
Starting a business in Singapore can be an exciting venture for entrepreneurs. The city-state’s reputation as a global business hub, with its favorable tax policies and robust legal framework, makes it an attractive destination for company incorporation. For those looking to navigate this process efficiently, iamsavvy.com.sg offers comprehensive business services, including incorporation assistance, accounting support, and secretarial services. Their expertise can be invaluable for entrepreneurs seeking to establish their presence in Singapore’s dynamic market.
For those seeking expert guidance through this process, iamsavvy.com.sg offers comprehensive support, ensuring a smooth and efficient company incorporation experience in Singapore.
Step 1: Choose and Reserve a Company Name
The first step in registering a company in Singapore is to select and reserve a unique name. This process is handled by the Accounting and Corporate Regulatory Authority (ACRA) through their online portal, BizFile+. When choosing a name, it’s important to ensure it’s not already in use, isn’t offensive, and doesn’t infringe on any trademarks.
Once a suitable name is chosen, it can be reserved for 120 days. The fee for name reservation is S$15, and approval typically comes within a few hours, though it may take longer if additional review is needed.
Step 2: Prepare Required Documents
After securing a company name, the next step is to gather the necessary documents. These typically include:
- Details of shareholders and directors (including identification and residential address proof)
- Description of business activities
- Registered office address in Singapore
- Company constitution (formerly known as Memorandum and Articles of Association)
- Initial paid-up capital amount (minimum S$1)
- Declaration of compliance with the Companies Act
For foreign entrepreneurs, additional documents may be required, such as passport copies and overseas residential address proof.
Step 3: Appoint Key Personnel
Singapore law requires every company to have:
- At least one shareholder (individual or corporate entity)
- At least one director who is ordinarily resident in Singapore
- A company secretary (to be appointed within 6 months of incorporation)
The resident director can be a Singapore citizen, permanent resident, or an EntrePass holder. For foreign entrepreneurs without a local director, a nominee director service can be used.
Step 4: Determine Share Capital and Shareholding Structure
Decide on the initial paid-up capital for your company. The minimum required is S$1, but this can be increased later. Also, determine the number of shares to be issued and the shareholding structure. This information will be part of your company constitution.
Step 5: Register with ACRA
With all documents prepared, the next step is to submit the application to ACRA through the BizFile+ portal. The registration fee is S$300. Most applications are processed within 15 minutes to 2 hours, provided all information is in order.
If you’re a foreigner without a SingPass (Singapore’s digital identity system), you’ll need to engage a registered filing agent to submit the application on your behalf.
Step 6: Receive Incorporation Documents
Upon successful registration, ACRA will issue an email notification confirming your company’s incorporation. This email includes your official company registration number and serves as the digital Certificate of Incorporation. No physical certificate is issued.
Step 7: Post-Incorporation Steps
After incorporation, there are several important steps to complete:
- Open a Corporate Bank Account: Visit a bank with your incorporation documents, company constitution, and identification documents for directors and shareholders to open a corporate account.
- Register for GST (if applicable): If your annual turnover exceeds or is expected to exceed S$1 million, you must register for Goods and Services Tax (GST).
- Apply for Relevant Licenses: Depending on your business activities, you may need to apply for specific licenses or permits before commencing operations.
- Set Up Accounting System: Establish a proper accounting system to maintain financial records as required by Singapore law.
Key Considerations
- Timeline: The entire process of company registration in Singapore typically takes 1-2 business days, provided all documents are in order.
- Costs: The basic costs include S$15 for name reservation and S$300 for company registration. Additional costs may include professional fees if you engage a service provider.
- Compliance: After incorporation, ensure ongoing compliance with Singapore’s regulatory requirements, including annual filings and tax obligations.
Latest 2025 Updates on Singapore Company Registration
As of 2025, Singapore has introduced several updates to streamline the company registration process:
- Enhanced Digital Services: ACRA has further improved its digital services, making the registration process even more efficient. The BizFile+ portal now offers enhanced features for easier navigation and faster processing.
- Increased Focus on Cybersecurity: In response to growing cybersecurity concerns, ACRA has implemented stronger security measures to protect company information. This includes improved authentication processes for accessing company data.
- Sustainability Reporting: New regulations require certain companies to include sustainability reports in their annual filings, reflecting Singapore’s commitment to environmental, social, and governance (ESG) principles.
- Simplified Process for Foreign Entrepreneurs: The government has introduced measures to make it easier for foreign entrepreneurs to set up businesses in Singapore, including streamlined visa processes for qualifying individuals.
By following these steps and staying informed about the latest regulations, entrepreneurs can successfully navigate the process of company registration in Singapore. The city-state’s business-friendly environment, coupled with its strategic location and robust infrastructure, continues to make it an attractive destination for global businesses.
For those seeking expert guidance through this process, iamsavvy.com.sg offers comprehensive support, ensuring a smooth and efficient company incorporation experience in Singapore.