Company Incorporation
In Singapore
Starting a Business in Singapore?
We can help-Fast and Easy
100% Online Company Registeration within 6 hours.
Incorporation Process 1 Fill in the registration application form Including: company name, registered address, main business scope, registered capital, directors, shareholders 3 Company name review The company name can include words like “Singapore, Group”, but not sensitive words. 5 Open a bank account FOZL will make an appointment with the bank-to-public account manager in advance. Go through the account opening procedures immediately after your company registration is successful. During the Covid-19 period, FOZL will provide free appointments online for customers who may not able to meet our bankers in person.
Legend has it that in the 14th century, a Sumatran prince saw a magical beast, which he later learned was a lion, as soon as he set foot on the island of Singapore. In 1819, Stamford Raffles, an Englishman, shaped Singapore into a trading transit point. Singapore’s free trade policy attracted businessmen from all over Asia, the United States and even the Middle East. The country gained independence on August 9, 1965, became a member of the United Nations in September, and joined the Commonwealth in October of the same year.
There are 2 main scopes of business that can be registered on the company registration document. The main scope refers to the two businesses that account for the highest percentage of revenue amongst the company’s various businesses. Companies are permitted to partake in businesses that are not listed in the main scope of business. **If you are dealing with restricted industries or products, you need to apply to the relevant government departments and obtain a licence. For example, food, restaurants, medical products, tobacco, alcohol, automobiles, etc.. If there is a change in the main source of income after further development of the company, then the main scope of business can be changed through the action of the statutory secretary.
Under Singapore law, any company document requires the signatures of the directors of the company to take effect. Without these signatures, a document which has been stamped with the company seal has no legal effect. In the case of a company resolution, at least two directors’ signatures are required. The board resolution requires the consent of a majority of the directors (more than 50%). If there are a large number of directors, a director can be authorized to sign the documents after the board has passed a resolution.
To register a company, you need a registered address in Singapore so that the company can be contacted via mail. However, it is not necessary for the registered office address to be the place where the business operates.
There are many types of business entities in Singapore. Before registering, you should be aware of the kind of business entity that is best for your company.
When incorporating a Singapore company, it is good to understand the difference between the issued share capital and the paid-up share capital.
Statutory Secretarial Services. Appointing a qualified statutory secretary for client companies Keeping corporate records and documents Corporate Compliance Consulting Follow up on company annual reviews and tax filing times Witnessing the signing of corporate documents Appointment, removal and change of directors and other company members Appointment, change of auditors Change of registered office Change of company name Paid-in capital of reporting companies Company capital increase Transfer of shares and submission of stamp duty on transfer of shares Reduction of the company’s registered capital Dual authentication of corporate documents sent to the Ambassador Notarized documents Other Resolutions
In situations where company directors and shareholders need to transfer shares to other shareholders, the following information must be noted:
As the director of a Singaporean company, you must hold a board meeting if you need to discuss and pass resolutions on matters relating to the current and future state of the company. FOZL Singapore has summarised tips on how to conduct a board meeting below for your reference.
F & Q
01
Do I need a local director?
Your company can have multiple directors, but at least one must be a local director from Singapore. If you do not have such a candidate, you can hire one (this is covered in our services). For example, your company can have two directors: you and another local director from Singapore. If you are applying for an employment pass from a new company, you will need to employ a local director for approximately six months. After that, you can be the sole director without needing to hire a local director anymore.
02
Who can act as a Nominee Director
(which we refer to as ‘Local Director’)?
This person needs to have a resume and title for the director position, but they have no actual decision-making authority or power to manage the company. Their only responsibility and obligation are to safeguard the interests of the company and act in accordance with the law.
03
What is an Employment Pass (EP)?
This is a type of work visa issued by a specific company that allows foreign professionals, managers, executives, and technicians to be invited. It enables you to work and live in Singapore and bring your family along. The validity is for 1 or 2 years, after which it can be renewed.
04
Can I transfer my Employment Pass (EP/DP) to a new company?
No, you cannot. EP/DP is issued for a specific company. You can only work for the employer who sponsors your visa. Therefore, after changing jobs, your new company will need to apply for a new work visa for you. We recommend that you do not cancel your old work visa before obtaining a new one.
05
Do I need a company address?
Yes, all companies in Singapore must have a local registered address. It is required for legal documents. If you do not have an office address, you can use our services. We will handle your correspondence, scan it, and send it to your email account for easy access to all documents.
06
How does the registration process work?
We check the availability of your chosen company name. You send us a copy of your identity card (IC) or passport, details of the directors and shareholders, etc. We prepare all necessary documents, send them to you for electronic signature, and then submit them to the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. On your end, it's just a secure online communication process. Once the Unique Entity Number (UEN) is issued, your company can start operating.
07
How long does it take to register a company?
Once all documents are ready, we typically need less than an hour to register a company. This mainly depends on when you can provide the required information and the authorities' working hours. Our record is 38 minutes, and we are continuously improving our services.
08
Can you help me open a bank account?
Yes, this is one of our services. Opening a bank account in Singapore requires you to visit the bank with us; this is a mandatory requirement, and you need to be present, but we will prepare all the necessary materials for you.
09
If I operate a business in Singapore, can I reside there?
Of course. There is a visa called the Employment Pass (EP), which you can apply for in about six months. To qualify, you need to pay yourself a salary of around SGD 6,000, especially if you plan to bring your family to live in Singapore.
10
What are the requirements to obtain an Employment Pass (EP)?
This is an employment-type visa, so your qualifications and suitability for the company's needs will be assessed. We will prepare your resume and submit your relevant work experience, educational background, and company introduction to the authorities to obtain the visa. The most important point is that your company must commit to paying you a fixed salary of no less than SGD 6,000, especially if you also wish to apply for dependent passes (DP) for your family.
11
Can my family and I obtain permanent residency in Singapore?
Yes, it is recommended that you apply for permanent residency for yourself and your family one year after obtaining your Employment Pass (EP). Of course, you can also apply immediately after receiving the EP.