Company Incorporation Services In Singapore

+ What are the requirements for company incorporation in Singapore?

1. Business name

• Approval from the ACRA is required.

2. Shareholders

• A minimum of one to a maximum of fifty

• A shareholder can either be a person or a corporate entity

• The shareholders can either be local Singapore residents or foreigners

3. Directors

• One or more directors appointed for your company
• Individuals need to be at least 18 years old
• Minimum of one director who lives in the country
• If there is not a single director who is a Singapore resident, the director must be an Entrepreneur Pass or Employment Pass holder

4. Secretary

• Must be a local resident
• You would need to have a secretary within the first 6 months of incorporation

5. Paid-up capital

• A minimum of 1 Singapore Dollar is required
• Can be increased at any time after your incorporation

6. Registered address

• A physical local office address is required

7. Auditor

• There needs to be an auditor within 3 months of your incorporation date, unless your firm is exempted from audit

+ How to register a company in Singapore?

1. Choosing your business entity (Sole Proprietorship, Limited Liability Partnership or Private Limited)
2. Complete the Documents Required for registration
3. Open a bank account

+ How long does it take to complete the company incorporation process?

With Morrison Management, the process to complete the registration will take one to three working days. It mainly depends on how fast your shareholders and director can send over their personal documentation to the secretary to process.

The processes for registering your business include:

• choosing your company name,
• completing necessary documents,
• registering your business with ACRA,
• opening a bank account.

At Morrison, we provide company incorporation services. Feel free to contact us through email or our office number if you have questions.

+ How can I check if a company is registered?

Firstly, you would need to go to ACRA’s search platform and enter the name of the firm that you would like to check. Following this, you will receive the following information about the company: company name, office location, Unique Entity Number (EUN), and others.

+ Are foreign entrepreneurs allowed to set up a business in Singapore?

Yes, they are allowed to! Singapore is one of the top few countries in Asia for entrepreneurs when choosing a place to form a firm or further grow their business legally. This is due to tax benefits, friendly policies set by the government, a centralised location and an easy incorporation process.

Foreign entrepreneurs with employment passes can start their business registration. These employment passes allow foreigners in professional roles to work in Singapore. Foreigners must fill up their business registration before applying for employment passes. Their applications need to be approved by the respective authorities.

It is highly recommended that foreigners engage a corporate secretary firm such as Morrison, to help them with the process to prevent inconvenience or uncertainty. Hiring a professional service firm such as Morrison Consultants will prove a beneficial tool as foreign businesses start their work in Singapore. Our experience in the industry will help guide you towards a smooth integration process within Singapore, setting you up for success in the future.

+ How can I incorporate my company in Singapore?

Singapore allows you to incorporate a firm quickly and easily. Selecting your business model, registering your company with ACRA, and opening your corporate bank account are necessary steps to take in forming your business from scratch in Singapore. You have to think about the other factors involved in the formation of companies, such as – the company name, the number of directors and shareholders, registered office address, appointing a corporate secretary, resident director, auditor and much more.

If you wish to learn more about this process, we urge you to take advantage of our company incorporation consultancy services for Singapore to understand the intricacies of the steps required. As with most processes, understanding how to go about incorporating your business in Singapore is a key first step to take. After speaking with our experienced team about incorporation in Singapore, you can then choose to see if you would require our services further.

+ What does ACRA stand for and what do they do?

The Accounting and Corporate Regulatory Authority (ACRA) is the regulator for organisations, corporate service providers and public accountants. They aim to foster a trustworthy and lively business environment. Their role is to attain synergism between checking compliance with disclosure conditions and regulations of public accountants conducting contractual reviews.

Moreover, they are in charge of the administration of matters such as auditors, organisations and business name registrations.

Lastly, they are accountable for acting for the government on international registration and regulatory issues.

+ What is the reason for needing a Unique Entity Number (UEN)?

A Unique Entity Number (UEN) is a digit identification number given by Singapore’s government to all local organisations. Once you complete the Singapore company registration, you will receive your UEN.

Entities that can receive the UEN are local businesses, representative offices, limited liability partnerships, and communities. ACRA is in charge of giving a UEN to all organisations with limited partnerships, limited liability partnerships, foreign corporations and public accounting companies.

+ What are the necessary documents for the incorporation of a company in Singapore?

ACRA needs several pieces of information when incorporating your firm. These include your organisation’s name for registration purposes, a summary of activities, shareholders’ and directors’ details, and KYC (Know Your Customer) information. Moreover, you need to have the details of your share capital, your business’s constitution and a Business Address that has been registered.

Contact Morrison if you need help when piecing the right information to register for your firm.

+ What are the tax benefits when you incorporate of a company in Singapore?

There are several benefits in terms of taxation to promote company registration. These are the following tax benefits which make forming a firm an excellent idea:

New companies would be able to have 75% of their initial S$100,000 of corporate profits excused from the first three tax filing years.

Moreover, there is a further 50% tax exemption on up to a taxable income of S$100,000. Companies that are freshly registered would even benefit from partial tax exemption for an 8.5% tax rate on taxable income up to S$100,000 per year.

When it comes to shareholding, companies’ shareholders would be able to have the benefit of 0% tax for both capital gains and dividends.

Additionally, the Double Taxation Avoidance Agreements (DTA) with more than 50 countries like China and Japan signed by Singapore.

+ What are the different business models and companies when selecting company incorporation?

1. Sole Proprietorship According to ACRA, there are no partnerships in the business for sole proprietorships. As such, all profits would be gained by the owner. This means the owner would have to suffer risks if anything were to happen in the business. A sole proprietorship is not a legal entity apart from the business owner. Due to its unlimited liability, the owner is held responsible for all the business’s debts.

   To register a sole proprietorship in Singapore, you must be an Entrepreneur Pass holder, Singapore citizen, or permanent resident.

2. Limited Liability Partnerships (LLP) Limited Liability Partnerships allow companies to manage as partners while enjoying the benefits of a private limited firm. LLPs serve as independent legal entities. Partners are not held responsible for losses incurred by the business.

3. Private Limited Company The number of shareholders should not exceed 50 in private limited companies, and their shares are hidden from the public. Private limited companies’ business models have the most freedom. They enjoy limited liability, and their shareholders are not held responsible for debts which exceed the agreed shared capital. With that being said, a corporate bank account is needed. Additionally, you can reassign the company’s ownership.

+ What would happen after company incorporation?

The ACRA will provide you with a Certificate of Incorporation after company incorporation. Afterwards, you will be sent an email to authenticate your company registration. The Certificate of Incorporation consists of your business registration number in the form of a soft copy. For the hard copy, you can get it at SGD$50. Your business profile will be given to you. This profile now serves as the identity card for your new firm.

Additionally, you can create a corporate bank account. Upon successful completion of the company registration process, you would be able to create an account with all the Singapore banks available. Prepare your passport, national registration identity card (NRIC), evidence of directors’ address, ultimate beneficial owners, and signatories. Contact Morrison if you need help with opening an account.