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.