Understanding Company Incorporation in Singapore: A Step-by-Step Guide
Overview
Singapore is globally recognized for its ease of doing business. Incorporating a company here is efficient and transparent, but understanding the legal and procedural steps is essential for a smooth start.
Expanded Key Points:
Choosing the Right Business Structure: Decide between Private Limited Company, Sole Proprietorship, or LLP based on liability, scalability, and tax treatment.
Name Reservation via ACRA: Ensure the proposed name is unique and compliant with naming guidelines.
Appointment of Key Personnel: At least one director must be a Singapore resident. A company secretary must be appointed within 6 months.
Registered Office Address: Must be a physical address in Singapore; PO Boxes are not accepted.
Issuance of UEN and Business Profile: Upon successful registration, ACRA issues a Unique Entity Number and a downloadable business profile.
Opening a Corporate Bank Account: Required for business transactions and compliance.
Licensing and Permits: Depending on the business activity, additional licenses may be needed (e.g., F&B, finance, education).
Post-Incorporation Compliance: Maintain proper accounting records, file annual returns, and hold AGMs if applicable.