How to Incorporate a Limited Company (Pte) in Singapore
Before a company can be incorporated in Singapore its name must first be approved by, and reserved with, the Registry of Companies & Businesses (RCB). Company names in Singapore may be in any language but they must be unique and must have the suffix Limited, Ltd or Pte. Once approved, a name is reserved for two months, during which time the incorporation documents must be submitted to the RCB.
Upon the issuance by the RCB of a Certificate of Incorporation, the Singapore Company will be incorporated. It typically takes three days to incorporate a new company but if the shareholders are nationals of China, Pakistan or certain other countries it may take slightly longer; please contact us for an up to date list of countries with restrictions.
Formacompany has over 20 years’ experience forming companies in Singapore and across the world, and our staff will be available to offer advice and support through the entire incorporation process, from initially selecting a suitable company name through to finally commencing taxable activities.
What you need to set up a Limited Company (Pte) in Singapore
To begin incorporation of your Limited Company in Singapore we will require the following:
- Your company name
- The full name, date of birth, address and nationality of all directors
- The full name and address of all shareholders.
- The objects of the company, specifying the principal activity
Documents you are required to provide:
- Proof of identity (passport, national identity card, photographic driving licence).
- Proof of residential address (gas/electricity bill or credit/debit card bank statement dated within the last three months)
- All Limited Companies must have a registered office where documents may be legally served on the company and where company accounts and registers shall be kept. The registered office must be a physical address in Singapore and must be open and accessible to the public for a minimum of three hours per week between 0900 and 1700 on weekdays.
Share Capital Requirements
- The minimum share capital is only SGD 1.
- There is no maximum share capital.
Ready Made Companies
- We have shelf companies in Singapore currently available, with a standard Memorandum and Articles designed to permit most general activities; making it possible to commence business at very short notice. Our ready made companies are in good standing, are not the subject of any insolvency proceedings and have not entered into any contracts or engaged in any business activities.
What it costs to set up a Limited Company (Pte) in Singapore
- Setting up a Danish ApS company will cost £1950; this includes all duties, taxes and professional fees.
What you receive after setting up your new business
- Original Certificate of Incorporation
- Original share certificates
- Original government receipt as evidence of payment of annual company registration and license fees
Advantages of Registering a Limited Company (Pte) in Singapore
- Singapore is one of the best and safest jurisdictions in which to incorporate a new company. The World Bank report ranked Singapore as the number one country in terms of the doing business for 2 consecutive years. Singapore is also ranked as the 2nd most competitive country after the United States.
- The minimum share capital is very low. The share capital requirement is only $1
- Singapore grants tax exemption for the first $100,000 profit for new companies. This benefit continues for up to three years.
- Corporate tax is very low. Singapore has one of the lowest tax rates in the world and corporate tax is set at 8.5% tax for up to $300,000 profits
- A minimum of one director and one shareholder is required, these can both be the same person and corporate entities are allowed. A resident director is required but we can provide this for you as part of our Corporate Administration Package.
Important Information about Incorporating a Limited Company (Pte) in Singapore
- Within six months of incorporating the company must appoint a qualified Company Secretary. If the company has only a single director they may not act as the secretary as well. This person must be resident in Singapore. Formacompany can act as your Company Secretary as part of our Corporate Administration Package.
- If a company has a single director he must ordinarily be resident in Singapore i.e. a Singaporean Citizen, a Singaporean Permanent Resident or a person who has been issued an Employment Pass/Approval-In-Principle letter/Dependant’s Pass. However, a foreigner who wishes to act as a local director of a company can apply for an Employment Pass/Approval-In-Principle letter from the Employment Pass Department of the Ministry of Manpower. We can also act as the company director on your behalf.
- Singapore has no restriction on foreign shareholders in a Limited Company, and there is also no requirement that the shares must be owned by Singaporeans, allowing companies to be 100% foreign owned.