The process of company incorporation in Singapore consists of a few key steps that need to be taken in order to successfully incorporate a company in Singapore.
- The first step is to submit the required paperwork to the Accounting and Corporate Regulatory Authority (ACRA). This includes the Articles of Association, Memorandum of Association, and other required documents.
- Once the paperwork has been submitted, it will be reviewed by ACRA. If everything is in order, they will issue a Certificate of Incorporation.
- The next step is to open a corporate bank account. This can be done at any local bank.
- The last step is to apply for a business license from the relevant authorities.
Here at JSE Offices, we will take care of the entire process from start to finish, ensuring a smooth and quick process.
One of the main requirements for company incorporation is the appointment of a local resident Director, who will be responsible for the management of the company and compliance with Singapore’s laws and regulations. This can be a Singapore citizen, Singapore Permanent Resident, who holds a valid employment pass or entrepreneur pass issued by the Ministry of Manpower.
It is also mandatory to have a registered address in Singapore, which will be the official address of the company and the location where the company’s books and records will be kept. As part of the incorporation process, it is necessary to appoint a company secretary, who must be a resident of Singapore and can be a natural person or a corporation.
After the incorporation application has been submitted, the ACRA will typically take around 1-2 working days to process the application and approve the incorporation, provided that all the information and documents submitted are in order. Once the incorporation is approved, the company will be issued with a unique entity number (UEN) and will be considered a legal entity.
In addition to incorporating a company, there are also a number of other tasks that need to be completed, such as registering for taxes, obtaining the necessary licenses and permits, and opening a corporate bank account. These tasks can typically be completed within a few weeks, and can be done with the assistance of a professional services firm or a corporate services provider.
Finally, it’s important to note that Singapore has a low corporate tax rate of 17%, making it a popular country for many to setup their business and incorporate their company. Singapore also has a transparent and well-established legal system and good reputation as a business hub, making it an attractive location for foreign companies to incorporate and expand their businesses.