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Singapore Company Incorporation Guide

It is good if new investors from Singapore and abroad know the various steps to register the company here. It is important to choose the right consultant for your Singapore business incorporation so that you won’t have to worry about it later.

Different Packages For Different Needs

Depending on what services you need and what kind of set up you are planning different packages are being offered by the service providers.

  • Local Investor Package – This is most suitable for investors who plan to start a Singapore office and can have a local director in Singapore.
  • Foreigners Who Will Operate From Their Country – Some foreigners set up companies in Singapore but don’t relocate to supervise their operations. This package is most suitable for those wondering how to incorporate a company without relocating to Singapore.
  • Foreign Investors Who Want To Relocate To Singapore – This packages offers to incorporate the company and also secure an employment pass for the person. This will help the entrepreneur to stay in the country and personally handle the daily operations.
  • Foreigners Who Hold EntrePass – Foreigners who have innovative ideas can secure an EntrePass which will allow them to relocate to Singapore and start their own business. The business idea must be unique to add value to the Singapore business environment. The person must have all the qualifications for securing the EntrePass.

Incorporation Package Details

All Prices Are In S$

Incorporation package Local Investor Foreigner W/O EP Foreigner With EP Foreigner With EntrePass
Company Incorporation $800

($856 with GST)

$800

($856 with GST)

$800

($856 with GST)

$800

($856 with GST)

Company Secretary One Year Free Free For One Year Free For One Year One Year Free
Registered Address $300

($321 with GST)

$300

($321 with GST)

$300

($321 with GST)

$300

($321 with GST)

Opening Bank Account First Resolution For Opening Bank Account Free First Resolution For Account Opening Free First Resolution For Opening account in bank Free First Resolution For Bank Account Opening Free
Nominee Director NA $2000

($2140 with GST)

Temporary For 4 months $1000

($1070 with GST)

Not Applicable
Refundable Deposit Not Applicable $2000 $2000 NA
Employment Pass NA NA $1000

($1070 with GST)

NA
EntrePass NA NA NA $4500

($4815 with GST)

Total Cost $1100

($1177 with GST)

$5100

($5317 with GST)

$5100

($5317 with GST)

$5600

($5992 with GST)

 

Notes On Above Package:

  • Local entrepreneurs providing local physical address need not pay the physical address fee

Company Registration Package

  • Companies with corporate shareholders (subsidiary companies) will have to pay $100 ($107 with GST) for each corporate shareholder. Such companies won’t get complete tax exemption benefits and will have to file the XBRL report.
  • If the directors, beneficial owners, registrable controllers, directors and nominators of the nominee director total more than three persons or entities, then extra person or corporation will be charged $100 ($107 with GST) extra.
  • There are no provisions to start a firm on a fixed date. However, corporate consultants will try to get it done. But failure to do so will not be liable for any penalty.
  • The officials of the office like the CEO, Secretary, Auditors, or Managing Director can register a second address which must be at the same area as the person’s residence. The second address cannot be abroad. It should not be a post box number and the person must be able to be contacted in that address. Registration of each different address will be charged at $150 ($160.50 with GST).

Account Opening In Bank

  • For establishments with single foreign director and one nominee director OR with single local director first bank opening with signing of documents and resolution free at the consultants’ office will be FREE. This is normally included in the company incorporation services in Singapore.
  • For firms with more than two foreign directors and one nominee director OR with multiple directors and no nominee director, the opening of a bank account and preparation of resolution will be FREE. The signing of accounting opening forms will be done starting from $100 ($107 with GST) according to bank.
  • Many banks in Singapore need the presence of minimum one director other than a nominee director
  • If companies open their bank account without assistance from the consultants, one copy of all relevant documents must be given to the consultants for their records.
  • For those opening bank account without their presence, the consultant will send the secretary or nominee director to the bank at a fee of $250 ($267.50 with GST) per visit.
  • Consultants can certify copy documents at an extra charge if the originals are produced at the consultant’s office.
  • Companies that have companies as shareholders must produce a copy of the company shareholder registration duly notarized by a public notary, an advocate or accountant who can be easily accessed on the internet. If consultants should certify the documents the signature of a Singapore director, who is not nominee director, will be required and additional charges will be levied.

Local Director

  • Every company must appoint a minimum of one director who is a citizen of Singapore or permanent resident. Consultants will provide a nominee director at $2000 ($2140 with GST) per annum and a refundable deposit of $2000.

Securing Employment Pass

  • Application for employment pass will be given after incorporation. The fee is including two appeals within three months if the application is rejected. Once the foreigner gets an employment pass the nominee director service can be discontinued.

 

Certificate Of Incorporation

  • A free soft-copy of the incorporation certificate will be sent by mail by ACRA. If you need a hard copy certified by the ACRA you must pay $150 ($160.50 with GST).

Business License

  • Not all businesses need business licenses in Singapore. If your company needs a license then the nominee director can step down and you have to use your local director

Information To Be Submitted For Company Incorporation

  • You must inform the preferred package for the incorporation services.
  • The preferred names for the company. Preferably more than one in case one is rejected
  • Inform if you need a special Unique Entity Number (UEN) for which extra fee will apply
  • Describe the activities of the company along with the SSIC code which you can find on the internet or from your consultant.
  • For Local Entrepreneurs a copy of the Singapore NRIC of the directors, shareholders and beneficial owners. Employment pass holders must give a Passport copy, work permit and residence proof in Singapore.
  • For foreign investors a passport copy, residence proof in their country along with national identity, if any, of directors, shareholders, beneficial owners, controllers and one who recommends the nominee director must be submitted.
  • In cases where the shareholder is a company a copy of the incorporation certificate, memorandum & articles of incorporation OR constitution, proof of address, and certificate of incumbency must be submitted.
  • Approval of work permits for holding companies depends on the reputation of the holding company and is dependent on the MOM’s discretion.
  • Shareholder percentage breakdown to be given if there are multiple shareholders
  • Details of the beneficial owner
  • Information on paid-up capital. A maximum of $1000 will be paid by the consultant as this is the most allowed as a cash deposit. More than this must be paid from the bank only.
  • Proof Of Address of Singapore registered office
  • Names, telephone numbers, email ids and occupation of directors, shareholders and the beneficial owner must be submitted
  • Confirm in writing that none of the persons are politically exposed persons.
  • The address of the building where the main business activities are conducted.
  • Where are they getting the funds for the business?
  • The location of the company’s anticipated suppliers and customers.
  • If the client is appointing an agent all details of the agent must be submitted

The Procedure For Incorporation

  • For incorporation in person, the company can be set up within two hours of submission of documents and payment.
  • For incorporation by email, all documents must be mailed to the consultant along with the completed incorporation form.
  • The name reservation is the first step and will be completed when the client sends payment to the consultant.
  • Verification of the identity of the client will be done within 24 hours of receipt of all signed documents.
  • The consultant will incorporate the company once the verification is done and mail the client all the documents.