How to set up a company in Singapore: the essentials

The route in brief

Registering a company in Singapore is done online with the Accounting and Corporate Regulatory Authority (ACRA), through its Bizfile service. The sequence is simple: choose and reserve a name, line up the people and the address, register the company, and then take care of the first obligations that follow.

Step 1: Choose and reserve the name

Reserving the name comes first. ACRA charges a name application fee of $15, which is not refunded if the name is unavailable or you withdraw it. You enter the name without a legal ending such as "Pte Ltd". ACRA reviews a proposed name in up to three working days, and longer if it has to be sent to another authority. An approved name is held for up to 120 days, and you use the transaction number to register within that time. If an existing business has an identical name, ACRA asks for a letter of consent.

Step 2: Line up your people

• A local resident. At registration, at least one director must meet ACRA's local residency rules. ACRA's requirements page lists Singapore citizens, permanent residents, and valid holders of an Employment Pass, a Personalised Employment Pass or an Overseas Networks and Expertise Pass.
• Shareholders. At least one share must be issued.
• Addresses. Each officer gives a residential address, which ACRA uses for official letters. A separate contact address can be filed at no fee.
• Age. You must be at least 18 years old to register.

Step 3: Arrange the registered address

The registered office must be an address in Singapore. It must be open and accessible to the public for at least three hours on each business day, although it does not have to be where the business is carried out. ACRA states that failing to keep it accessible can lead to a fine of up to $5,000.

Step 4: Register on Bizfile

ACRA's registration fee is $300. You complete the details on Bizfile: the company information, the people, the share capital and the constitution. You also declare whether the company keeps registers of nominee directors, nominee shareholders and controllers, or is exempt. Other position holders confirm their appointment, within 60 days, unless a corporate service provider filed the registration.

Foreigners need to engage a corporate service provider to reserve a name and register the company. This is the step where it helps most to have a team on the ground.

Step 5: After registration

• Company secretary. Appoint one within six months of registration.
• Auditor. Appoint one within three months, unless the company is exempt from audit.
• Registers. Keep the electronic registers of members and directors from the date of incorporation, plus the controller and nominee registers unless exempt.
• Every year. Hold the annual general meeting and file the annual return.
• Bank account. You can open a corporate account straight after registration.

A word on tax

Singapore taxes company profits at a flat rate of 17% of chargeable income, according to the tax authority, IRAS. Exemptions for qualifying companies, including new companies in their first years, can reduce the bill, and the conditions are specific, so please take advice for your own case.

How we help

We handle incorporation from first filing to final registration, and stay with you through the practical steps that follow: the registered address, resident director support, work-pass guidance, bank account introductions and GST registration.