Setting up a company in Singapore? Get all the answers you need!

For Foreigners: 

Why should I choose Singapore as a Business Location?

Singapore is one of the most developed business-friendly nations in the world and is located comfortably in Southeast Asia which gives us easy access to a thriving market in the Asia-Pacific Region. It’s one of the transit points from major Economic Hubs, thus, providing access to these regions with ease.

Moreover, the low taxes, high quality living Index and supportive legislative structure attracts business minds from far and wind.

What are the documents that I need to Incorporate my Company in Singapore?

• Choose a company name, which we will send to ACRA for approval.
• Having a minimum paid-up capital of $S1.
• You need to have a local address if you want to set-up a company in Singapore. If you don’t have one, we will help you out by acting as a correspondence for you.
• You need to have a Corporate Secretary in your company. The Corporate Secretary shall take all of your documentations and file them accordingly to their respective deadlines.
• You need to provide the list of Directors along with their IDs and contact data. A foreigner needs to have a resident director to incorporate a company in Singapore. If you don’t have one, you can always have a Nominee Director in your company who shall act as a Director with no decision-making powers.
• Decide on the Share Structure of your company and send a list of all shareholders. The range for appointing shareholders is between 1 and 50. These can be both individuals and companies.
• We will be using the respective information that you provide to design your Company’s Constitution, therefore, make sure that you verify all the details that you are sending in.

How long does the incorporation process take?

On preparing all the documents, it is just a 1-hour task. It all boils down to how fast you provide us with the documents and the availability of our authorities.

Do I need a registered local address?

As per law, all Singaporean Companies need to have a registered local address. This address will go on record and will be displayed on all official documents.

If you don’t have one, then we help you out by acting as correspondence for you.

Locals can also use their residential address as their business address if they have an approving neighbourhood for the kind of business they will be carrying out. For using your residential address as your company address, you might need approval from the notified authorities too.

Who is a Nominee Director?

A Nominee or Non-Executive Director is a person who holds the director’s position in the company but without any decision-making powers.

Does my Nominee Director need to be a Singaporean resident?

As per law, of all the directors in the company at least one director should be a Singaporean resident. If you do not have any, you have someone who can play this role.

Thus, your Nominee Director needs to be a Singaporean resident. If you can avail an Employment Pass, then you can be the only Director in your company.

What is an Employment Pass?

Foreign professionals, executives, managers, and technicians can apply for a working Visa which is valid for the period of 1 to 2 years. It can be renewed later.

This is called Employment Pass. This allows you to exclusively work for you company and also gives you the option to relocate your family to Singapore.

Can I transfer a previously issued Employment Pass(EP) or Dependant’s Pass(DP) to my new company?

You cannot do this, EPs and DPs are issued for one specific company only.

You are only allowed to work for the employer that sponsors your visa. Therefore, you need to apply for a new EP through your new business.

What are the requirements to get an Employment Pass?

To apply for the Employment Pass, you need to file your CV which should state your Professional Experience, Education Data and the Company Profile. The professional qualities and fit with the company that you are applying through will be evaluated.

The most important factor which you have to keep in mind is that your salary shouldn’t be less than S$6,000, if applying for the Dependent Passes.

Can I move to Singapore if I open a business there?

Yes, you can do it if you get an Employment Pass issued. You can also move your family to Singapore based on the Dependent Pass.

For Singaporeans:

What are the requirements for Incorporating a Company in Singapore?

You can easily Incorporate a Company in Singapore if you have a local address, a Corporate Secretary, Resident Director, and paid-up capital.

What is involved in the incorporation process?

First, we check the availability of the proposed company name. Then we collect information regarding the company (paid-up capital, Director and shareholder details and business activity) along with the documents of the shareholders and Directors (ID copy and address proof).

Further documentation is prepared by us and sent to you for electronic signature. We then file these documents online. 

How long does the incorporation process take?

The entire process of collecting documents, due diligence, preparing documents, acquiring electronic signatures and filing online takes 1-2 working days. The process might get delayed in case there is any query from the Govt authorities.

Do I need a registered local address?

As per law, all Singaporean Companies need to have a registered local address. This address will go on record and will be displayed on all official documents.

For locals using your residential address as your company address, you might need approval from the notified authorities too.

Who is a Corporate Secretary?

As a company, you have to prepare the necessary documents required by law. These documents are sometimes hard to keep a track of, therefore, a Corporate Secretary shall help you manage these documents and file them accordingly.

These documents are Company Resolution Documents, Regulatory Filings and Company Books. Every company incorporated in Singapore has to have one Corporate Secretary. This is a role of responsibility that requires immense training and experience.

Who can be a director?

Any person above the age of 18 can become a Director. There is no maximum limit for the number of directors in a company.

Now that you have a basic understanding of how to register a company in Singapore, you are ready to get expert advice from our team at ScaleX Business. You can contact us or schedule a free consultation. We are ready to complete your company registration in Singapore online right now.