The Process of Company Incorporation in Singapore: A Step-by-Step Guide

Singapore is a thriving business hub in Asia, with a well-established legal framework and business-friendly policies. It is a popular destination for entrepreneurs and investors looking to set up a company in the region. The process of company incorporation in Singapore is straightforward and relatively fast, taking just a few days to complete. In this article, we will provide a step-by-step guide to the process of company incorporation in Singapore.

What Company you want to Incorporate?

The first step in the process of company incorporation in Singapore is to decide on the type of company you want to set up. The most common types of companies in Singapore are private limited companies, sole proprietorships, and partnerships. Private limited companies are the most popular choice for entrepreneurs and investors, as they offer limited liability protection and are the easiest to set up.

Choose a Company Name and Register with ACRA

The next step is to choose a name for your company and register it with the Accounting and Corporate Regulatory Authority (ACRA). The name of your company must be unique and not already in use by another company. Once you have chosen a name, you can submit an application to ACRA to reserve the name for 60 days.

Prepare the Necessary Documents

After you have registered your company name with ACRA, you need to prepare the necessary documents to incorporate your company. These documents include the Memorandum and Articles of Association (MAA), which outlines the purpose of your company and the rules governing its operations, and the Form 45, which contains information about your company’s directors, shareholders, and company secretary.

Appoint a Company Secretary

Under Singapore law, every company must have a company secretary within six months of incorporation. The company secretary is responsible for maintaining the company’s statutory registers, filing annual returns, and ensuring compliance with Singapore’s laws and regulations.

Register Your Company with ACRA

Once you have prepared all the necessary documents and appointed a company secretary, you can submit your application to register your company with ACRA. The registration process typically takes just a few hours, and you will receive a confirmation email once your company has been successfully registered.

Open a Corporate Bank Account

After you have successfully registered your company, you need to open a corporate bank account. Most banks in Singapore offer corporate banking services, and you can choose the bank that best meets your company’s needs.

Apply for Licenses and Permits (if applicable)

Depending on the nature of your business, you may need to apply for licenses and permits from government agencies in Singapore. For example, if you plan to operate a restaurant, you will need to apply for a food and beverage license from the National Environment Agency (NEA).

Setting up a company in Singapore is a straightforward process that can be completed in just a few days. By following the steps outlined in this article, you can ensure that your company incorporation in Singapore is a smooth and hassle-free process. Remember to choose the right type of company, ask ACRA set up company, prepare the necessary documents, appoint a company secretary, register your company with ACRA, open a corporate bank account, and apply for licenses and permits if applicable. With careful planning and attention to detail, you can start your business in Singapore with confidence and ease.