23 January 2025
Editor: ET
Singapore is renowned for its pro-business environment, efficient regulatory framework, and strategic location, making it a prime destination for entrepreneurs.
Incorporating your business in Singapore is a straightforward process when you follow the right steps and comply with regulations set by the Accounting and Corporate Regulatory Authority (ACRA).
1. Choose Your Business Structure
The first step is selecting the appropriate business structure. Common options include:
Private Limited Company (Pte Ltd): Ideal for scalability and liability protection.
Sole Proprietorship: Suitable for small-scale operations.
Partnership: For businesses with multiple owners.
A Private Limited Company is the most popular structure due to its tax benefits and limited liability.
2. Reserve Your Company Name
Use ACRA’s BizFile+ portal to check the availability of your desired company name. Ensure the name is:
Unique and not identical to existing names.
Free of prohibited or offensive terms.
Approved by relevant authorities if it involves regulated industries.
3. Appoint Key Personnel
Every company in Singapore must appoint:
At least one resident director who is a Singapore Citizen, Permanent Resident, or holder of an EntrePass, Employment Pass, or Dependent Pass.
A corporate secretary within six months of incorporation.
An auditor, unless exempted as a small company.
4. Prepare Required Documents
The following documents are essential for incorporation:
Company name approval from ACRA.
Details of shareholders and directors.
A registered office address in Singapore.
The company’s Constitution (formerly known as Memorandum and Articles of Association).
5. Register Your Business with ACRA
Submit your incorporation application via the BizFile+ portal. The process is usually completed within 1–2 days, provided all information is accurate.
6. Open a Corporate Bank Account
Once incorporated, open a corporate bank account with a Singapore-based bank to manage your business transactions.
7. Fulfill Post-Incorporation Requirements
After incorporation, ensure you:
Issue shares to shareholders.
Maintain statutory registers.
File annual returns and comply with ACRA regulations.
Why Choose Expede Tech for Business Incorporation
At Expede Tech Pte. Ltd., we simplify the incorporation process for you. From name reservation to compliance guidance, our corporate secretarial services ensure your business meets all regulatory requirements efficiently.
Further Reading: The Importance of Corporate Governance for SMEs in Singapore
Incorporating your business in Singapore is a crucial step toward tapping into its dynamic market. By following this step-by-step guide and seeking professional assistance, you can navigate the process seamlessly and set a solid foundation for success.
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