Instructions for preparing company incorporation documents in Singapore

Follow our comprehensive instructions for preparing company incorporation documents in Singapore, ensuring a smooth and compliant registration process for your new business venture. Singapore, Asia’s business paradise, is beckoning global entrepreneurs. As one of the world’s leading financial centers, the lion island nation is not only attracted by its modern transportation system and high quality of life, but also by its transparent, stable and promising business environment. Establishing a company in Singapore, you will not only have access to a potential domestic market but also open up opportunities to enter major markets in the region and around the world. A tight legal system, modern infrastructure, preferential tax policies and enthusiastic support from the government are the factors that make Singapore particularly attractive. To start your business journey here, preparing complete and accurate documents is the first and extremely important step. Viet An Law will provide you with the preparation of company establishment documents in Singapore.

Instructions for preparing information for company formation in Singapore

To incorporate a company in Singapore, you need to apply to the Accounting and Organization Regulatory Authority (ACRA). Both domestic and foreign businesses must comply with the same incorporation process.

Note:

• If you are a foreigner, you cannot register a company in Singapore on your own. You need to hire a licensed unit.
• You may need to apply for a work visa or Singapore permanent residence card to work in Singapore.

Before applying to ACRA to begin the process of setting up a private company in Singapore, you must meet the following requirements:

• At least one shareholder: The shareholder can be an individual or another company. You can have more than one shareholder. A maximum of 50 shareholders are allowed for a private company in Singapore. Note that for a 100% foreign-owned company, all shareholders can be foreigners.
• Minimum charter capital of S$1: Just S$1 is enough to start a business in Singapore. Then, if necessary, you can raise capital and notify the registered company to increase the capital contribution.
• At least one local or resident director: As long as a Singapore company has at least one resident director in Singapore, Singaporeans and resident foreigners are eligible to serve as directors.
• At least one company secretary: You must have a company secretary resident in Singapore to prepare all the necessary documents and ensure compliance with the regulations and the process for filing the company incorporation application.

Naming your company is an important step. You need to choose a name that is unique, impressive, and suitable for your business.

• Name suggestions: Prepare a list of 3-5 company names that you want to name.
• Check: Viet An Law will conduct a check of these names on the system of ACRA (Organization and Accounting Regulatory Agency).

How to apply for company incorporation in Singapore

Once the company name is approved, you need to prepare, sign, and submit the following documents to ACRA:

• The company’s charter includes the following information:
  • Approved Company Name
  • Information about company profile and business activities
  • Address of the registered office
  • Information about shareholders, directors, company secretary and type of business
• Written commitment to agree to be a director of the company (if the company has more than one director, it is necessary to prepare one copy for each person)
• Documents on the appointed company secretary
• Copies of consular legalized personal legal documents and notarized translations

Providing the above documents to Viet An Law, we will proceed with the company incorporation procedure through ACRA’s BizFile+ portal.

Guide to post-incorporation procedures in Singapore

Usually, ACRA will process your application within 1-3 business days. However, in some cases, the case may be transferred to a higher authority for review and decision. If this happens, the approval process can take up to two months.

Receive Certificate of Incorporation

Once your application is approved, you will receive a notification of the establishment of the company via email. This notice includes your business identification number (UEN) and company name. You can use this e-notification as a certificate of incorporation in Singapore.

What to do after setting up a company

After obtaining the certificate of incorporation, you need to carry out some of the following procedures to put the company into operation:

• First board meeting: Shareholders need to hold a meeting to approve important decisions such as the appointment of directors, auditors, company secretary, and the decision to open a bank account for the company.
• Issue share certificates: The company secretary will issue stock certificates to each shareholder to confirm their ownership.
• Company seal: You need to apply for a company seal to affix the seal on official documents.
• Open a bank account: You need to travel to Singapore to open a bank account for your company. This helps you manage your company’s cash flow effectively and clearly distinguish between personal assets and company assets.
• Apply for a business license (if needed): Depending on the type of business, you may need to apply for additional licenses or practice certificates from the competent state agencies.
• Buy business insurance: It is recommended to buy business insurance to prevent risks that may occur during operation.
• Business classification: You need to select the appropriate business line code according to the Singapore classification (SSIC) to accurately describe the company’s operations.

If you need assistance in setting up a company in Singapore, please contact Viet An Law Firm for quick support!