Singapore is known around the world as the easiest place to incorporate a business, and it really is. Here are the steps for a foreign company to incorporate a business in Singapore:
To set up a company and start doing business in Singapore, a company must first be incorporated. Th first thing you need to do is set up an account on Bizfile:
How to register
All applications for the registration of a new company must be submitted online via BizFile+, Here are the way to incorporate.
1. Log into BizFile+ using your Singapore identification number and SingPass to submit the online transaction.
2. Engage the services of a registered filing agent (e.g. law firm, accounting firm or corporate secretarial firm) to submit an online application on your behalf.
|Name Approval Fee||$15|
The application is usually processed within 15 minutes after the name application fee is paid.
It may take between 14 days to 2 months if the application needs to be referred to another agency for approval or review. For example, if the intention of the company is to carry out activities involving the setting up of a private school, the application will be referred to the Ministry of Education.
For more information on the different referral authorities, please access this link: Referral Authorities
The company may commence business once it is registered with ACRA. This is on condition that the company does not require any licences/approvals from other government agencies in order to carry out the business activities.
Endorsement for company incorporation
A company incorporated by the directors themselves will require the proposed director/secretary/shareholder to endorse their consent online via BizFile+ within 60 days of submitting the application for incorporation.
Company name reservation
An approved company name will be reserved for 60 days from the date of name application. If you need more time to incorporate the company, you can extend the reservation of the approved company name via BizFile+ for another 60 days. There is no fee payable for this transaction.
The directors and other company officers may report an alternate address with the Registrar at a fee of $40. The alternate address must be located in the same jurisdiction as the individual’s residential address. Therefore if the officer is locally resident, his alternate address cannot be a foreign address. The alternate address cannot be a P.O. Box address and must be an address where the person can be contacted.