Elite Group

Singapore Company Registration

What are the advantages of registering a company in Singapore?

  1. Singapore is currently one of the world's three largest financial centers and has convenient international trade.
  2. The company registration procedure is quick and convenient.
  3. The government's low tax policy.
  4. Starting a business while relocating 
  5. Facilitates overseas asset allocation. 
  6. Foreigners can hold shares in 100% and can also serve as directors.
  7. Fixed corporate and personal tax rates – Corporate tax capped at 17%,Individual tax limit is 22%.

Document preparation

  • Company Name (English only).
  • Choose a structure that's right for your company.
  • The company's business scope.
  • Singapore business address.
  • Personal information of shareholders and directors.
  • Legal Secretary in Singapore.
  • Company registered capital

Registration Information:

  1. Get your name approved by checking the name availability on the Accounting and Corporate Regulatory Authority (ACRA) website and deciding on a unique company name that is not already registered by another company in Singapore.
  2. Choose a suitable structure for your company such as Private Limited Company, Limited Liability Company, Joint Venture Company, etc. For example, a Private Limited Company ends with PTE. LTD.
  3. The company can fill in two business scopes. Select the closest business category based on the SSIC Code.
  4. Once you have reserved your chosen Singapore company name, fill in specific government incorporation forms and prepare relevant documents such as the Articles of Incorporation, which should state:
    a) Names of persons, such as company shareholders, local directors, company secretary.
    b) Paid-in capital.

Among them, a) Singapore companies have no restrictions on the identity and shareholding ratio of shareholders. They can be foreigners (100% holdings) or locals.

However, a local director (Singapore citizen or PR) must complete the registration process. If you do not have a local business partner, you can hire a local as a nominal director. Shareholders can also be foreign directors to actually operate and manage the Singapore company.

The company secretary is responsible for maintaining the company's statutory records, preparing board documents and updating ACRA information, such as changing the company's registered address, changing directors, shareholders, increasing capital, withdrawing capital, approving shareholder meeting documents, submitting annual inspection reports, etc.

b) Minimum paid-in capital of $1 SGD, with no upper limit. However, the higher the registered capital, the greater the shareholder liability, which can be adjusted when necessary. Shareholders must pay up within 3 months.

        5. The registered address of a Singapore company must be in Singapore. It can be an office building, factory building, etc., or affiliated with a legal secretary company. It is mainly used to receive letters from the government and banks. The actual operating address can be in different places.

        6.After completing the required corporate documents, proceed with the Singapore company formation by submitting all information and materials to ACRA.

How to open a bank account?

There are three major banks in Singapore, namely DBS (DBS Bank), UOB (United Overseas Bank) and OCBC (Overseas Chinese Bank). The following documents are generally required for company account opening:
  1. Account opening application form– Prepared by the selected bank in Singapore.
  2. Board Resolution, permission to open a bank account and authorize the authorized signatories and their authority. (Signatures of two directors, or one director and the company secretary are required)
  3. Cheque Book Request Form (If you need to apply for a checkbook, please fill in the form and indicate the currency and quantity. If you do not need to apply, you do not need to fill in the form)
  4. Singapore Tax Statement
  5. W8BEN-Certification of foreign status of beneficial owner for united states tax withholding Foreign Status U.S. Tax Return Statement
  6. U.S. Tax Statement (Compound situation requires filling in, if not, no need to fill in) 

Company certification documents:

  1. The latest company equity structure chart,Including shareholders holding more than 20% (signed by a company director or company secretary) – Company preparation
  2. Certificate of Incorporation (One company director or company secretary signs on the first page) – After the company is registered, the secretarial company prepares
  3. company policy (One company director or company secretary signs on the first page) – After the company is registered, the secretarial company prepares
  4. All authorized signatories, company secretary, online banking authorizer, online banking operator ID card, passport copy and address proof (Require witness) – After the company is registered, the secretarial company will assist in preparing
  5. ID cards, passport copies and proof of residential address of all directors (Require witness) – After the company is registered, the secretarial company will assist in preparing
  6. ID card, passport copy and address proof of all shareholders holding more than 20% (Require witness) – After the company is registered, the secretarial company will assist in preparing
  7. All parent company's certificates of incorporation and shareholding certificatesIf the company is not registered in Singapore, it is required to provide the company's registration certificate; if the company is registered in an offshore financial center, it is required to provide the company's registration certificate, director, shareholder certificate of incumbency, register of directors and members (Shares) (signed by a company director or company secretary) - After the company is registered, the secretarial company will assist in preparing

What are the duties of a secretary?

When registering a company in Singapore, it is necessary to have at least one person who is a resident of Singapore as the company's legal secretary. The company's board of directors is responsible for appointing a company secretary and deciding the secretary's salary package. The company directors need to ensure that a qualified person is selected as the company's legal secretary.

The main duties of a Singapore company's legal secretary are as follows:

  1. To meet regulatory requirements, according to the Singapore Companies Act, a company needs to archive the company's document information and disclose information when necessary. The secretary is responsible for submitting the company's accounts to ACRA (Singapore Accounting and Corporate Regulatory Authority) on time.
  2. Responsible for matters related to the company's general meeting, board of directors and company charter.
  3. Submit statutory documents such as share change documents, amendment documents of the company's articles of association, appointment or resignation documents of company directors and secretaries, board resolution documents, etc. to ACRA.
  4. Reporting & Finance, assisting in publishing and delivering the company's annual report, ensuring that the financial annual report is properly prepared in accordance with laws and regulations, etc.
  5. Provide advice on corporate governance developments and assist company directors in proposing, implementing and maintaining good corporate governance policies.
  6. Ensure the correct use of company seal.
  7. If the company changes its registered address, it must notify ACRA.
  8. As required by the Companies Act, the secretary is responsible for ensuring the company's correspondence.
  9. Make sure the company has adequate insurance coverage to protect the company, directors, officers, and office locations.
  10. Assist and supervise the operation of the company's overseas offices to ensure that its offices comply with the laws and regulations of the overseas office cities.