Handy Checklist Foreign Entrepreneurs Need for Incorporating a Company in Singapore

Accounting, Audit and Assurance Firm in SingaporeHomeResources @ Precursor › Handy Checklist Foreign Entrepreneurs Need for Incorporating a Company in Singapore

Incorporating a company in Singapore is a strategic decision for foreign entrepreneurs, offering numerous growth opportunities. The country's robust economy, favourable tax policies, and strategic location make it an ideal hub for business operations. This comprehensive checklist will guide you through the essential steps and requirements to ensure a smooth and successful incorporation process, helping you navigate regulatory requirements and leverage the advantages of setting up your business in one of the world's most business-friendly environments.

1) Choose the Type of Company

A foreigner can choose from different types of Singapore company incorporation. Ensure you know which one you will adopt (based on your needs and requirements). Below are the different types you can choose from: 

  • Private Limited Company
  • Branch Office
  • Subsidiary Company

2) Appoint a Resident Director

According to the Singapore Companies Act, a minimum of one resident director (a resident is defined as a Singapore Citizen, a Singaporean Permanent Resident, or a person who has been issued an Entre-pass, Employment Pass, or Dependent Pass) is mandatory. Directors must be at least 18 years of age and must not be bankrupt or convicted for any malpractice in the past.  

3) Reserve Your Company Name

Your company name must be approved by the Accounting and Corporate Regulatory Authority (ACRA) before incorporation. Ensure the name is unique and adheres to Singapore's naming guidelines.

4) Secure a Registered Business Address

To register a Singapore company, you must provide a local Singapore address as the registered address of your company. The address must either be a commercial or a home office address, subject to approval by the authorities. 

5) Obtain a Work Pass

If you plan to relocate to Singapore, you are required to secure an Employment Pass or Entrepreneur Pass. Once you have obtained your work pass, you can act as the local resident director of your Singapore company.  

6) Determine Shareholders

A Singapore private limited company can have a minimum of 1 and a maximum of 50 shareholders. A director and shareholder can be the same or a different person. The shareholder can be a person or another legal entity such as another company or trust, with 100% foreign shareholding is allowed. The minimum share capital is $1 SGD. Make sure to plan your company's share allotment procedure before going for company incorporation in Singapore. 

7) Engage a Qualified Professional Firm

Singapore's law does not allow foreign individuals or entities to self-register a company. It is mandatory to engage a qualified professional firm to assist you in the process of registering company in Singapore. This part is extremely crucial.  It’s Important to understand that the firm you hire for your company incorporation should be able to deliver high-quality incorporation services and choosing a wrong company can cause serious business and personal losses. 

8) Prepare Required documents

You must submit a set of documents to the company registrar when incorporating your Singapore company. These documents will be collected from you by your incorporation provider:

  • Non-residents: Copy of passport, overseas residential address proof, and other Know-Your-Client (KYC) information such as a bank reference letter, personal and business profile and other essential identification documents.
  • Singapore residents: Copy of Singapore identity card.
  • Corporate shareholders: Copy of registration documents such as Certificate of Incorporation and Constitution.

What If You're Missing Requirements?

While there is no way you can bypass above items in order to successfully register a company in Singapore, a qualified Singapore company incorporation firm can help you in the entire process end-to-end and ensure you have everything available to you, including trusted local nominee director, share allotment consultancy, registered Singapore address and  company constitution formulation.

You must choose the incorporation provider carefully to ensure a safe and smooth company incorporation in Singapore.

Precursor has years of experience, a panel of company incorporation experts and numerous satisfied clients testify to the highest quality, up-to-mark company incorporation services in Singapore that we provide.

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We'll be happy to help in registering your company in Singapore as well as answer any questions that you might have. Your business' success is our priority.

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