Building a Business in Singapore | Building a Corporation in Singapore

Building a business in Singapore is straightforward and profitable, thanks to Singapore’s stable, diversified economy and pro-business government, which sees it ranked as the world’s second-freest economy. This webpage contains information on the initial steps required for building a business in Singapore, including incorporation:
1.	Our client settles Healy Consultants' engagement fees and signs our standard engagement letter, which sets out the terms and conditions for building a business in Singapore, as well as the due diligence we require (see also point 3).
2.	Our team sends our client a detailed engagement plan, which highlights the steps required for building a business in Singapore, as well as outlining potential pitfalls. This approach to building a corporation in Singapore helps minimise unwanted surprises for our client and ensures that expectations are met.
3.	Prior to building a business in Singapore for our client, we receive our client's corporate and personal due diligence information. This information is supplied to the relevant authorities during incorporation, however it is treated confidentially at all other times.
4.	Our client then confirms the Singapore corporate structure, including shareholders and directors details. This information is required by the Singapore authorities, including the Accounting and Corporate Regulatory Authority of Singapore (ACRA). Prior to incorporating a company in Singapore for our client, our staff perform a company name search with ACRA and, if approved, will reserve the preferred name supplied by our client.
5.	Our client signs and returns the following to Healy Consultants: Letter of Appointment of First Director, Declaration of Trust from the nominee shareholder (if a nominee shareholder is required), and Memorandum and Articles of Association. Once these are received, Healy Consultants submits documents to ACRA.
6.	Within approximately three days, ACRA e-mails a Certificate of Incorporation to us, which we then forward to our client. The Certificate confirms that this phase of building a corporation in Singapore is complete.
7.	Healy Consultants' compliance team prepares post-incorporation documents, including minutes of the first meeting, preparation of By Laws and assurance of initial Share Certificates, which are sent to our client for signature and return to us. Once this step is complete, our Client Liaison Officer will courier a complete company kit to our client, if required. The kit includes i) Certificate of Incorporation ii) bound Memorandum and Articles of Association iii) share certificates iv) client feedback form.
8.	The next phase of building a business in Singapore is to open a corporate bank account for our client. If required, we can open a bank account for our client without our client needing to travel to meet the bank in person - our banking team handles the whole application. The corporate bank account will be with a major international bank (for example HSBC, Standard Chartered, Citibank and DBS Bank), allows transactions in multiple currencies and features excellent internet banking facilities which are crucial to building a successful business in Singapore.
9.	Some clients looking at incorporating in Singapore request a Singapore business address which they use for invoicing purposes. Alternatively, they may require a Singapore virtual office, which may include rental of physical office space in Healy Consultants' Singapore office, or telephone, fax and e-mail services, including message taking and call forwarding.
10.	International entrepreneurs forming a company in Singapore often require marketing assistance. Our team includes professional copywriters and designers who design and develop websites for clients, launch website advertising campaigns, and prepare other marketing material including brochures, stationery and logos.
11.	Raising finance is a key long-term strategy for many international entrepreneurs building a corporation in Singapore. Our staff, many of whom have come from the banking sector, are able to advise on the optimum corporate finance strategy, which may include Singapore Stock Exchange listing.
Contact Us
The range of services on offer to clients building a business in Singapore is exhaustive. For more information on how Healy Consultants can assist, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.
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