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Get Your Company Incorporated Fast & Easy
$1 Share Capital
1 Local Director
1 Principal Activity
1 Registered Address
Singapore business incorporation begins here and EBOS is well known to service aspiring entrepreneurs, foreign shareholders and mid-size corporations in establishing their headquarters in Singapore
We provide online company incorporation services in Singapore, online corporate secretary (E-Signatory), cloud accountants who are professional trainers with Dashbod , Entrepryze, Financio, XERO and KYC Due Diligence for global business owners.
We guide you step by step through personalized 1 to 1 service and invites you to ProKakis Business Clinic to showcase your product and services. We believe the important of Human touch in digital business world.
Company Incorporation Services in Singapore
Planning to register your business in Singapore? Great, here are the requirements you’ll need to know firsthand! Don’t worry, we will explain everything in a step-by-step manner.
The First Step to Register a Business in Singapore
The very first thing you’ll want to do is – come up with a company’s name. Before the nitty-gritty paperwork begins, you’ll have to submit the name of your company to the Accounting and Corporate Regulatory Authority (ACRA) online portal.
Once you’ve decided on a name, you will have to check if the company’s name already exists in Singapore. If the name is taken, please choose another otherwise ACRA will not approve your application.
You can check on BizFile+ if the company’s name already exists.
Once you have the company’s name, ACRA will approve your application within 1 day or more. The company name application fee will cost SGD$15 while the registration of the company will cost SGD$300.
ACRA will also not approve your company’s name if:
– it contains vulgar or inappropriate names
– shares similar establishment names or trademarks such as Raffles and Temasek
– it is identical to any other existing business in Singapore
– it is reserved by another company
Requirements You Should Know When Starting a Business in Singapore
1) Who can be the shareholders in the company?
A person or a corporate entity is eligible to be shareholders of the company, no matter if they are locals or foreigners. There is also no restriction for a company to be fully owned by a foreigner too.
Company incorporation in Singapore is entitled to have at least 1 shareholder or up to 50 shareholders.
More information about shareholders can be found here.
2) Who can be the directors of the company?
A private limited company in Singapore can have multiple directors, both locals and foreigners.
But you must appoint 1 local director who is a Singaporean resident as one of the company directors. She/he can either be a Singapore citizen, a Singapore permanent resident (PR) or an Employment Pass/EntrePass holder. Also, he/she must be at least 18 years of age to be eligible as a local director.
If you are a foreigner and you want to manage your business as a local director in Singapore, apply for the Employment Pass or EntrePass instead. The process will be much easier and less sophisticated.
3) Who is eligible as the corporate secretary?
When setting up your Singapore business incorporation, it is advisable that you employ a secretary who can handle the necessary paperwork to ensure everything goes according to the law and by the book. Since the secretary will have access to the company’s personal information, he/she will be responsible for the company’s registers, minutes book and electronic filings with ACRA.
Choose a secretary that has a wide knowledge around business registration, company formation, corporate laws and company formations, not to mention is also experienced and capable of carrying out his/her duties when needed so.
Under the Singapore Companies Act, a director or the head of human resources must hire a company secretary within six months of incorporation.
However, it’s also possible to appoint a professional corporate secretarial firm such as EBOS Cloud Accountant to handle this tedious process for you succinctly.
4) What is the minimum share capital or paid-up capital?
Shareholders can pay as low as SGD$1 in exchange for shares in Singapore. In other words, the company will receive SGD$1 each time an investor, individual or entity decides to buy a share from the company – assuming that the company is denominating one share at SGD$1. The paid-up capital is usually used for its day-to-day operations, and the more paid-up capital there is, the more credibility the company has.
For foreigners who want to start a company in Singapore under the EntrePass, the minimum paid-up capital is SGD$50,000.
6. Do I have to be in Singapore
All company incorporation services in Singapore can be handled remotely.
7. How do I set up my bank account
All company incorporation services in Singapore done by EBOS Cloud Accountants will have access to a digital bank and a local bank so that you can starts operation immediately at the fastest and most convenient way.
Inquiries About Company Incorporation Services in Singapore
1) How long does it take to set up a company incorporation in Singapore?
The company registration procedure in Singapore is conducted fully online with EBOS and ACRA. With EBOS, it takes about an hour or so to complete the application after ACRA approves the name reservation and incorporation process.
2) How will I know when my company has been incorporated?
EBOS will contact you directly and send you the completed forms including the business profile and all the other necessary post-incorporation forms via the online e-sign app.
3) What is the next step?
EBOS will arrange for the bankers to contact you for a speedy banking setup. Should you need assistance with the documentation required, a small administrative fee will be added to speed up the process, if any complication arises.
4) What do I need to do once the incorporation is successful and ready to go?
Once you have completed your Singapore business incorporation, here are the next steps you will need to prepare and complete:
(i) Corporate Pass
It is vital that you obtain a corporate pass because, without it, you won’t be able to get your license or even hire a tax agent after your company is corporate.
(ii) Licenses and Permits
Apply for a license and permit once you’ve registered your business. Each business has a unique license and permits, depending on the kind of business activities you’re running in the city. Without it, you aren’t allowed to begin operations until you receive approval from the Singapore Agency.
To find out which license or permit is needed for your business, you can check out Go Business Singapore.
(iii) Import of Goods
It is compulsory to register and obtain a CR Number/ Custom Registration if your business activities involve import, export, and transhipment in Singapore.
Once your bank account is set up, head to the Singapore Customs website to apply.
(iv) Singapore Goods and Services Tax Registration (GST)
Any businesses that deal with imports and exports will have to register for GST with the IRAS. If your taxable turnover exceeds $1 million, register for a GST account to ensure that all your import tax is returned back to you. However, it is voluntarily to register for GST if your business’ taxable turnover doesn’t exceed $1 million. But that decision lies with the Comptroller in IRAS. Your business must remain registered for at least 2 years once IRAS approves your GST account.
To understand more about taxable turnover and what it means, contact us!
(v) Singapore Central Provident Fund (CPF)
If you’re ever working in Singapore, it’s important to have a CPF account. A Central Provident Fund (CPF) is a government savings plan where a member of the public contributes a percentage of their monthly income to the fund. CPF contribution is mandatory for Singaporeans and Singapore Permanent Residents. The supposed rate is 17% and 20% for employers and employees and will gradually decrease due to the ages of the employees.
What You Need For Company Incorporation Services In Singapore
✓ 1 local director who has to be a Singaporean or Singapore Permanent Resident.
✓ 1 Individual / Corporate Shareholders.
✓ $1 as Paid up Capital.
✓ 1 to 2 choices of company name.
✓ 1 to 2 principal activity.
✓ Copies of identity cards, copies of passports and proof of address for foreigners.
For Singaporean and PR
Company with Foreigner
Our Singapore Business Incorporation Package
Incorporation, Corporate Secretary & Bank Opening
Get a Singapore registered company within 1 hour.
- Name checking and application
- Company Incorporation Fee
- All registration forms + KYC compliance
- Constitution + Business Profile
- Digital Compliance Kit ( E-Notification of Incorporation, E-share certificates, Register book, First board minutes )
- Corporate Secretary Agent – 6 Months
- Bank introduction and opening services ( For Singaporean & Singapore PR )
Note : All govt fee inclusive
Business Migration or Setting up a new office from overseas ? EBOS is fully trained to assist your expansion into Singapore and ASEAN market. Our vast knowledge and business connections ensure that you starts on the right track with a “Professional” local director.
- From $2,640 per year ( Renew annually )
- Security deposit of $2,000 ( The security deposit helps to cover the cost of winding the company when the company did not file Annual Return on time. )
- Management assistance available on helping to set up the business by Professional ( Additional Cost )
Setting up from overseas? Use EBOS Cloud Accountants to assist you virtually.
Virutal Office : $240 ( Renew annually )
- An address in Singapore to be used for your incorporation
- Dedicated Cloud Storage for all mail to be scanned and uploaded for your review
- Save your time from junk mail and collection of letters
- For more than 4 directors/shareholders or corporate shareholder – $50
- For hard copy of incorporation certificate – $150
- For Electronic copy of incorporation certificate – $50
- For Company Stamp – $60
- Opening of bank accounts for foreigner – $500 onward
Can I Use My Existing Name For A Newly Company Incorporation In Singapore?
EBOS Cloud Accountants will provide a free consultation to understand your business structure and requirement in a smooth transition. We will guide you how to achieve the least impact to your existing business when you set up a new Company in Singapore.
How To Convert My Business from Sole Proprietorship into Private Limited (PTE. LTD)?
If you’re thinking of expanding your business into a private limited company, follow our guidelines for a smooth transition:
Write a No Objection Letter
You will need to declare that you’re switching your company from a sole proprietorship into a private limited entity. In order to do that, you will need to write a letter to ACRA and state that you have no objection of using the current business name and switching to a private limited company. Remember, the owner of the sole proprietorship company is the only one who can request and write the letter.
Transition to a Private Limited Company (Pte Ltd)
Aside from the letter, you will need to ensure that you fill-up the necessary paperwork to convert your business into a private limited company. You also need to inform ACRA of the effective transition date. The requirements are similar to starting a private limited company in Singapore.
Here are the minimum requirements you will need when switching to a Pte Ltd:
- Acquire a minimum of 1 shareholder or up to 50 shareholders
- Employ at least one Singaporean resident as the director of the company (Note: This is compulsory.)
- A knowledgeable secretary who has access to your company personal data
- A minimum of SGD$1 of initial paid-up capital
- A registered office address (PO Box address is not allowed)
Transfer of Business Assets
The next step is to submit all business assets and liabilities data to the newly incorporated private limited company, including the existing contracts of the previous business.
In this instance, it’s recommended that you engage with a lawyer to prepare the transition to the new company such as tenancy agreements and other contracts. At EBOS, you will be provided with a lawyer if you require assistance for such procedures.
You will also need to notify JTC, a leading industrial company that supports the growth of new industries and transforms enterprises in Singapore, regarding the transfer of title deed.
The following documents that are needed for submission are:
(i) Open a new bank account under the private limited company
The bank accounts under the sole-proprietorship company should be closed and transferred to the new bank account under the new company within three months. This henceforth, any cheques or bank transfers are directly transferred to the new account.
(ii) Convert net assets into paid-up capital
As the owner, you can convert the company’s net asset value into paid-up capital for the private limited company via resolutions and agreements. Any debt that needs to be settled must do so now (such as summons, fines, or penalties) before the transfer of such assets.
(iii) Inform existing trade debtors about the newly incorporated private company
Send a letter to all existing trade debtors about the company’s transition to a Private Limited Company. You must also provide a new GIRO application form to your customers if transactions were made through GIRO.
(iv) Trade payables
Any existing fines and penalties under the previous company should be paid and settled before closing the company.
All creditors must be settled before the closure of the Sole-Proprietorship. Creditors will also include any fines and penalties that exist in the Sole-Proprietorship.
(v) Provide a Service Agreement from the Sole-Proprietorship
A letter of Service Agreement will be required and it must indicate the change of business entity and business structure at a desired time and date.
(vi) Prepare new contracts and leases
Any contracts or leases issued to the sole-proprietorship will now be invalid. A novation, contracts, or leases will be required under the new company.
(vii) Obtain new licenses and permits
Previous or newly licenses and permits from the previous company are not transferable due to the difference in UEN. Hence, you must register for new licenses and permits. Fill up the necessary application form and pre-requisite documents, and submit them to various government authorities.
The transfer of assets and liabilities to the new private limited company must be processed and submitted immediately for ACRA filling. All the above requirements should be resolved and completed by 6 months.
Termination of Sole Proprietorship
Once the above is concluded, ACRA is to be informed that you have ceased to carry on the business as Sole-Proprietorship. ACRA will review and give a final approval upon the submission such notice.
EBOS Cloud Accountants Will Assist You With Step 1 To Step 4.
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