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An exclusive guide: Incorporation of companies in Singapore

Considering setting up a company in Singapore but not sure what the requirements are? Or looking for guidance on how to register your company?

This article will bring you through five topics that will be relevant regarding the incorporation of companies in Singapore. 

 

1. You have to meet specific requirements to register your company

You must meet the following criteria to apply to the Accounting and Corporate Regulatory Authority (ACRA) for registration.

  1. Director: Have at least one resident director
  2. Shareholders: Have 1-50 shareholders
  3. Initial paid-up capital: Have a paid-up capital of at least $1
  4. Company secretary: You must appoint a qualified resident company secretary within 6 months from the registration date of your company 
  5. Registered local address: Have a local registered address in Singapore
  6. Company name: Have a company name approved by ACRA

 

2. How to get the company name approved?

Singapore companies must have their names approved by ACRA before registering. The procedure for name approval occurs online via BizFile+, and the application will cost $15.

Take note that the company name cannot:

  1. Be vulgar or obscene
  2. Infringe on any trademarks
  3. Be one that another company has reserved
  4. Be the same as an existing business in Singapore

 

Before completing the online application, applicants will have to:

  1. Decide on the company name (private limited companies must include ‘Private Limited’ as a suffix, companies limited by guarantee must consist of ‘Limited’ as a suffix, etc.)
  2. Decide on the company type 
  3. Decide on the principal business of the company
  4. Decide on the first director to be registered

 

3. Documents required for registration of a company

After ACRA has approved the company name, applicants should prepare a few documents before registering.

These documents include:

  1. Company Constitution
  2. Particulars of directors
  3. Particulars of shareholders 
  4. Particulars of company secretary
  5. Company name
  6. A short description of business activities & SSIC code
  7. Registered Singapore address of the company
  8. Company share capital details
  9. Proposed financial year-end date

 

4. Registering the company

After preparing the necessary documents, you may register with ACRA online via BizFile+ with an accompanying registration fee of $300.

 

5. Post-registration

Now that your company is incorporated, what tasks are there left to complete?

  1. Corporate bank account
    Which bank best suits your business? There are several banks to choose from in Singapore to open a corporate bank account.
  2. Visa for employees who relocate to Singapore
  3. Comply with Singapore’s corporate regulations
    If you wish to read more about the corporate tax system in Singapore, do check out A Summary of Singapore’s Corporate Tax System.
  4. Apply for any business licenses that regulations require

There seem to be many steps to complete and points to keep a lookout for. If you are not familiar with the Companies Act, it is advisable to seek professional assistance registering with ACRA under the Singapore Companies Act.

 

Require assistance in incorporating your company?

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Declaration of Eligibility and General Declaration

The OCBC Start Digital Pack is supported by Enterprise Singapore (“ESG”) and the Info-communications Media Development Authority (“IMDA”) and is offered by Oversea-Chinese Banking Corporation, Limited (“OCBC”) to its business banking customers.

You must meet the following criteria (“Eligibility Criteria”) to be eligible for the OCBC Start Digital Pack:

  1. Registered and incorporated in Singapore with a valid UEN issued by ACRA for the following business entity types: Sole Proprietorships, Partnerships, Limited Partnership, Limited Liability Partnership and Companies;
  2. At least 30% local shareholding;
  3. Group annual sales turnover of not more than $100 million OR Group employment size of not more than 200 employees;
  4. First time applicant to the Start Digital Pack (each business can sign up for only one Start Digital Pack across the Start Digital partners);
  5. Must not be an existing user of Quickbooks;
  6. Have an active business current account with OCBC.



To OCBC:

  1. We declare that as at the date of this form, we have met the Eligibility Criteria and that the information provided in this form is true and accurate in all respects.
  2. We confirm that we would like to apply for the OCBC Start Digital Pack, and we acknowledge and agree that:
    1. OCBC may supply any governmental agency (including, without limitation, ESG and IMDA) with documents and information relating to us or provided by us (including contact information) for purposes in connection with our application for the OCBC Start Digital Pack (Quickbooks);
    2. ESG and IMDA may use our information provided by OCBC to contact us to verify our application for the OCBC Start Digital Pack:
    3. we will supply and/or provide any information and/or documentary proof as OCBC may require from time to time and such information and documents shall thereby become and remain the property of OCBC;
    4. we will indemnify OCBC immediately on first written demand for any losses, damages, liabilities, claims, expenses, fees and costs that may be incurred or suffered by OCBC as a result of or in connection with (i) our failure to satisfy or comply with any of the Eligibility Criteria; (ii) us providing any declaration, information and/or document which is not true and/or accurate; or (iii) us not complying with any of the terms below;
    5. OCBC does not own or provide the TNB Global Outsource Pte. Ltd., or Quickbooks services to us. No warranty of any kind, including without limitation of merchantability, satisfactory quality, fitness for a particular purpose, freedom from malicious code, or non-infringement of third party rights is given in conjunction with the OCBC Start Digital Pack, and OCBC shall not be liable for any loss and/or damage suffered or incurred by or in connection with the use thereof;
    6. we have read, understood and accepted the terms and conditions set out on OCBC’s website (at https://www.ocbc.com/business-banking/accounts-and- services/start-digital/). OCBC reserves the right to update, amend or change the terms and conditions from time to time without our consent;
    7. the OCBC Start Digital Pack is subject to any terms and conditions imposed by ESG and IMDA and we have agreed to, and shall comply with, the same.


Terms and Conditions of OCBC Start Digital Pack

To TNB Global Outsource Pte. Ltd. (“TnB”):

By submitting an application, we acknowledge and agree that:

  1. the information provided in this form is true and accurate in all respects;
  2. we understand that TnB is an authorised reseller of Quickbooks by Intuit Inc. (“Quickbooks”), and TnB will be setting up our Quickbooks accounts with respect to this application;
  3. TnB may (a) share information with OCBC relating to us or our Quickbooks accounts, and (b) send us promotional collaterals relating to our business;
  4. we authorise TnB to set up, activate and access our Quickbooks accounts and we will bear the fees and charges imposed by TnB for services rendered which are not included in the OCBC Start Digital Pack;
  5. the OCBC Start Digital Pack is only valid for OCBC business banking customers who meet the Eligibility Criteria. In the event we are determined by OCBC and/or TnB in their sole and absolute discretion to not be eligible, (a) we will pay to TnB the fees and charges listed on (https://tnbgo.com/grant/ocbc-start-digital/) (“the TnB website”) for any service(s) already provided, and (b) we will be required to reimburse OCBC for all expenses incurred as a result of this application;
  6. any payments relating to the OCBC Start Digital Pack must be made via an OCBC Business Debit Card issued to us;
  7. fees will be paid directly to TnB and OCBC will not be liable for any payment.
  8. we will subscribe to the OCBC Start Digital Pack for a minimum period of 18 continuous months at the fees stated herein. Thereafter, the fees payable will follow that as listed on the TnB website;
  9. in the event of any cancellation request, we will notify TnB in writing (by letter to its registered office or email to the person-in-charge) with a notice period of 1 month. Any refund of any unutilised part of the subscription will be refunded back to us by TnB by bank transfer within 4 weeks of the date of such notice.
  10. we agree that, notwithstanding anything to the contrary, if we fail to satisfy or comply with any of the Eligibility Criteria; or any declaration information and documents given by us are not true or accurate; or we do not comply with clause (ix) above, TnB reserves the right to terminate the package without our notice;
  11. we have read, understood and accepted TnB Terms and Conditions (/https://tnbgo.com/privacy-policy-2/). TnB reserves the rights to update the Terms and Conditions from time to time without our consent;
  12. we have read, understood and accepted the Intuit Terms of Service (https://quickbooks.intuit.com/sg/terms-of-service) and Privacy Policy (https://www.intuit.com/privacy).

 

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