Singapore Company Set Up Procedures

Singapore is widely regarded as one of the easiest jurisdictions in which to start a company. For the 4th year in a row, the city-state has secured first place in the World Bank's Ease of Doing Business survey. Penelope Brookes, an analytical director for the World Bank, noted the ability to set up a company in Singapore in as little as 4 days.

When using a corporate services firm the typical Singapore company setup procedure is as follows:

i)

The corporate services firm collects the required due diligence and confirms the required services

ii)

Agreement is made on the preferred corporate structure for the company

iii)

The preferred company name availability is checked via the Accounting and Regulatory Authority of Singapore (ACRA).  If verified, the incorporation begins.

iv)

Shareholder and Director details are collected to be lodged with the Singapore government as part of the company incorporation

v)

The certificate of incorporation is sent from the Singapore Registrar of Companies

vi)

Director / Shareholder / Secretary documents are lodged with the Singapore company registrar

vii)

Application is lodged for the Business registration certificate

Apart from completing the Singapore company registration, other important aspects of setting up the company are opening a corporate bank account and setting up the appropriate office facilities.  Entrepreneurs typically choose a leading international bank to open a corporate bank account for their Singapore business. This is primarily because of the availability of multi-currency accounts and world class internet banking facilities.

In terms of office space, using Virtual Office Services gives an international entrepreneur a cost efficient means to conduct business in Singapore and internationally.  A virtual office provides professional facilities but also the cost advantage of not having a large financial commitment of renting a dedicated office.

The basic requirements of Singapore Company registration are:

- Minimum 1 director and 1 shareholder 

- At least one director must be a local resident. 

- Must have a local registered address

- Must have a local qualifies company secretary

- Minimum paid up capital of $1

For more information on setting up an offshore company in Singapore, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.