An approved name will be reserved for 60 days from the date of application. You can extend the name for another 60 days by filing an extension request just before the expiry date. There is no requirement that directors have to be shareholders as well.
Branch Office
Paid-up capital (or share capital) can be increased anytime after the incorporation of the company. Well, your business structure will depend on the following factors. Each business structure will have its own pros and cons, so it’s up to you to decide which one will meet your needs. Like a typical company, you just need to decide what type of legal entities you need to register.
Incorporate your company and get an Osome corporate secretary to ensure you comply with laws and regulations from the get-go. The ACRA will also need this information before you can register your company. But while Singapore boasts a welcoming business climate, the country’s authorities strictly follow procedure. You must complete a few essential (and compulsory) steps to get set up. The World Bank has listed Singapore as one of the most business-friendly countries for many years now.
When setting up your company, you need to choose the type of company structure that best suits your needs. But you must consider it carefully, as it will dictate how your business is governed. Yes, it is mandatory to appoint a qualified company secretary within six months of incorporation. Get more information on the documents required and the process of applying for an EntrePass here or consult our visa experts. The Ministry of Manpower (MOM) gives entrepreneurs an opportunity to obtain an EP once they have incorporated a company in Singapore.
- New shares can be issued or existing shares can be transferred to another person after the company has gone through the incorporation process.
- Limited liability does not apply to a sole proprietorship or partnership.
- As LLP, owners have the flexibility of operating as a partnership but also enjoying the benefits of a corporate structure like a Pte Ltd.
- And at corporate tax rates if the partner is a corporate body.
- Public limited companies are also listed on the stock exchange when they meet the requirements and desire to do so.
How to get a business certificate in Singapore?
It is also the most common and preferred type of business compared to limited liability partnership (LLP) or sole proprietorship (SP). It can have a maximum of 50 shareholders, offering benefits like corporate tax exemptions and access to various government schemes and incentives for business growth. Shareholders of a private limited company can be other companies, individuals, or a mixture of both. Unlike sole-proprietors and partnerships, owners of companies have limited liability. Companies are separate and distinct legal entities from their owners.
We have offered at a glance the various business structure options available to entrepreneurs and foreign companies below. To delve deeper into these options, feel free to read our guide Types of Business Entities in Singapore. Once you have chosen your company name, address and have your constitution ready for submission, you can proceed to fill in the other details required on BizFile+. Other key information investment alpha includes company shares details, as well as the particulars of the directors and company officers. If you wish to use residential address as business address, you are advised to check with respective authority. Eligible flat owners/occupiers must seek prior approval from HDB, and owners of private residential property must seek prior approval from URA.
Company registration – additional considerations for foreigners
ACRA, a statutory board under Singapore’s Ministry of Finance, serves as the national regulator for business entities, the differences between managerial and financial accounting public accountants, and corporate service providers in Singapore. Here is a checklist of all essential requirements to register a Singapore company. The cost of registering a Singapore company includes a government fee of SGD 315, along with the service fees from your chosen corporate service provider in Singapore. Typical services provided by your corporate service provider may include annual company secretarial services, nominee local director, registered address, accounting, and tax filing.
A secretarial service will flatten the learning curve of running Singapore companies. The corporate service providers will keep you compliant without running the admin yourself. To help expedite the company incorporation, plan ahead by ensuring that all your documents are in order and that you have addressed any potential issues beforehand. Proper preparation can significantly how to make a healthy homemade protein shake reduce the risk of delays and streamline the registration process.