Company Incorporation in Singapore: Your Essential Guide

a22162
Oct 17, 2023
3 min read

Updated: Oct 22

Company Incorporation in Singapore: Your Essential Guide

Singapore is a premier global hub for business, known for its favorable tax regime and pro-business environment. If you're looking to establish a presence in Asia, company incorporation in Singapore is a smart move. This guide outlines the key requirements and the simple process for setting up your business, ensuring you meet all regulatory standards.

Mandatory Requirements for Singapore Company Incorporation

To successfully incorporate a private limited company (the most common type) in Singapore, you must satisfy the following essential criteria set by the Accounting and Corporate Regulatory Authority (ACRA):

Requirement	Details
Company Name	Must be unique and not too similar to any existing company name. You should check the name's availability on the ACRA website.
Directors	You must appoint at least one local resident director who is a Singapore Citizen, Permanent Resident, or an EntrePass holder. Foreign directors can be appointed alongside the local director.
Shareholders	A minimum of one shareholder is required. Shareholders can be individuals or corporate entities. (A director can also be a shareholder).
Company Secretary	You must appoint a qualified, Singapore-resident Company Secretary within six months of incorporation. This professional ensures your company adheres to all statutory compliance requirements.
Registered Address	A valid registered address in Singapore is mandatory. This can be either a residential or commercial address, but it cannot be a P.O. Box.
Paid-up Capital	The minimum required initial paid-up capital is only S$1.
Company Type	While there are several options (like a Public Limited Company or Sole Proprietorship), the Private Limited Company is the most popular and flexible structure for most businesses.

The Company Incorporation Process

Once all requirements are met, the incorporation process is straightforward:

Name Approval: Submit your proposed company name to ACRA for approval via the BizFile+ portal.
Document Submission: Complete and submit your incorporation application and required documents (e.g., Memorandum & Articles of Association) through the BizFile+ portal.
Fee Payment: The application fee for incorporation is S$315.
Certificate of Incorporation: Upon approval, your company is officially incorporated, and you will receive your Certificate of Incorporation and a Unique Entity Number (UEN), allowing you to begin operating your business in Singapore.

Ongoing Compliance and Tax Benefits

Singapore offers a highly attractive environment for businesses, but ongoing compliance is vital:

Annual Return: Your company must file an Annual Return with ACRA within six months of the end of your financial year.
Annual Audit: Companies meeting specific thresholds (e.g., turnover exceeding S$10 million or having more than 50 shareholders) must also file an annual audit report.
Favorable Tax Regime: Singapore's tax structure is globally competitive. Companies pay a flat corporate tax rate of 17% on chargeable income. Crucially, there are significant tax exemptions and incentives available, especially for newly incorporated companies and Small and Medium Enterprises (SMEs), which can drastically reduce your effective tax rate.

Simplify Your Setup with a Corporate Service Provider

Company Incorporation in Singapore: Your Essential Guide

Navigating the local regulations and paperwork for company incorporation in Singapore can be complex, especially for foreign entrepreneurs. Partnering with a qualified corporate service provider like Bestar can streamline the entire process.

Why Choose Bestar for Your Singapore Incorporation?

Bestar is a qualified corporate service provider offering a full spectrum of services from company incorporation to ongoing accounting, tax, and financial compliance.

Expertise & Compliance: Our team of experienced professionals ensures your company structure is optimal for your business needs and that you are fully compliant with all ACRA laws and regulations from day one.
Convenience: We handle all the necessary steps, from initial name reservation to document filing and liaising with ACRA, giving you a hassle-free incorporation experience.
Comprehensive Support: Beyond incorporation, we offer ongoing support for accounting, tax filing, and corporate secretarial services, ensuring continuous compliance.

If you are serious about incorporating a company in Singapore, seeking expert assistance is the fastest and most secure path.

Considering setting up your business in Singapore? Contact Bestar for a free, no-obligation consultation to understand the incorporation process and see how we can help you get started efficiently.