This article aims to guide you through the process of setting up a Pte Ltd Company in Singapore.
Company address – You will need a corporate address for registration with ACRA. It can be the physical office space you are renting or our virtual office address. You can also use HDB as your office address, subjected to HDB approval process and procedures. A distinguished CBD address is however more desired for customer fronting.
One local director – One local resident director who is either a Singaporean, Permanent resident or entrepass holder.
Company secretary – Every company must appoint a secretary within 6 months from the date of its incorporation. The company secretary must be residing locally in Singapore and he/she must not be the sole director of the company. The Secretary may also be held liable for the company’s failure to comply with the law in certain situations. You can either appoint your own company secretary who is a qualified legal professional or certified accountant. You can also choose to outsource this function for a nominal sum per year.
Documents and shareholding – You should have copies of identifications of all shareholders, directors on hand alongside with a shareholding makeup percentage alongside with paid up capital.
Singpass – Make sure every director and shareholder have a Singpass and are able to login. This is very important for an endorsement step.
With all the above in place, you are ready to embark on a 6 step process to get DIY your own company registration! Leggo!
Step 1: Apply for company name
You need to apply for a company name and and get it approved before being able register a company in Singapore. You will also operate under the same business name.
Go to www.bizfile.gov.sg -> Explore eServices -> Local Company -> Select application for new company name
1a. Log in using your Singpass or Corp Pass
1b. Select EPC, try keying in the company name you want and see if it is available. You can try appealing if it is not available but often not worth the hassle.
For primary and secondary activities, key in the respective SSIC code if you already know or do a search.
Under In-Principle approval from referral authorities. Select no if you do not require any approval from any other government authorities or professional bodies.
Click next and once approved, make payment for S$15. It should take about 15 minutes for the name to get approved and about 14 days if there is in-principle approvals to be confirmed.
Step 2: Name approval
Yay, company name is approved, pop a champagne
Step 3: Incorporation on ACRA
Navigate to our favorite website www.bizfile.gov.sg.
Go to www.bizfile.gov.sg -> Explore eServices -> Local Company -> Incorporation of Local Company. You will require your approved transcation no. to proceed. This is where the identify documents and shareholding information all come in handy for data entry. Have fun!
Step 4: Parties endorsement
Once it is submitted, all directors and shareholders have to log in and get endorse the application for it to proceed.
Go to www.bizfile.gov.sg -> Explore eServices -> Local Company -> Endorsement. Scroll all the way down and you will find endorsement or just do a ctrl-f and search for it. Everyone has 3 days to complete this step and failing to do so will invalidate the application and you have to start all over again from step 3 which means more data entry(again).
Step 5: Endorsement confirmation
Once all parties have confirmed their endorsement, you will be notified via email that this step has been completed and can proceed to make payment.
Step 6: Payment confirmation
Go ahead make the payment and you are live! There will be a free bizprofile from ACRA that will be sent to you. Keep it well as if you lose it, you will have to buy it.
Congratulations! Now you are ready to go! Lets go!