How to Register a Company in Singapore in Simple Steps

Starting a business in Singapore is an attractive option due to its strategic location, business-friendly environment, and robust legal framework. From selecting the right business structure to ensuring compliance with tax regulations, every step is vital to successfully register a company in Singapore.

This guide will provide you with a comprehensive walkthrough of the entire process, making it easier for you to navigate Singapore’s system for company registration.

1. Choose Your Business Structure

Before you start the registration process, decide on the type of business structure that best suits your needs. The main types of business structures in Singapore are:

• Private Limited Company (Pte Ltd): The most popular choice for entrepreneurs due to its limited liability, credibility, and ease of raising capital. It can have up to 50 shareholders.
• Sole Proprietorship: Owned by one individual, simple to set up, but with no distinction between the owner and the business.
• Partnership: Owned by two or more individuals, sharing responsibilities and profits.
• Limited Liability Partnership (LLP): Combines the features of a partnership and a company, providing limited liability to partners.

Source: Freepik

2. Select and Reserve Your Company Name

Choose a unique name for your company. The name must be approved by the Accounting and Corporate Regulatory Authority (ACRA). Here are some tips for selecting a name:

• Ensure it is not identical or too similar to an existing business name.
• Avoid names that are obscene or misleading.
• Check the availability of the name using ACRA’s online portal, BizFile+.

3. Appoint Directors and Shareholders

A Singapore company must have at least one director who is a Singapore resident and at least 18 years old. This can be a Singapore citizen, Singapore permanent resident, or someone with an Entrepass, Employment Pass. Furthermore, your company needs at least one shareholder, who can be an individual or a corporate entity.

4. Register a Local Address

You need a physical local address in Singapore to register your company. This cannot be a P.O. Box and will be used for all official correspondence.

5. Appoint a Company Secretary

Within six months of incorporation, you must appoint a qualified company secretary. The secretary must be a Singapore resident and cannot be the sole director of the company.

6. Determine Paid-Up Capital

The minimum paid-up capital required to register a company in Singapore is SGD 1. This amount can be increased after incorporation as needed.

7. Prepare Necessary Documents

The following documents for company registration:

• Certified true copy of latest ID/Passport of shareholders and directors
• Certified true copy of proof of latest residential address
• Certified true copy of Certificate of Incorporation
• Certified true copy of Constitution
• Certified true copy of Business Profile

8. Register Your Company with ACRA

Submit your application and the required documents online through BizFile+. Cost for Singapore company registration is S$315 and the process of company registration usually takes about 1-2 hours if all documents are in order.

9. Obtain Your Company Registration Documents

Upon successful registration, you will receive the following documents:

• Business Profile: This document provides key details about your company and is often required for opening a corporate bank account and other administrative tasks.
• Company Constitution (also known as the Memorandum and Articles of Association)
• First Board of Resolutions
• Post incorporation documents

10. Open a Corporate Bank Account

With your company’s business profile, constitution, and details of shareholders and officers, you can open a corporate bank account in Singapore.

11. Register for GST (If Applicable)

If your company’s annual revenue exceeds SGD 1 million, you are required to register for Goods and Services Tax (GST) with IRAS. Alternatively, voluntary registration is also an option if your revenue is below this threshold.

12. Obtain Necessary Business Licenses and Permits

Depending on your business activities, you may need specific licenses and permits from relevant authorities. Ensure you research and obtain all necessary licenses to operate legally in Singapore.

13. Set Up Accounting and Compliance Systems

Implement a robust cloud accounting system to manage your financial records. Consider using GST-compliant accounting software, Xero to streamline your processes and ensure compliance with regulatory requirements. Regular audits and accurate financial information are essential for maintaining compliance.

How Aura Partners Can Assist

Navigating the complexities of company registration in Singapore can be challenging. Aura Partners offers a comprehensive range of services to simplify this process:

• Company Registration: We handle all aspects of the registration process, ensuring compliance with ACRA requirements.
• Corporate Secretarial Services: Our experts manage your statutory obligations, keeping your business compliant.
• Tax Advisory Services: Our team handles tax services for both individuals and companies, ensuring compliance with all regulatory requirements. Additionally, we optimize tax efficiency and provide expert guidance for all your tax-related needs.
• Employment Pass Services: Our team assists clients with the entire process of obtaining Employment Passes, including eligibility assessment, application preparation, submission, and follow-up, ensuring a smooth and successful application experience.
• Accounting and Bookkeeping: We maintain accurate financial records, helping you avoid discrepancies.
• GST Registration and Compliance: We assist with GST registration and ensure ongoing compliance.

Contact Aura Partners today to learn how we can support your business journey in Singapore. Let us handle the complexities of company registration, so you can focus on growing your business.