Your Full Guide to Company Incorporation in Singapore 

The robust Singapore economy has been attracting offshore investors from all over the world in droves as they look for reliable ways of taking their ventures global. In 2020, Singapore ranked number two on the World Bank’s Ease of Doing Business Report, but these are not the only reasons why you should consider Singapore for business.

Keep reading to learn more about the main benefits that come from opening a company in Singapore. We will also highlight the main steps that you need to follow to incorporate a company in Singapore. 

Special Benefits to Expect from Registering a Company in Singapore

One of the most notable benefits of opening a company in Singapore is its strategic location in South East Asia. This means that once your company is registered in Singapore, neighboring markets, including China, Japan, Thailand, and India, will be within reach. Other notable benefits of incorporating a company in Singapore include: 

  1. A straightforward single-tier taxation system. 
  2. A very supportive administration. 
  3. The state boasts of dozens of business incentives, such as no tax on capital gains.
  4. The country’s infrastructure is highly developed. 
  5. A rapidly growing economy. 
  6. Availability of an educated workforce. 
  7. Singapore has signed numerous bilateral trade arrangements to help companies expand internationally. 

The Process of Company Incorporation in Singapore

The process of company formation in Singapore requires you to follow the following five main steps: 

Understand the Requirements for Company Registration in Singapore

This is perhaps the most important thing when opening a company in Singapore. The main requirements for company formation in Singapore include at least one shareholder, capital of no less than 1 SG$, a minimum of one director, and a company secretary. Also, you will need a registered address. 

Decide the Preferred Corporate Structure

Next, you need to determine the corporate structure of the company. This means determining who will be the shareholders and the shareholding they will have. Also, establish the share capital and directors. Remember that you must have a Singapore-resident director.

If you do not have one, consider using the nominee director service

Get Approval for Company’s Name 

According to the Singapore Companies Act, every company should have an approved name before being allowed to incorporate. The name must be unreserved, not obscene, unique, and not infringing on any other established trademark. To make the whole process of company registration straightforward, it would be best to start with the company name search. 

Prepare, Sign the Incorporation Documents, and Present them to the Company Registry 

For your company registration to be approved, you must ensure that all the required documents are present. So, prepare them and also ensure they are signed by the relevant parties. For example, you will require consent from every company director, company secretary and declaration by company’s controllers. In addition, the company will require a constitution. 

Open a Bank Account and Get Additional Permits 

Depending on the nature of your business, it might require additional permits. For example, companies in the finance, medical, and telecoms require additional licensing in Singapore. Also, you need to open a bank account to make paying and being paid possible. 

Does the process of company registration in Singapore look complex? If it does, you are not alone.

Many investors find it very challenging because of the long list of required documents. The best way to overcome the challenges is by working with an agency of experts. 

The experts help to prepare all the required documents and register the company on your behalf. A good agency of experts can also provide nominee director service for your company. Remember that you should only select and work with the best Singapore company registration company service.