How to Register a Company in Singapore in 10 Simple Steps

How to Register a
Company in Singapore
in 10 Simple Steps
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Singapore Company Registration Specialists
YOUR GUIDE TO DOING BUSINESS TO SINGAPORE
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Singapore has consistently topped the World Bank’s “Doing Business” report that tracks and scores the indicators
of the ease of doing business in over 190 countries of the world.
Particularly, Singapore’s score for indicators measuring the ‘ease of starting a business’ has always been
remarkably high. It is mainly attributable to factors such as quick and easy online registration, the S$1 minimum
paid-up capital requirement and low registration fees. The Accounting & Corporate Regulatory Authority (ACRA)
supervises the process for company registration in Singapore. The following article is an overview of the ten
simple steps to register a company in Singapore.
Step to Register a Company in Singapore
Copyright © 2019 Rikvin Pte. Ltd. | All Right Reserved Last updated Sep 2019 | 1
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Before you register the business, it is essential to choose the legal structure that is ideally suitable for the nature
of your business and would maximize the tax benefits. As a Private Limited Company entity type involves higher
registration cost and complex compliance requirements after registration, first-time entrepreneurs must carefully
consider the implications of choosing to register a business as a private limited company. It is not prudent
to absorb a compliance obligation and cost structure that is disproportionate to the scale of risks involved or
incomes generated by the business.
Naming your business is undoubtedly an exciting experience. While you may
seek suggestion from your associates and well-wishers, choose a name that
is relevant to your business in the long run. You have to be mindful of the fact
that ACRA will decline registration of names that are undesirable, or identical
to any registered to reserved name, or unacceptable as per the direction of
the Minister.
Sole Proprietorship will fit a small business that is less risky and typically operated by the owner himself; as
this would have minimal post-registration compliance obligations, the compliance cost is also minimal. However,
if the business relies on pooling of funds or other resources by two or more partners who would like to limit their
liability, then a Limited Liability partnership would be an ideal choice. Notably, the chargeable profits of these two
types of entities would be assessed as the income of the owners and subjected to personal tax rates.
A Private Limited Company is the common choice for businesses that have considerable risks, long-term
plans, and high profits. This entity type limits the liability of the shareholders to their subscribed share capital,
allows the entity to access tax concessions, conveys a credible image and increases the potential to attract more
investors or access more financing options. However, the ongoing compliance cost is higher compared to that of
a Sole Proprietorship or a Limited Liability Company.
After you have come up with a list of potential names, check if they are available. It is likely that the names are
already reserved or registered by some other company or individuals. This name-checking step will help you to
identify and shortlist the names on your list.
Step 1: Finalize the Entity Type
Step 2: Choose, Check, Reserve and Register a Company Name

The following items must be ready before proceeding with the registration process.
●● ACRA approved company name
●● Brief description of business activities.
●● You need to appoint a minimum of one resident director in your company – the personal identification and
address details.
●● You can have anywhere between 1-50 shareholders – the personal identification and address details
of each of the shareholders. In the case of corporate shareholders, the certificate of incorporation and
Memorandum andArticles ofAssociation. In the case of foreigners, their passport and overseas residential
address proof, and other Know-Your-Client (KYC) information such as a bank reference letter, personal
and business profile, etc.
●● You need a local registered address for the company office in Singapore.
●● You need to appoint an ordinarily resident person as a Company Secretary within six months from the date
of company incorporation. In the case of a sole director, the director cannot act as a Company Secretary.
●● You need paid-up initial capital of minimum S$1.
Related link: Role of Singapore Resident Directors »
Upon approval of the name by ACRA, you may proceed to register your company. After submitting the duly
signed application form and all relevant documents and payment of the registration fees, the Registrar will
approve the registration within one working day in most of the cases. In some rare cases, the Registrar may
request additional information or documents.
Having shortlisted the name, your next step is to apply for the approval and reservation of the name with
the ACRA. The Registrar will generally approve the name quickly, the same day, if the name complies with
the guidelines and does not infringe any trademark or copyrights and does not require the approval of other
agencies. For instance, names that include words such as Banks, Finance, Funds, etc. need the approval of
other Monetary Authority of Singapore.
To avoid unnecessary delay, corporate service providers like us ask our clients to provide two other choices of
names in addition to their preferred choice.
Once approved, the name will be remain reserved for you for 60 days from the date of application. It is advisable
to complete the company incorporation within the reserved period. Nevertheless, you can seek for an extended
reservation of another 60 days by filing a request.
You may check company names using our Singapore Company Name Checker Tool »
Step 3: Get Required Details Ready
Step 4: Register a Singapore Company
(https://www.rikvin.com/compliance/singapore-registered-office/)
Note:

(https://www.rikvin.com/incorporation/opening-a-corporate-bank-account-in-singapore/)
When the application of registration is approved, and the Singapore
company incorporation is successfully completed, ACRA will send an
official email notification to confirm it. The email notification includes
the company registration number and is treated as the official Cer-
tificate of Incorporation in Singapore, and no hard copy is issued.
However, if you need one, you can make an online request to ACRA
after incorporation by paying S$50 per copy. Hard copy Certificates
of Incorporation can be collected from the ACRA office the day after
filing the online request.
The Registrar also has a Business Profile created for your company upon incorporation. The Business Profile is
a PDF document that has the following information:
●● Company name and registration number
●● Previous names for the company, if any
●● Incorporation date
●● Principal activities
●● Paid-up capital
A copy of this can be requested online from ACRA by paying a nominal fee. The copy of the Certificate of
Incorporation and a copy of the Business Profile are the two commonly requested documents for purposes of
contracts and other transactions.
Related Article » What is a certificate of Incorporation?
●● Registered address
●● Shareholders details
●● Directors details
●● Company Secretary details
Step 5: Issue of Certificate of Incorporation
After incorporation, the company must ensure that the following are in place
●● Share certificates for each of the shareholders
●● Share register indicating shares allotted to each of the shareholders
●● Company seal for the company
●● A rubber stamp for the company
Step 6: Post Incorporation Formalities

(https://www.rikvin.com/faq/what-are-the-requirements-to-register-for-gst/)
A corporate bank account is the most fundamental requirement for any
business to commence its operations after its successful incorporation.
As an international financial centre, Singapore has a wide choice of
banks, including all leading international and regional banks. However,
foreigners should take note the most of the banks require the physical
presence of the principles. Due to the stringent international regulatory
regime, such as FATCA, AML and CFT guidelines, some banks are
inflexible; therefore it is advisable to be physically present to shop
around for the bank that renders the best service. For those who are unable to be physically present, we can
try to facilitate the opening of the bank account. Typically, the following documents are needed for opening a
corporate bank account.
●● Completed Corporate Account Opening Forms signed by authorized signatories.
●● Board of Directors Resolution sanctioning the opening of the account and the signatories to the account.
●● Certified True Copy of Resolution approving the opening of the account and the signatories to the
account – almost all banks have standard forms.
●● Certified True Copy of Certificate of Incorporation – certified by the company secretary or one of the
directors.
●● Certified True Copy of Company’s Business Profile from Company Registrar – certified by the company
secretary or one of the directors.
●● Certified True Copy of Company’s Memorandum and Articles of Association (MAA)- must be certified by
the company secretary or one of the directors.
●● Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of the Directors,
Signatories, and Ultimate Beneficiary Owners.
Step 7: Opening a Corporate Bank Account
A Certificate of Incorporation does not amount to a license to operate
a business. Certain business types need special licenses. Companies
operating in Food and Beverage, education, financial services or those
such as employment agencies and trading companies require special
licenses to operate. The company, after incorporation, must make an
application for the license with the relevant government agencies.
Certain cases may involve more than one license.
If the projected annual revenue of your company exceeds S$1 million, you need to register for the Goods
and Services Tax (GST) with the Inland Revenue Authority of Singapore (IRAS). GST-registered companies
need to charge this tax to their clients on the goods and services supplies and remit this amount to the tax
authorities. GST-registered companies can also claim the input tax or the GST paid on their purchases or
procurements. However, if the annual revenue of your company is not projected to exceed S$1 million, you
need not register for GST.
Step 8: Obtain a Business License
Step 9: GST Registration

We make it easy for you to start your business in Singapore.
Page 5
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Singapore registered companies are required to prepare annual
financial statements in accordance with the Financial Reporting
Standards of Singapore. In addition, they need to declare the revenue
amount and Estimated Chargeable Income (ECI) by filing the ECI
form with Inland Revenue Authority of Singapore (IRAS) within three
months of the Financial Year End for the company. Besides filing
annual tax returns with the IRAS, a company is also required to file
annual returns with ACRA within one month of holding its Annual
General Meeting, which is to be held once every calendar year.
To avoid prosecution and penalty by authorities in the event non-compliance, it is advisable to appoint a
corporate service provider to promptly fulfill these annual filing and ongoing compliance obligations soon after
incorporating a company.
To learn more, please visit our
Information about Background Checks Prior to Singapore Company Incorporation »
Step 10: Annual Filing Requirement and Ongoing Compliance
(https://www.rikvin.com/compliance/annual-filing-requirements-with-acra/)

+65 6320 1888
+65 8699 8821
info@rikvin.com
rikvin.com
The information contained herein is intended for general information purposes
only and shall not be regarded as professional advice. Readers are therefore
advised that before acting on any matter arising from these notes, they should
discuss their particular situation with the Firm. No liability can be accepted for any
action taken as result of reading the notes without prior consultation with regard
to all relevant factors.
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