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Essentials of Company Formation inSingapore  enefits enefits of Hiring Professionals for

enefits of Hiring Professionals for

Incorporation of Company in Singapore

On the accounts or various company formation agents this

article will help you through pre-incorporation, incorporation

and post incorporation stages in setting up of an offshore

business.

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aving decided that

you would like to setup your business in

Singapore, the next

and most vital step is to get the

help of company formation

agents.

In this article aims to be your

 pre-incorporation,

incorporation and post

incorporation guide as

 proposed by company

formation agents.

Pre-IncorporationTypes of Company

Usually there are two main

types of companies that can

be formed and managed in

Singapore by offshore

entrepreneurs:-

Private Limited

Companies   - In this the

minimum number of

shareholders is 1 while the

maximum number cannot

exceed 50. The

shareholders have limitedliability which extends to

the unpaid amount on

shares held by them.

Public Companies - The

number of shareholders in

such companies can exceed

50 and the company canraise capital by issuing

shares and debentures for

purchase by public.

Private Limited Companies

is the most common form

of company prevalent in

Singapore and often thepreferred choice of offshore

entrepreneurs.

Essential elements for

incorporation

The following are a pre-

requisite to incorporation

of private limited company

and should be collated by

H

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the entrepreneur to

facilitate a smooth process.

Corporate Service

Provider  –   Offshore

entrepreneurs can get their

company incorporated only

through Corporate Service

Providers as per Singapore

laws. can assist such

entrepreneurs with all

incorporation and postincorporation processes.

Foreign Ownership    –  

Singapore allows 100%

foreign ownership of a

company. This means that

no Singapore residentpartner is required to set

up a company by an

offshore entrepreneur.

Company Name  –   A

unique company name is to

be selected in compliance

with the guidelines laiddown by Singapore

Companies Act.

Registered Address  – 

Before applying for

incorporation, it is

mandatory for the

company to have a local

registered address. In case

the entrepreneur decides to

opt for virtual office,

he/she may do so by

availing our ‘virtual

registered office’ address.

This address cannot be aP.O box no. and essentially

needs to be a physical

address.

Shareholders   –   Minimum

1 shareholder is required to

incorporate a privatelimited company in

Singapore. The

shareholder and director

can be the same person and

the shareholder can be an

individual or a legal entity

in Singapore.

Directors   –   At least one

director is required for

company registration in

Singapore. Minimum one

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director has to be a local

resident of Singapore. In

case the entrepreneur

decides to relocate to

Singapore to fulfil this

criterion, he needs to apply

to Ministry of Manpower

for an Employment Pass.

On obtaining such Entre

pass he /she are eligible to

incorporate a company

with himself as the soledirector. Alternatively, the

entrepreneur may also

choose to avail the

‘nominee director’ services

offered by company

formation agents.

Company Secretary  –   A

qualified local resident of

Singapore has to be

appointed as Company

Secretary within 6 months

of incorporation as per

Section 171 of the

Singapore Companies Act.

Paid up Capital  –   A

company in Singapore can

be incorporated with a

minimum paid up capital of

SGD 1.

Incorporation

Incorporation of a company in

Singapore is a simple two-step

process that involves the

following:

Approval of Company

Name

Choosing the right name

for your company is vital

for brand recall and getting

the right start. As a first

step for incorporation, an

application for approval of

company name is to befiled with the Company

Registrar.

In most cases, it takes less

than an hour to know if the

name has been approved or

rejected. Once approved,the name is reserved for 60

days (which can be

extended up 120 days)

within which the

application for

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incorporation has to be

filed.

Application for

Incorporation

Post approval of name, an

incorporation application

with requisite documents is

to be filed with the

Company Registrar. Once

filed, it takes only a fewhours for the company to

get registered which is

confirmed by an email

containing the certificate of

incorporation that is sent

to the corporate service

provider.Following documents are

required by the Company

Registrar during the

incorporation procedure:

  Brief Description of

Business Activities

 

Particulars about

Shareholders

 

Particulars about

Directors

  Company Secretary

Particulars

  Memorandum and

Articles ofAssociation

 

Statutory Declaration

of Compliance

 

Certificate of

Identity

  Notice of Situation of

Registered Office andof Office Hours at

time of Incorporation

 

Consent to Act as

Director & Statement

of Non

Disqualification to

Act as Director

 

For offshore

residents:

o  Copy of

passport

o 

Overseas

residential

address proof

o 

Know-Your-Client (KYC)

information

such as a bank

reference letter,

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personal and

business profile,

etc.

It usually takes an average of 2.5

days for a company to get

incorporated in Singapore.

Post Incorporation

The following steps usually

follow incorporation procedure

Incorporation certificate  

 –  This comes as an e mail

from the Company

Registrar and contains the

company registration

number. A hard copy canalso be collected from the

Company Registrar’s office

at a fee of SGD 50.

Company Business

Profile    –   This can be

collected from the

Company Registrar office

at a nominal fee.Corporate Bank Account  

 –   Account can now be

opened in major banks of

Singapore and usually

requires entrepreneurs’

presence.

Business Licenses - Few

business activities such as

restaurants, educational

institutes, travel agencies,

financial services, etc. are

required to obtain license

from concerned authority

before they can commenceoperation.

Tax Registration    –   In

case your company falls

under the purview of GST

registration, you shall be

required to do so. This is

usually an optional step incase of new start-up

companies.

Having spoken about how to

incorporate a company in

Singapore, it is important to

know why Singapore is beingpreferred as a business location

by company formation agents. 

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About Us

Quick Company Formation is an eminent name in the field of Company

Incorporation in Singapore and various other countries spread across the world.

It offers end to end solution for a new start up that enables a company to

establish, take off and manage day to day operation.

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