Incorporating a Singapore Company

I have a client who wishes to incorporate a private limited company in Singapore and ask me to advise on the procedure of incorporating a company.

In Singapore, incorporation can only be done online via Bizfile System – www.bizfile.gov.sg

Bizfile system is an intellectual property owned by the government body called Accounting & Corporate Regulatory Authority or ACRA www.acra.gov.sg

Who can login online to Bizfile?

Anyone who has SingPass which is a password for access to the government websites.

Who can apply for SingPass?

Either a singapore citizen, permanent citizen, employment pass or S-pass holder.

Questions I will normally ask my client:

1) What types of business are you doing?

You can check the SSIC code number through www.acra.gov.sg for the business activities

2) What is the proposed company name?

Name must end with the word “Pte. Ltd.”

Name is subject to approval of ACRA.

You can do a check online via www.acra.gov.sg under Search Directory of Registered Entities to see if the name is available.

3) Who can be the directors?

Must have at least one director who is ordinarily resident in Singapore. i.e. he must be either a Singapore Citizen, Permanent Resident, entrepreneur /employment pass holder.

A director must be a natural person and full age and capacity (i.e. 18 years old), he or she must not be a undischarged bankrupt and disqualified under the Act to be a director.

4) Who will be the shareholders?

Company must have at least one shareholder.

Shareholder can be corporate body or individual person.

Shareholder needs not be ordinarily resident in Singapore.

5) What about the capital structure?

Minimum issued and paid up is S$1.00

6) Who will be the company secretary?

A company must appoint the Secretary within 6 months of its incorporation.

Secretary of a private limited company need not be professionally qualified.

The Secretary must be natural person who has her principal place of residence in Singapore.

The Act provides that it is directors’ duty to ensure that the Secretary has a requisite knowledge and capable of carrying out the functions of a secretary.

A Director can act as Secretary.

But sole-director can not act as secretary.

7.  How long it takes to incorporate a company?

Application for name normally takes 1 day unless referral to other government authority is required – in which case, it may take one up to 14 days for ACRA to revert on the outcome.

After the name is approved, the client has to sign the incorporation documents (which include consent to act and Constitution of the Company)

After the documents are signed, we will go online and incorporate the company – take 1 day.

The whole process will take about 3-5 working days.

8.  What is the cost of incorporation?

Government fee S$300 flat, name fee S$15, Professional fee: S$600-1,200, a company kit containing register and minute book and common seal and other disbursements S$300

Contact me at 65-96421104 or email to ng.geoklan@gmail.com for our incorporate service.