How to Incorporate Company in Singapore
Because of its unique infrastructure, minimal bureaucracy and tax system, Singapore is one of the most favorable countries in the world. No matter if you’re a corporation or an individual, the business start up process is rather simple here. So, how to incorporate new company in Singapore?
Although it depends on the complexity of certain entity, it takes just several days to incorporate business in Singapore. These are some details you should prepare in advance:
- the name of the company
- registered address (office has to be physically in Singapore)
- shareholder and director particulars
- industry sector and business activity description
- important documents*
- company secretary
- business plan
Before you incorporate your company in Singapore, you have to be sure the desired company name meets several requirements. It mustn’t be vulgar or obscene in meaning, shouldn’t infringe on any trademarks and, finally, it should be (very) different to all the existing local company names. Once the name of your company is approved, you need to incorporate it in Singapore within 60 days. In case you still need some time to do this, you should file an extension request prior the expiry date.
In Singapore, there are many policies providing tax grants and encouraging business growth. These Government grants are targeted to enhance operations and management, as well as loans which are designed to fund overseas projects. You can apply for a grant yourself or you could hire an incorporating company to do it on your behalf. In fact, there are some situations where self-incorporation is worth considering; for example, when you plan to be the sole shareholder/director of your company and you have some business experience. Otherwise, it’s highly recommended to find a trusted agency/service to help you with incorporating process.
*for non-residents: passport (copy) and residential address (overseas); for residents: identity card (copy)