A Private Limited Company (limited by shares) belongs to legal business entities. It is separate from its shareholders and directors. Regardless, the company registration process is easy.

Pros
– Shareholders of a Private Limited Company are not liable for any company debt beyond their share capital
– The corporate income tax is between 0% and 17%
– Newly established Singapore-registered companies can qualify for a few tax exemptions
– Shareholding can be either local or foreign
– The company can own property in its name

Cons
– The Singapore Companies Act allows a maximum of 50 shareholders for every Private Limited Company
– Shares are not made available to the public

Step 1: Get your company name approved

The first step to registering a company in Singapore is to reserve your company name via ACRA’s online business filing portal, Bizfile+. Check your company name is available before you do this by using the business entity search tab on the ACRA website. To avoid any disputes in the future, your company name cannot be identical to an existing name or trademark.

When you submit a name application, you will need to specify your business activities by selecting the most relevant Singapore Standard Industrial Classification (SSIC) code.

Once your application is approved, you must complete your company incorporation within 120 days. If not, you will have to start the process from the beginning and pay the S$15 company name registration fee again.

Step 2: Prepare your documents

Company Constitution. You can adapt the standard Singapore company constitution that ACRA recommends. This document outlines your Memorandum of Association and your Articles of Association to determine the structure of your company, shareholder agreements and how your business will be governed.

Consent from each company director
Consent from the company secretary
Declaration of the company’s controllers
Step 3: Submit application to ACRA and pay the S$315 fee

Take note of the following before submitting your company incorporation:

For Singapore residents. When you have all the required documents, log in to Bizfile+ using your Singpass to submit your application. Under the eServices menu, navigate to “Local Company” followed by “Start a New Local Company”. Click on “Application for New Company Name” and complete the form. You will need to provide the transaction number of your approved name application to proceed with incorporating a local company. Once your incorporation application has been approved, BizFile+ will email the appointed officers (e.g. directors, shareholders and company secretary). All appointed officers must endorse their appointments in BizFile+ within 60 days from the date of the email to complete your company registration.
For non-residents. Foreigners without a Singpass will need to use a registered filing agent to submit the company name and incorporation applications on their behalf. To ensure your business meets legal requirements, Osome’s company incorporation and accounting include your nominee director, company secretary and registered Singapore address in one package.

We’ll ask you for this information:

Company name
Directors’ particulars
Shareholders’ particulars
We’ll provide the following:

Corporate Secretary particulars
Nominee Director particulars (if required)
Local address (if required)
Company Constitution

Before operating a business in Singapore, you need to register your company with ACRA. The first thing you need to do is choose a company name and submit your application through Bizfile+. The name cannot be the same as the name of existing companies. You can check this on BizFile+ portal too. The fee to register a business name is $15.

After your company name has been approved by ACRA, it will be reserved for 120 days. You will need to register your business or incorporate your company within this time, otherwise, the name will be released and will be made available for other companies to register.

The cost to start a company in Singapore is low. The initial capital required is S$1. Later on, you can inject more funds into the business. Just notify the authorities when this happens.

It’s also legal to issue shares without first receiving money from shareholders. Just make sure these amounts are paid in. Or, indeed, simply wait until you have the capital before issuing shares.

You must have at least one shareholder to register a Singapore company. The maximum number for a private company is 50. ACRA requires a Memorandum of Association to specify share capital amounts and equity (among other things).

Memorandums of Association have a general structure. It’s a good idea to strictly adhere to this structure to avoid problems in the future.

Singapore’s corporate tax structure rewards enterprising companies through tax incentives and grants. The country has a single-tier tax system, so businesses are only taxed on company profits but do not tax dividends issued to shareholders.

Similarly, Singapore does not tax capital gains and most types of foreign-sourced income. The extensive network of Avoidance of Double Taxation Agreements (DTAs) and Unilateral Tax Credits allow Singapore companies to limit or eliminate taxes on foreign-sourced income.

Singapore’s headline corporate tax rate is 17%. However, due to numerous tax incentives and tax breaks, the effective tax rate for most Singapore companies is much lower. The personal tax rate ranges on a progressive scale from 0% to 22%.

Yes, all Singaporean companies must have a local registered address. It cannot be a P.O. box. All of the statutory documents for your business should be kept here.

If you don’t want an office space or aren’t residents in Singapore, it is easier to use your nominee director’s address. You can keep all your relevant documents at this address, too.

You can also use your residential address as your company address, as long as your business does not disturb your neighbours. You may also need additional approval, which might delay your registration.

If you don’t have an office address, use our service. We handle your incoming letters and scan and store them in your Osome account, giving you easy access to all your documents.

Yes, of course! A foreigner can register a company and own its 100% shareholding without facing any difficulties.