As the business hub of Southeast Asia, Singapore is a popular choice for companies to set up shop. Its competitive tax rates, streamlined regulatory framework, and robust infrastructure have helped it rise to the second spot in the World Bank’s ranking of the Ease of Doing Business 2021. However, incorporating a company in Singapore comes with its own set of unique challenges. This article will explore everything you need to know about registering your business in the country, including its requirements for a local director, annual filings, and more.
How to Incorporate a Company in Singapore
When you decide to incorporate your company in Singapore, you will need to submit a few key documents to the Singapore Accounting and Corporate Regulatory Authority (ACRA). Depending on your chosen company incorporation service provider, these steps may vary slightly:
A Company Constitution — also known as the ‘Articles of Association’. You can create your own, or use the standard template available from ACRA. You will also need to provide proof of identity for all officers and shareholders, along with residential addresses to comply with anti-money laundering regulations.
Shareholders are the individuals or corporate entities that own a share of your company. They must subscribe for, or purchase shares of your company to become a shareholder. You must also appoint a company secretary within six months of your company’s incorporation. Finally, if your company is a Pte Ltd, you will need to appoint a company auditor to audit your financial statements and file them with ACRA in XBRL format. how to incorporate a company in Singapore