For a lean start in Singapore you need:
- a company registration
- an address,
- and a nominee director.
In the beginning, you don’t need a corporate secretary. Singapore law requires you to have a corporate secretary within 6 months of the incorporation. Don’t pay for a corporate secretary before you need one. Hold onto your cash and make this decision later. And when the time comes, our business registration lawyers in Singapore can help you with that too.
When you obtain an Employment pass you can be the director of your company. Then it’s time to stop paying the monthly fee. With Advomi, you only pay for the services you need when you need them.
If you don’t need accounting services immediately after you open a company in Singapore, why should you pay for them? Don’t! When you are ready to start your operations that is the time to make that decision, incur that expense, and make that commitment. When it’s time for accounting services, our panel of business registration lawyers in Singapore can help there as well.
Advomi means incorporation clean and easy. The way doing business in Singapore should be.
The incorporation process is entirely remote and digital
What’s next? You will answer a few questions about you and your future company. Then, you will get in touch with our panel of lawyers and we will start the registration process. The company’s registration process, which is expected to be completed in a few days, is being handled by a lawyer appointed by Advomi. You don’t need to be in Singapore, you don’t need to visit offices.
At Advomi, we believe there is a better way to do legal. A more valuable, less invasive way where clients are served in a transparent and respectful manner. Our panel of business registration lawyers in Singapore focuses on building an amazing experience for you as a client seeking legal solutions. We are excited to simplify legal for you through our products, services and community. Our incorporation service is dedicated to solving the problems we face as entrepreneurs starting businesses in Singapore. Avoid the frustrations we did with lean and clean incorporation from Advomi.
What do you need to register a company in Singapore?
Step 1: Choose Your Company Name and Type
The first milestone in Singapore company registration is selecting a unique name. File a name application with ACRA (Accounting and Corporate Regulatory Authority). Your choice of company type depends on the number of shareholders and their nature (individuals or corporations). Consult a legal expert to determine the best fit for your business structure.
Step 2: Appoint Key Personnel
Singapore mandates that every company have at least one director who is a local resident. This can be a Singapore citizen, permanent resident, or an EntrePass holder. For foreign entrepreneurs, obtaining an EntrePass or Employment Pass can simplify this requirement. Many opt for a nominee director initially for ease of setup.
Step 3: Company Secretary
Within six months of incorporation, appoint a Company Secretary responsible for legal compliance. This role is crucial for ensuring your company adheres to Singaporean laws and regulations.
Step 4: Register an Office Address
Your company must have a registered Singaporean address for official correspondence. If you don’t have a physical office, consider using a virtual office service.
Step 5: Decide on Shareholders and Draft a Constitution
Your company needs at least one shareholder and a minimum issued capital of $1. Discuss share types and other details with a lawyer. These elements are outlined in your company’s constitution, a foundational document you must prepare.
Step 6: Determine Financial year-end (FYE)
Choose your Financial Year-end date, as it dictates your corporate filing and tax deadlines.
Step 7: Submit Registration Application
Foreign citizens must use a registered filing agent, like a Singapore law firm, to submit their application to ACRA, as they can’t use the electronic BizFile system.
By following these steps, you will navigate Singapore’s company formation process more effectively. Whether you are a local or a foreign entrepreneur, understanding these key aspects can make your business journey in Singapore smoother.
How do I open a bank account for the company?
Opening a bank account in Singapore is a complicated and bureaucratic process that unfortunately you must handle on your own. Some of our competitors may offer you services like “introduction to bank” or “assistance with opening an account” but this is essentially nothing because they can’t do this for you Only you can open a bank account.
How long can I stay in Singapore as a foreigner?
As a foreigner you can stay in Singapore for 30 or 90 days without obtaining a permit. You may want to check the visa policy of Singapore to see of citizens of your country are eligible to visit Singapore without a visa and to plan your stay in the country if necessary.
If you want to get a Singapore resident status, then you must apply for an Entrepreneur Pass (EntrePass) or an Employment Pass. The EntrePass is harder to get so our advice is to stick to the more basic and straightforward Employment Pass procedure. You will need to hire yourself as an employee of the company. This will make you eligible for the pass. Once you get it, you will be considered a Singapore resident and will no longer need a nominee director for your company.
Why do I need a Nominee Director for my company?
The Singapore Companies Act requires every Private Limited company to have a minimum of one local Singapore resident director. It takes time for foreign citizens to obtain the Singapore resident status so initially having a nominee director is a popular option. The Nominee Director will not be involved in any financial or operational matters or management of the company.
What taxes does my company pay in Singapore
Your company pays less than 9% for the first S$300,000 you make in annual profits, followed by a flat rate of 17% thereafter. Singapore companies do not pay capital gains or dividend taxes.
What does my company need to file on an annual basis?
All companies must file their annual return within 7 months of the end of their financial year.
Your company must also maintain an electronic Register of Members within ACRA and record in it any changes in the share ownership. Similarly, registers of directors, secretaries and other key personnel must also be maintained with ACRA. If you change the company name, address or business activity these changes must also be recorded.
Can I cancel my subscription at any time?
Yes, you can. Our panel of lawyers has personally gone through the process of company registration, using a virtual address and hiring nominee key personnel. We know that startups in Singapore require flexibility. Most companies will try to force an annual subscription on you. We offer you a monthly subscription for our services with the option to cancel whenever you want.
What are the most popular company types in Singapore
When planning your incorporation in Singapore you should be looking to set up a limited liability company. There are three options for this type of business structure:
- Private Limited Company (Pte Ltd)
This is the most popular company type in Singapore – a classic limited liability company. Its shareholders (owners) can be from 1-50.
- Public Limited Company
A public limited company is a type of LLC which is listed on the stock exchanges. The general public can buy its shares or debentures. The number of its shareholders is more than 50.
- Public Company limited by Guarantee
This type of business is suitable for non-profit initiatives. You may consider it for organizations, clubs, charities, religious bodies, etc.
What are the state fees for operating a company in Singapore?
The total fees are S$315 and there are two government fees:
- S$15 Name approval fee
- S$300 Company Registration fee
These fees are included in our incorporation price.
What happens after setting up a company?
Once you are done setting up your company and registering it with ACRA, the new entity will be assigned a Unique Entity Number (UEN). This is the identification code of your company and you must use it when transacting with government agencies.
An important step to take is to generate a digital identity of the company. In Singapore, this service is called CorpPass. This is the single login method for Government to Business (G2B) transactions in the country since 2018.
Another milestone to consider after setting up a company in Singapore is the mandatory registration for the Goods and Services Tax (GST). GST is also known as Value Added Tax (VAT) or Sales Tax in other countries. You must register your company for GST if its annual revenue exceeds S$1 million.