primarily why investors around the world venture out in this country. If you are one of those individuals who wish to open company in Singapore, read further. We will provide you with a comprehensive guide to start your business.

Guide to Singapore Company Incorporation

Before Opening A Company In Singapore

1. Decide your business type

Basically, Singapore has four legal entities which establishments can register under. Among these vehicles, the Private Limited Company yields the most profitability, due to Singapore’s huge potential.

2. Name your business

No matter what kind of business you are running, deciding a business name for Singapore company formation is an important step in the business planning process. As it is part of your company’s branding, you need to ensure that it is properly registered and approved before Singapore incorporation. In general, new company names are approved or rejected within instantly. An approved name will be reserved for 4 months from the date of application for Singapore company formation.

Chai Chung Hoong, Account Manager of AI Accountant will assist you in Singapore Company Incorporation.

Singapore Company Formation

Documents required for Singapore company registration are as follows:

Approved company name
Short description of business activities
Details of shareholders
Details of directors
Registered company address
Company secretary particulars
Constitution

For those who are engaging the professional service firm for company incorporation Singapore, they usually require the copy of your personal identification document in order to prepare the necessary paperwork:

For non-residents: Copy of passport, proof of overseas residential address
For Singapore residents: Copy of Singapore identity card

A copy of officially-endorsed translated document is required for Singapore company formation if the original documents are written in non-English language. Company incorporation Singapore will take only a couple of hours within the filing of the Singapore incorporation request once the company name has been approved and incorporation paperwork has been duly signed.

After Singapore Company Incorporation

1.Email notification from ACRA

You will receive an official email notification from ACRA to confirm the status of incorporation. The email notification with the company registration number is treated as the official certificate of incorporation in Singapore. While securing a digital copy is possible, the department doesn’t necessarily issue a certification of incorporation through physical or hard copies as well. Still, you can contact ACRA via their website for this specific request. Of course, there will be a S$50 fee for each document copy. Moreover, you can get this certification as early as the next working day at the ACRA office.

2. Company business profile

The company business profile is usually available for download instantly after the request and contains the following key details:

Company name and registration number
Previous names for the company, if any
Incorporation date
Principal activities
Paid-up capital
Registered office address
Shareholders’ details
Directors’ details
Company secretary details

Both the email notification of incorporation and company business profile in Singapore are sufficient for all legal and contractual purposes, which include the opening of corporate bank accounts, signing of office leases, subscriptions to telephone/internet services, etc.

Although Singapore is one of the smallest countries in the world, its main economic indicators allow it to enter the world’s elite group. Singapore is very well-known in the investment community for its participation in global trade as one of Asia’s largest trading hubs. If you are expanding your business in Southeast Asia, open company in Singapore is always the one country that has a lot to offer.

Chai Chung Hoong, Account Manager

Chai Chung Hoong will assist you in all accounting related services, and help your company in digital transformation.