Singapore Company Registration: Some Rules and How to Choose the Right Service Provider

Who Can Incorporate A Company In Singapore?

Anyone can be a company director and register a company in Singapore as long as he or she is at least eighteen years old and:

A local or Singapore citizen
A resident Singaporean or foreigner with a local address
A foreigner issued with an Employment Pass, Entrepreneur Pass, or Dependant Pass

Similarly, the company director must not be bankrupt nor have prior records of dishonesty.

What Are The Other Eligibility Requirements For Singapore Company Incorporation?

Company Director, Shareholder, and Company Secretary – A company must have a company director, at least one shareholder, and one company secretary. The company director can be the shareholder as well. However, it is recommended to have a separate shareholder, which can be a legal entity, trust, or another individual, as most financial institutions require two signatories. The company secretary must be hired within six months after the incorporation.

Business Name, Local Address, SSIC Code, and Other Licenses – It is important to provide a company name that is not identical to an already registered company or has been reserved by another entity. The to-be incorporated company must also provide a SSIC (Singapore Standard Industrial Classification) code that matches the company’s activity. A local address should be produced as your place of business. The premises must be first approved by the Urban Development Authority. The business name and the SSIC code can be checked and searched in ACRA’s website.  If your company deals with private schools and centers or video or game company, you must obtain necessary permits and licenses. Online Business Licensing Service or OBLS is a convenient website to get a license and permit for your business.

Where Do You Register To Incorporate A Company In Singapore?

Accounting and Corporate Regulatory Authority, more commonly known as ACRA, is an authorized organization under Singapore’s Ministry of Finance. As a statutory board, ACRA is responsible for regulating business entities and public accountants in the Republic.

Hiring a Consulting Firm for Singapore Company Registration

Foreigners who want to incorporate an existing business must hire a professional service firm to handle the company registration. Here are some tips on how to choose a professional consulting firm to register on your behalf.

Check for recent accomplishments. Look for a consulting firm with extensive experience on managing foreign company registration. Do a background research. Confirm prior projects with previous clients and inquire about how the consulting firm handled the job.

Fair pricing. Competition affects the cost of service, as well as the number of people who would be working for the job. Ensure that you are getting true value for your money. Make sure that the firm uses the latest technology needed for the job and that its staffs are well-trained and highly knowledgeable.

Identify if the culture and values of the professional firm matches your own. Working with a firm that does not match your company’s missions and values is hard, especially if their work goes beyond company incorporation. The firm and the company must share common goals, values, and be flexible enough to work with multicultural company.

Transparency. The firm must be able to provide detailed progress reports regarding the incorporation or other projects they are handling.

One-stop service provider. Find a professional service provider that is able to handle a wide range of services including Singapore company incorporation, restructuring, statutory administration, tax planning, Singapore accounting, manage immigration options, acquire necessary permits and licenses, and provide legal advice on company matters.

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