Register Singapore Company

Register Singapore Company | Bestar

Singapore Company Registration Guide

Register Singapore Company

Registering a company in Singapore is a streamlined process managed by the Accounting and Corporate Regulatory Authority (ACRA). The process is largely digital and can be completed through ACRA's online portal, BizFile+.

Here is a general overview of the steps and requirements for registering a company in Singapore:

1. Choose a Business Structure

Singapore offers several types of business entities. Your choice will affect your liability, tax obligations, and administrative requirements. The most common structures are:

• Sole Proprietorship: A business owned by one person. The owner has unlimited liability.

  
  

• Partnership: A business owned by 2-20 partners. Partners have unlimited liability.

  
  

• Limited Liability Partnership (LLP): A separate legal entity where partners have limited liability and are not liable for the actions of other partners.

  
  

• Private Limited Company (Pte Ltd): A separate legal entity from its shareholders and directors. Shareholders have limited liability. This is the most common and complex structure, but it offers high credibility and is best for growth-focused ventures.

2. Prepare the Required Information and Documents

Before you begin the registration process, you will need to have the following ready:

• Company Name: Choose a name that is unique, not identical to an existing business, and does not contain prohibited or offensive words. You will need to reserve the name with ACRA for a fee. Once approved, the name is reserved for 120 days.

  
  

• Business Address: A physical address in Singapore is required. It cannot be a P.O. Box.

  
  

• Business Activities: You'll need to provide a brief description of your business activities and your Singapore Standard Industrial Classification (SSIC) code.

  
  

• Directors/Shareholders/Partners: You must have at least one director who is a local resident (Singapore Citizen, Permanent Resident, or EntrePass/Employment Pass holder with a Letter of Consent). Foreigners can be directors, but a local director is mandatory. You also need at least one shareholder.

  
  

• Company Secretary: A Private Limited Company must appoint a company secretary who is a resident of Singapore. This person is responsible for ensuring compliance with company regulations.

  
  

• Share Capital: The minimum paid-up capital to register a company in Singapore is $1.

  
  

• Constitution: A company's constitution (previously known as the Memorandum and Articles of Association) must be submitted during incorporation. You can either use a model constitution provided by ACRA or draft your own.

3. Register Your Company via BizFile+

The registration process is done online through the BizFile+ portal, the official business filing and registration system of ACRA.

• Name Application: First, you must submit a name application and pay the S$15 fee.

  
  

• Registration Application: Once your name is approved, you can proceed with the full registration. You will need to log in with your SingPass or CorpPass credentials and fill in all the required details.

  
  

• Endorsement: All appointed officers (e.g., directors, shareholders, company secretary) will receive an email from ACRA to endorse their appointment within 60 days.

4. Special Considerations for Foreigners

Foreigners can own 100% of a company in Singapore. However, if you are a foreigner, you cannot self-register the company. You must engage a registered filing agent (e.g., a law firm, accounting firm, or corporate secretarial firm) to submit the application on your behalf.

• Local Director Requirement: As a foreigner, you must appoint at least one local resident director.

  
  

• Work Passes: If you intend to relocate to Singapore to run your business, you will need to apply for a work pass, such as the Employment Pass (EP) or EntrePass, from the Ministry of Manpower (MOM).

  
  

• Corporate Bank Account: After registration, you'll need to open a corporate bank account.

5. Post-Registration Steps

Once your company is successfully registered, you will receive a Unique Entity Number (UEN), which is your company's official identification number. You will also get a Certificate of Incorporation and a Business Profile from ACRA.

After registration, you may need to:

• Apply for any necessary business licenses or permits from other government agencies.

  
  

• Register for Goods and Services Tax (GST) if your annual turnover is expected to exceed S$1 million.

  
  

• Open a corporate bank account.

  
  

• Fulfill ongoing compliance requirements with ACRA and the Inland Revenue Authority of Singapore (IRAS).

Fees

When registering a company in Singapore, the fees can be categorized into two main types: mandatory government fees and professional service fees.

1. Mandatory Government Fees

These are the direct fees you pay to the Accounting and Corporate Regulatory Authority (ACRA) for the registration process.

• Company Name Application: S$15

  
  

  • This is a non-refundable fee to check and reserve your desired company name. Once approved, the name is reserved for 120 days.

    
    

• Company Incorporation/Registration: S$300

  
  

  • This is the fee to formally register your company with ACRA.

    
    

The total direct government fees for incorporating a private limited company are S$315.

Bestar Professional Service Fees

While the mandatory government fees are fixed at S$315, the professional fees vary significantly depending on the services you need.

Here is a breakdown of professional service fees for company incorporation in Singapore.

1. Company Incorporation Packages

Bestar offers all-inclusive packages to simplify the process. These packages are particularly popular with foreign entrepreneurs who need several mandatory services.

• Cost: S$1,000 to S$4,000+ for the first year.

  
  

• What's Included:

  
  

  • Company Incorporation: Preparation and submission of all required documents to ACRA, including name reservation and registration.

  • First-Year Company Secretary: Appointment of a qualified, local resident as the company secretary for the first year, which is a legal requirement.

  • Registered Address: Provision of a local physical address for statutory correspondence for the first year.

  • Company Kit & Documents: A complete set of incorporation documents, including the company constitution, share certificates, and statutory registers.

  • Bank Account Assistance: Bestar assists with the process of opening a corporate bank account with a local bank.

2. Nominee Director Fee

This is a critical service for foreign-owned companies. Singapore law requires a private limited company to have at least one director who is a Singapore resident. If all directors are non-residents, a nominee director must be appointed.

• Cost Range: S$1,500 to S$5,000+ per year.

  
  

• Security Deposit: In addition to the annual fee, Bestar requires a refundable security deposit (S$1,000 to S$3,000). This deposit acts as collateral to protect the nominee director from potential liabilities incurred by the company.

3. Standalone Service Fees (Annual/Recurring)

If you don't opt for a package or after the first year, you will need to pay for these services annually.

• Company Secretary: S$300 to S$1,500 per year. The fee depends on the complexity of your company's structure (e.g., number of directors, shareholders, and transactions).

  
  

• Registered Address: S$150 to S$600 per year. This fee provides a physical address for official mail from government authorities.

4. Additional Common Services

These are not always part of the basic incorporation package but are often needed, especially for foreign companies.

• Bank Account Opening Assistance: S$100 to S$500. While many packages include this, it's a separate fee in some cases. It covers the preparation of necessary documents and coordination with the bank.

  
  

• Work Pass Application (e.g., Employment Pass or EntrePass): S$800 to S$3,000 per application, plus government fees from the Ministry of Manpower (MOM). This is required if you, as a foreign entrepreneur, plan to relocate to Singapore to manage the business.

Summary of Costs

To give you a clearer picture, here is a cost breakdown for a foreign-owned company using Bestar:

Service	One-Time Fee (First Year)	Recurring Fee (Annually)
ACRA Government Fees	S$315	S$60 (for Annual Return)
Professional Incorporation Package	S$1,000 - S$4,000	N/A
Nominee Director Fee	S$1,500 - S$5,000	S$1,500 - S$5,000
Nominee Director Deposit	S$1,000 - S$3,000 (Refundable)	N/A
Ongoing Compliance (Secretary, Address)	(Included in package)	S$450 - S$2,000+
Other Services (e.g., Accounting, Tax, Work Pass)	Varies widely	Varies widely

Once you've incorporated your company, there are several key ongoing fees for mandatory compliance, as well as optional services you might need. These fees vary significantly based on your company's size, transaction volume, and the complexity of your business.

Bookkeeping and Accounting Services

These services are crucial for maintaining accurate financial records. You can pay a flat fee for an annual service or a recurring monthly fee. The cost is heavily dependent on the number of transactions your company processes.

• Cost: S$90 to S$2,000+ per month or S$1,000 to S$12,000+ annually.

  
  

• Factors affecting cost:

  
  

  • Transaction Volume: The more transactions you have, the higher the cost. Bestar prices our services based on the number of entries per month.

  • Service Scope: A basic package might just cover bookkeeping and financial statement preparation, while a premium package can include monthly management reports, payroll processing, and GST filing.

Tax Filing Services

Singapore has a low corporate tax rate, but all companies must file an annual tax return. Most companies, especially new ones, qualify for a simplified Form C-S filing, which is less expensive.

• Cost: S$300 to S$1,500+ per year.

  
  

• Factors affecting cost:

  
  

  • Complexity: A simple, low-volume company will pay a lower fee for Form C-S filing. More complex operations, higher revenue, or companies filing the more detailed Form C will incur higher costs.

    
    

  • Package deals: Tax filing is often bundled with bookkeeping and accounting services for a comprehensive annual package, which can offer cost savings.

Auditing Fees

Audits are a statutory requirement for all companies in Singapore unless they are considered a "small company" and are thus exempt. To qualify as a small company, you must meet at least two of the following criteria for the last two consecutive financial years: total annual revenue of S$10 million or less, total assets of S$10 million or less, or fewer than 50 employees.

• Cost Range: S$1,000 to S$15,000+ per year.

  
  

• Factors affecting cost:

  
  

  • Company Size & Complexity: A small company with a simple structure might pay S$1,000 to S$3,000, while a larger company with complex operations or consolidated financials can pay significantly more.

Business License and Permit Fees

The cost and necessity of a business license vary depending on your industry and specific business activities. These fees are paid to the relevant government agency, not ACRA.

• Cost Range: Varies widely, from S$0 to over S$10,000, and can be a one-time or recurring annual fee.

  
  

• Examples of licenses and fees:

  
  

  • Food Shop License: S$195 per year, paid to the Singapore Food Agency (SFA).

  • Employment Agency License: A one-time application fee of S$400, followed by a three-year license fee of S$900.

  • Construction Permit: Can range from S$500 to S$10,000 depending on the project's scope.

  • Trade Licenses: You may need a license from Singapore Customs if you are importing or exporting goods, which has a one-time registration fee.

You can check if your business requires a license through the GoBusiness Licensing portal.

How Bestar can Help

Hiring a professional service provider to register and manage your company in Singapore is a common practice, particularly for foreign entrepreneurs. While it's possible to handle some of the process yourself, Bestar provides immense value in navigating the complexities and ensuring ongoing compliance.

Here's how professional services can help:

1. Mandatory for Foreigners

Under Singapore law, foreigners who do not have a SingPass (the country's digital identity) cannot directly incorporate a company. They are required to engage a registered filing agent, such as Bestar, to handle the application on their behalf.

2. Time and Efficiency Savings

The process of company registration involves several steps, including name reservation, preparing the company constitution, and submitting documents to ACRA. Bestar is well-versed in these procedures. We can:

• Streamline the process: We have the expertise to handle all the paperwork and online submissions efficiently, significantly reducing the time it takes to get your company registered.

  
  

• Minimize errors: Mistakes in documentation can lead to delays and potential penalties. Bestar ensures that all forms are completed accurately and submitted correctly the first time.

3. Legal and Regulatory Compliance

Singapore's business environment is highly regulated, and a company must comply with a number of laws from the outset. Bestar helps you meet these requirements by:

• Providing a Local Director: A private limited company must have at least one director who is a resident of Singapore. If you are a foreigner, Bestar can act as a nominee director to fulfill this requirement.

  
  

• Appointing a Company Secretary: It is a legal obligation to appoint a company secretary within six months of incorporation. Bestar offers this service and ensure that the secretary's duties are carried out correctly.

  
  

• Maintaining Statutory Records: We will help maintain all necessary statutory registers and minute books, ensuring your company records are always up to date and compliant.

  
  

• Meeting Ongoing Obligations: Bestar can remind you of important deadlines, such as filing your Annual Return and Annual General Meeting (AGM), which helps you avoid fines and penalties from ACRA.

4. Comprehensive Business Support

Bestar offers a "one-stop-shop" solution that extends beyond basic incorporation. This can be particularly beneficial for new businesses. These services include:

• Bookkeeping and Accounting: We handle your day-to-day financial record-keeping, prepare your financial statements, and can provide monthly management reports.

  
  

• Tax Filing: We manage the computation and filing of your corporate income tax with the Inland Revenue Authority of Singapore (IRAS) and can assist with GST registration and filing if required.

  
  

• Auditing: We can help you with the preparation for a statutory audit, and Bestar offers this as a service ourselves.

  
  

• Business Advisory: We can offer valuable advice on business structuring, corporate governance, and compliance best practices to help your company grow on a strong foundation.

  
  

• Work Pass Applications: For foreign entrepreneurs, we can assist with the application process for work passes like the Employment Pass (EP) or EntrePass, which are necessary for you to live and work in Singapore.

  
  

• Bank Account Opening: We can assist with liaising with local banks to help you open a corporate bank account.

  
  

By hiring a professional service, you can focus on your core business activities, knowing that your administrative and legal obligations are being handled by experts. While there are costs involved, the peace of mind and long-term savings from avoiding penalties and costly mistakes can make it a worthwhile investment.

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