What are the Best Company Incorporation Service Providers in Singapore?

 

If you are opting for company incorporation in Singapore, you better outsource the task to a reputed agent. You could be a Singaporean or a foreigner; these professionals can help you immensely in starting your company.

You need to search for a reputable and experienced Registered Filing Agent. These are individuals or company incorporation services Singapore that can submit your details and the required fees to ACRA, the Company Registrar. The following is a list of providers that offer specialist services to set up your company in Singapore:

·         SBSConsulting Pte Ltd

·         JVKM Consultants

·         ACE Success

These firms employ incorporation experts who have the latest knowledge about the changes in the rules and regulations. This automatically streamlines the task.

These firms advise you on each step of the company incorporation process and the required documents that you will need to submit to them. You need to submit a list of 5-6 company names to them.

After you pay their affordable fees, the experts check for the availability of company name by visiting online portals made available by ACRA. If any name from the list is available, they pay the required fee and reserve it for your use for 60 days.

If due to any reason, you could not register your business, then they can apply to ACRA to extend the period by another 60 days.

If you are a Singaporean or a permanent resident, they will ask for a copy of your Singapore Identity Card to submit it to ACRA.

They will then apply to ACRA to register your Singapore company. The process takes only 1-3 days. The agent will get an email from ACRA on successful registration of your company.

There is a benefit of hiring an agent or a company incorporation services Singapore. If something goes wrong during the process and if your application gets rejected, these professionals can appeal to ACRA on your behalf and try to recover the situation. These professionals take the stress and anxiety out of the task.

How Should I Register a Company?

For young and experienced entrepreneurs, Singapore is a place to fulfil their dreams and make their presence felt in the market. If you are one such a dreamer, you need to know how to proceed with your company registration in Singapore.

As per the Singaporean Company Law, if you are a citizen over 18 years of age, you can self-start a company. However, if you are a foreigner, you need to hire an Agent for your company registration. 

Pre-Registration Requirements

For the registration of a company in Singapore, you need to be ready with:

 

•      At least one shareholder

•      At least one local director

•      Minimum initial paid-up capital of S$1

•      At least one company secretary

•      Local registered address

•      Approved company name 

Director

You need to arrange at least one resident director who is a Singapore citizen, permanent resident, or holder of EntrePass pass.

Shareholders

A private limited company needs at least one shareholder. Up to fifty entities (individuals and companies) can come together to form a company. Singapore allows 100% foreign shareholding.

Company Secretary

You must appoint at least one company secretary within sixth months of registering your company. The secretary must be ordinarily resident of Singapore. 

Approved Company Name

You need to apply to ACRA and get your company name approved.

Registered Local Address for Office

You need to provide a local registered address in Singapore for your company office at the time of company registration. 

Registering a Company in Singapore

You can use the BizFile+ portal for your company registration in Singapore. However, many entrepreneurs appoint a registered filing agent to do the task for them.

Apply to ACRA and Get Approval for Company Name

•      The company name needs to be unique, meaningful, easy to read and without any vulgar or obscene word.

•      It should not violate any trademarks.

•      If it contains phrases like “Bank,” “Finance,” “Educational,” or “Media,” your application may get referred to higher authorities.

•      The approved company name is reserved for you for 60 days. 

•      Pay S$15 as company name registration fee.

Apply and Get Company Registered with ACRA

The process for company registration requires 1-3 days. Pay S$300 as the fees for registering your company to ACRA. Submit the following documents to your Agent to make the process smooth and hassle-free.

 

•      Company name registered with ACRA

•      Description of business activities

•      The registered local address of the company office

•      Details of shareholders

•      Details of directors

•      Details of company secretary

•      Foreign Individuals need to submit a copy of passport and residential address proof (overseas)

•      Foreign Companies need to submit their Articles of Associations & Memorandum

•      Singapore Residents need to submit a copy of Singapore identity card

If you are a foreigner, appoint an accounting firm, a law firm, or a corporate secretarial firm as your Agent to take care of the company registration process for you. You also need to appoint a local director (Singaporean, Permanent Resident, or EntrePass holder).

How can an Indian Citizen Start a Company in Singapore?

 

Many Indian citizens & companies are looking to start a company in Singapore. If we are to believe the facts, a number of them have already done so. Flipkart Singapore is a prime example of an Indian company that has shifted its base.

The straightforward process for establishing a new company set up in Singapore and lower tax rates are a great attraction to Indians. They are also amazed at the ease of doing business in this country.

Currently, this island nation ranks 2^nd in the World Bank report for this indicator. The lack of bureaucratic hurdles in opening a company in Singapore is also a novelty for them.

If you want to start a business in Singapore, you should be ready with pre-incorporation requirements. Accounting and Corporate Regulating Agency (ACRA) has made them mandatory. They are as follows:

 

•                     1 to 50 shareholder

•                     S$1 of initial paid-up capital

•                     At least 1 local director

•                     At least 1 company secretary

•                     Local registered address

 

Steps for Setting Up a New Company in Singapore

The actual process for registering a company consists of 3 steps. They are as follows.

Step 1#

Company Name Approval

First of all, you need to apply and get the name of your proposed company approved from ACRA. Choose the name for your new company with care.

•                     It should be catchy, easily understandable and relatable to your business activity

•                     Offensive, vulgar, and black-listed company names are rejected

•                     It should not be similar to the existing company names or copy any existing trademarks or logos

•                     ACRA can reject unacceptable names

Think before including terms like Finance, Casino, Education, Bank in the name of the proposed company. Such applications get referred to the Ministries and may need up to 2 months for the approval.

As an Indian, a foreigner, you will need to hire a registered filing agent to open a company in Singapore. Submit 3-5 names to their expert. They will verify the availability of one on BizFile+ portal and reserve it for you for 60 days.

ACRA charges a fee of S$15 to reserve a company name. They can pay a small fee to extend the period by another 60 days.

Singapore Company Incorporation Documents

Submit the following documents to your agent:

•                     Approved company name

•                     Business activities in brief

•                     Local registered address

•                     Details of shareholders, directors, & company secretary

In addition, you, as a foreigner, must submit a copy of your Indian passport & residential address proof in India.

Company Registration with ACRA

After registering a company name and incorporation documents, they can apply to ACRA and initiate the process to open a company in Singapore.

The process is online, and ACRA has made available a web portal called BizFile+ for the purpose. It takes 1-3 days to process the application. ACRA charges a fee of S$300 to registering a company.

After successfully incorporating a company, your agent gets an email from ACRA. It contains details of your new company. The email is valid as a Certificate of Incorporation in Singapore. The email contains Company Name, Unique Identification Number, Business profile, etc.

The incorporation experts employed by the agents know the process thoroughly. They advise you on each step in the process, and if the need arises, they can appeal to the authorities on the rejection of the application to open a company in Singapore.