Well, the cost of company registration in Singapore comes to S$315. Anyone, a Singaporean citizen or a foreigner, 18+ years in age can opt for registration of a company in Singapore. Most importantly, Singapore Company Law allows 100% foreign ownership of a company.
For the registration of a company in Singapore, you will need to approach ACRA, the Company Registrar of Singapore. The process consists of only 2 easy steps. Usually, it takes only 1-3 days for company registration in Singapore.
Cost of Company Registration in Singapore
The process is transparent and free of bureaucratic hurdles and red-tape. Appointing a registered filing agent, like SBS Consulting, is an easy way of making the task hassle-free.
Before you initiate the process, make sure to fulfil the following pre-incorporation requirements:
Minimum initial paid-up capital of S$1
Shareholders 1 - 50
At least 1 local/resident director
At least 1 company secretary
Registered local address for the company office
Shareholder
You or a group of individuals and companies can be the company shareholders.
Local or Resident Director
At the time of company registration, you must have at least one local or resident director. Foreigners need to employ a Singaporean or a Permanent Resident as the resident director of their company. A foreigner holding an EntrePass can be the local director.
Alternatively, you can appoint a nominee director employed by a provider of services for company registration in Singapore. The charges differ from provider to provider.
Company Secretary
As per the Company Law of Singapore, you have to employ at least one company secretary within 6 months from the company's incorporation. The company's directors can act in this capacity. However, a sole director cannot be a company secretary.
Alternatively, you can retain a firm providing company secretary services in Singapore. Their charges differ depending on the scope and extent of the services that you need.
Registered Local Address
At the time of registration of your company, you need a local registered address for company office. If you do not have it, you can pay for and use the registered address service for the purpose.
Initiating Process for Registration of a Company in Singapore
Register a Company Name
Search for the availability of company name by visiting ACRA's BizFile+ portal. Your agent can do it and register the available company name with ACRA for 60 days. They will pay ACRA fee is S$15.
Apply ACRA for Registration of Company in Singapore
Submit your incorporation documents to your agent. Their experts will apply to ACRA and submit the documents to form your company. They will also pay ACRA's fee of S$300
It takes ACRA 1-3 days to process the application and send an email containing Certificate of Incorporation, Unique Entity Number, business profile, and other details.
Documents for Incorporation of Singapore Company
You need to submit the documents listed below to your agent.
Approved Company name
Description of business activities
Registered local address
Particulars of shareholders, directors, company secretary
Foreign Individuals: a copy of passport & proof of residential address (overseas)
Foreign Companies: Memorandum & Articles of Associations, Certificate of Incorporation
Singapore Residents: A copy of their Singapore ID
Post-Incorporation Costs
After successfully registering your Singapore company and send for company seal and stamp
Find out if you need any business permits and licenses. Apply, pay fees and get them before starting your business activities
You will also need to hire an accountant or an accounting service to ensure your compliance
You will need to take out business Insurance
A well-built business website is essential to establish your online presence
You will need to pay rental deposits and rent for office space and warehouse
If you have rented a physical office, you will need business equipment and furniture. Depending on your business needs, you may have to spend on the renovation
You will need utilities for your office
As you can see company registration in Singapore is a straightforward process. You can further simplify it by employing an experienced provider of Singapore company registration services.
When you are ready to start a business, you need to look at the cost of setting up a company in broad terms. You will realize the, a transparent and pro-business jurisdiction like Singapore is a much better option.
It offers you, the startup environment, lower tax rates, political stability, and a healthy economy. The country has invested in communication networks for better connectivity with the outside world, world-class infrastructures like airports and harbours. It also gives you multiple options to finance your business.
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