As one of the most business-friendly economies in the world, Singapore offers a robust legal framework, solid trademark IP protection, attractive corporate tax rates and excellent connectivity. This makes it a prime location for companies to expand their global footprint. Incorporating a company in Singapore may seem like an overwhelming task, but it can be much simpler than you might think. This article demystifies the process of incorporating a company in Singapore and walks you through 9 basic steps.
To start the company incorporation process, you must first decide what type of company you would like to set up. This will determine what kind of documents you need to submit to ACRA for the registration. For example, a private limited company will need to provide its company constitution and registered office address. It will also need to specify the activities of its business by selecting the most relevant Singapore Standard Industrial Classification (SSIC) code.
Additionally, it will need to provide the contact details of its shareholders, directors and officers. Depending on the nature of your business, your Singapore company incorporation service provider might have to perform additional due diligence for you in line with anti-money laundering regulations.
You will also need to appoint a resident director who is a Singapore citizen or permanent resident, or has a valid employment pass with a residential address in Singapore. Alternatively, you can use a professional service that provides nominee directors. Lastly, you will need to appoint a secretary within six months of the company being registered. how to incorporate a company in Singapore