| Steps | Title | Description |
|---|---|---|
| 1 | Name Reservation | The proposed name for the company must be reserved first. – Company name reservation is obtained by conducting a name search via bizfile;We will assist you to reserve your preferred company name.To increases the chances of obtaining your preferred name, please ensure the following: – Name is not identical or too similar to any existing local company names – Name does not infringe with any trademarks – Name is not obscene or vulgar – Name is not already reserved |
| 2 | Register Company | Once the Company name has been reserved, filing of the incorporation forms and getting the approval from the ACRA can be completed within a few hours assuming that the all incorporation and due diligence documents are prepared and signed by the directors and shareholders of the new company. |
| 3 | Post-registration Formalities | We will provide you a bundle of documents including: – Company Business Profile – Company Registration Certificate & Number – Company Constitution – Share Certificate |
| 4 | Certificate of Incorporation | ACRA will send out an official email notification confirming the incorporation of the company. |
| 5 | Company Business Profile | The company Business Profile includes: – Company name and registration number – Previous name for the company (if any) – Incorporation date – Principal activities – Paid-up capital – Registered office address – Shareholders details – Directors details – Company secretary details |
| 6 | Formal Requirements opening a corporate bank account | We will provide you and your Company the following: – Share certificates for each of the shareholders – A Company seal/ rubber stamp We will be able to assist you to open a corpaote bank in Singapore once the Company is in incorporated |
| 7 | Applying for business licenses (if required) | Good governance requires that certain business activities require a license in Singapore. |
| 8 | Good & Service Tax (GST) | The company must register for GST if the projected annual revenue of the company exceeds SGD 1 million. If your company is registered under GST, you will need to charge a tax of (7%) to your clients on the goods and services that you provide and remit this amount to the tax authorities. |
| 9 | Annual filing requirements | Once your Singapore company has been incorporated, the Singapore Companies Act mandates certain annual filing requirements and formalities. |
Annual Statutory Compliance Requirements for a Singapore company
- Appointing a resident company secretary within 6 months (if not already provided by HC Consultancy);
- Fixing the company’s financial year end (FYE);
- Appointment of auditors – companies requiring compulsory audit are those with annual revenue above S$10m, assets above S$10m or over the number of employees is 50 and above;
- Providing the company secretary with up to date accounting records to enable filing of the Annual Return with ACRA within 6 months of the FYE and the Annual Tax Return by November of the next year;
- Notifying the company secretary of any changes in the corporate structure (directors, shareholders) and
beneficial ownership;
While setting up Company in Singapore, the proposed name for the company must be reserved and this is certainly one of the most important steps to starting business in Singapore. So, you don’t have to spent hours wondering about the ideal way of setting up in Singapore and we will guide you through the entire process of how to set up a business in Singapore.