Incorporate your business entities with Gateway of Asia for a smooth, stress-free experience.
Singapore is consistently ranked as one of the best places in the world for doing business.
And you’ve got this great idea for a business in Singapore.
You’ve sorted out all the logistics, decided on your company name, you’ve done it all!
Except for one thing: your company incorporation. You’re not familiar with the incorporation process and you don’t know where to start.
With Gateway of Asia, your business setup will soon be a Singapore company!
Our experience as a corporate service provider ensures that your incorporation in Singapore will be stress-free.
We understand that your business needs all the time you have to cultivate it.
So why not leave the company incorporation to us?
With Gateway of Asia, your dream of a company in Singapore will soon become reality.
What choice of business structure do I have in Singapore?
Private Limited Company (Pte Ltd)
Private limited companies (usually shortened as pte ltd) are companies registered with less than 50 shareholders.
These shares are not accessible to the public.
A pte ltd company has the most flexible business structure.
It is a separate legal entity from its shareholders and directors.
It enjoys limited liability as shareholders are not liable to debts that are more than the agreed shared capital. Thus, you will need to open a corporate bank account.
You can also freely transfer the ownership of the company.
This business structure is perfect for entrepreneurs and even Singapore home businesses!
Sole proprietorship essentially means there are no partners in a business.
This means the owner can earn all the profits! However, the risk is also higher.
A sole proprietorship is not a separate legal entity from the business owner.
The owner is personally responsible for all the debts of the business since it has unlimited liability.
In order for companies to be incorporated as a sole proprietorship in Singapore, you must be a Singapore citizen, Permanent Resident, or an Entrepreneur Pass holder.
Limited liability partnerships (LLP)
LLP allows companies to operate as partnerships while enjoying the benefits of a private limited company.
LLP are separate legal entities. Partners will not be held liable for any losses or debts from the business.
What is ACRA?
ACRA is the Accounting and Corporate Regulatory Authority in Singapore.
ACRA regulates all of Singapore’s business entities, public accountants and corporate service providers.
Their role is to bridge the gap between corporate compliance and the regulation of public accountancy regarding statutory auditing in Singapore.
Basically, ACRA is responsible for the administration of matters related to accountants, companies and business name registrations.
They are also responsible for representing the Singapore Government for international matters regarding the registration and regulation of business entities, public accounts and corporate service providers.
What are the requirements of Singapore company incorporation?
The first step in the Singapore company incorporation process is to make sure that the company name you’ve chosen is available.
In order to do that, you need to send a query to ACRA, the Accounting and Corporate Regulatory Authority in Singapore.
A company must have a minimum of one shareholder and a maximum of fifty. Shareholders might be either individuals or businesses.
Your shareholders can be local or foreign; 100% foreign shareholding is allowed.
The minimum paid-up capital required for company registration is S$1.
Your company’s share capital can be increased at any moment by injecting more money.
Directors of a Singapore company can be people who reside locally or overseas. However, corporate directors are not permitted.
A corporation must have at least one director who is based in Singapore. A Singapore citizen, a Singapore permanent resident, or a Singapore Employment Pass holder is considered a Singapore resident.
These local director choices are available to foreign-owned firms.
A business must select a competent company secretary within 6 months of company incorporation in Singapore. In addition, the company secretary must be a Singapore citizen or Permanent Resident as well.
Each business must have a local registered address in Singapore where all of its statutory papers must be kept. This usually doubles as your office address.
A registered office must be open to the public during regular business hours, but it does not have to be where the company performs its operations (e.g. registered office address is in Raffles Place, but the factory is in Tuas).
A PO box cannot be used as an address.
Furthermore, at the time of company registration, all business owners and company executives must provide their residential address to ACRA. When the public purchases information on a corporate entity, these addresses are made public.
What is the procedure for Singapore company registration?
Step 1: Company Name Approval
All Singapore firms must have their names approved by ACRA before they can register. The name approval is subject to the following guidelines:
- The name cannot be identical to an existing business in Singapore
- The name must not infringe on any trademarks
- The name cannot be obscene or vulgar
- The name must not have been reserved by another company
A company can reserve a name for up to 120 days after it has been authorised.
If the business is not incorporated within that time frame, the name becomes available for another business to reserve.
Step 2: Company Registration Documents
After your company name is approved, a company must get several documents ready before the company registration process can proceed.
Documents required by ACRA:
- Company Constitution, previously known as Articles of Association.
- Signed Consent to Act as a Director for each director of your company
- Signed Consent to Act as Company Secretary by the company secretary
- Identification and residential address details for each shareholder and officer of the company
Step 3: Register with the Company Registrar of Singapore
Once the documents have been prepared, you can finally officially register your company with ACRA.
The registration process is done online and takes less than an hour.
The procedure might take a few weeks if the business registration has to be submitted to another government body for further vetting.
What else do I need for my Singapore company incorporation?
We will require several supporting documents from you when registering your company in Singapore.
This is due to the compliance requirements set by the Accounting and Corporate Regulatory Authority (ACRA).
As part of our client acceptance, and your company incorporation, Gateway of Asia is required to conduct a Know-Your-Client (KYC) process.
In addition to these supporting documents, our team may request more information if required.
For Individual Shareholders
For each Officer, Shareholder and Beneficial Owner of your company, we will require:
- Copy of passport
- NRIC or Residency card (for Singapore residents only)
- Residential address proof (e.g. a driver’s license, a recent utility bill, rental agreement, etc.)
- Brief professional background. This can be in the form of a curriculum vitae (CV), resume or link to the person’s LinkedIn profile.
For Corporate Shareholders
If the shareholder is a corporate entity, expect more paperwork to prepare for the registration process.
The following documents will be required regarding the corporate entity:
- Certificate of Registration issued by the Registrar of the jurisdiction where the company is registered
- Company Extract from the Company Registrar of the jurisdiction where the company is registered that contains the following information:
- Company’s name, Registration number, and Registered address
- Paid-up Capital and particulars of all Shareholders and Directors
- Business activities that the Company is engaged in
- Authorized Person Resolution passed by the director(s) of the shareholding company that includes the following:
- Authorization to hold shares in the proposed Singapore Company
- Appointment of an Authorised Person to sign the Singapore company incorporation documents on behalf of the shareholding company
- An ownership structure chart that identifies the Ultimate Beneficial Owners (UBO) of the shareholding company.
Further identification documents may be required for KYC due diligence.
Incorporate your business entities with Gateway of Asia
The entire process of registering your company in Singapore can be a hassle.
Ensuring that you have all the paperwork ready and up to the standards of ACRA can make anyone apprehensive when it comes to Singapore company registration.
With Gateway of Asia, your company in Singapore can be incorporated in just one easy package. All you need to do is set an appointment with us.
Our company incorporation package takes care of:
- Checking and reserving your company name
- All government fees
- Preparing all registration form
- Preparing your company constitution
- Preparing compliance corporate kit, including First Director resolution, share certificates, registers, and minutes book
- 1 x round self-inking stamp and 1 x common seal
- Assisting of bank account opening
And the best part?
We provide tailored advice for your business!
We will recommend the best structure for your business at the point of company registration.
We will ensure that your company in Singapore only needs one complete process for your incorporation.
That means you don’t have to change your paid-up capital or number of shareholders once your Singapore company registration is completed.
Company incorporation has never been easier with Gateway of Asia.
The company registration procedure can be daunting, but it doesn’t have to be.
Gateway of Asia aims to be your most trusted partner in your business operations.
And that begins right from the start, with your company incorporation.
We don’t just work alongside you; we are one with you.
Which is why we go above and beyond for you.
All our expertise as a corporate service provider, condensed in a comprehensive package just for you and your business.
Our expertise. Your company. A match made in business heaven.
Need professional advisory solutions about company registration services in Singapore?
Contact us now!