Setting up Company in Singapore Procedure
The process and procedures for registering a Singapore Company are fully digitalized, allowing SME Hub to submit your registration application within as little as one hour. You can reserve the company name and register the company simultaneously.
🥇 Company Name Registration
Your company name must be approved by the relevant authorities before registering the company in Singapore. ACRA (Accounting and Corporate Regulatory Authority) will review and approve your company name. We will fill out and submit the necessary forms on your behalf.
SME Hub’s advisory team will promptly inform you whether the company name is available or has been rejected. Certain phrases may require additional time for review, including “law firm,” “media,” “bank,” “finance,” “military,” “security,” “Singapore,” etc. If you use these words, additional scrutiny and oversight by other Government Agencies will be required, which could take several days or weeks.
To ensure a smooth and quick process, you should choose a name that:
Does not duplicate existing company names
Does not infringe on any trademarks
Does not violate public decency
Is not already reserved by someone else
Does not contain special words or characters (SME Hub will provide detailed guidance)
🥇 Company Registration
After ACRA Singapore approves your company name, we will process your documents in the shortest time possible. SME Hub ensures that all documents comply with local legal regulations.
🥇 Post-Registration Company Formation Procedures in Singapore
The issued documents include the following:
→ Singapore Business Registration
Once the company is formed, SME Hub will send you a digital Business Registration (in PDF format), which can be accessed through Singapore’s online business portal (https://www.bizfile.gov.sg). Note: Singapore only uses electronic Business Registrations.
→ Company Profile
ACRA will create a business registration profile for your company once the registration process is completed. The downloadable PDF Business Registration will contain key information, including:
- Company name and registration number
- Former company name (if changed)
- Date of incorporation
- Primary business activities
- Paid-up capital
- Registered address
- Shareholders’ details (name, residential address, nationality,
- passport number)
- Appointed Directors’ details (name, residential address,nationality, ID number)
- Company Secretary’s details (name, residential address, nationality, ID number)
From the moment you receive the email notification of your company’s successful registration and the digital business registration, you can proceed with all legal transactions and sign commercial contracts under the new company entity. You may need to open a Singapore corporate bank account, rent an office, or register a phone number (+65) and website (with a .sg domain).
SME Hub will also provide you with:
- Share certificates for each shareholder.
- A company seal.
🥇 Applying for Business Licenses to Start Operations in Singapore
For certain restricted or specially regulated industries, you may need to obtain a license before commencing business operations. This usually applies to companies involved in the following industries:
- Restaurants, eateries
- Education
- Travel agencies
- Financial services
- Import-export of goods
- Employment agency services
- Trading of specialized items (e.g., petroleum, defense/security equipment, etc.)
🥇 Applying for Work Permits for Foreign Workers in Singapore
Step 1: Employer’s Approval
First, you need to receive consent from the employer. Then, access the WPOL account to complete the application form and provide the necessary information.
Step 2: Pay Registration Fees
You will need to pay the registration fee via Giro, Visa, or MasterCard.
Step 3: Check Application Status
After about a week, check the status of your application on WPOL.
Step 4: Download IPA Letter
Once the application is approved, you can log into WPOL to download the IPA (In-Principle Approval) letter.
Step 5: Receive Card and Complete the Process
Finally, log into WPOL to receive the card and pay other fees. Prepare all necessary documents, such as insurance, health reports, and go to the MOM (Ministry of Manpower) center for the interview.
Singapore Tax System
🥇 How is Singapore’s Tax System?
You can quickly establish a company in Singapore and start taking advantage of the low corporate tax rates, including tax schemes that help reduce taxes for businesses and new startups. Moreover, Singapore’s corporate tax structure rewards newly established companies through various incentives and tax subsidies.
With a single-tier tax system, Singapore taxes only the company’s profits and does not tax dividends distributed to shareholders. Similarly, Singapore does not impose taxes on capital gains or most types of foreign-sourced income. For example, if you build your company and sell it for 100 million dollars, you would pay ZERO taxes on the sale of your shares in Singapore.
The extensive network of Double Taxation Agreements (DTA) and Unilateral Tax Credits allows Singapore companies to minimize or eliminate taxes on foreign-sourced income.
🥇 Goods and Services Tax (GST) Registration
If your company’s annual revenue (Corporate Income) is expected to exceed 1 million Singapore dollars, SME Hub will assist you in registering for the Goods and Services Tax (GST). Once you receive your GST registration, you can add a 7% charge to the goods and services you provide. You are not allowed to keep this amount and must transfer it to the relevant Singapore authorities, specifically the Inland Revenue Authority of Singapore (IRAS). If your annual revenue is below 1 million Singapore dollars, GST registration is not mandatory.
For more details on GST, please refer to the Goods & Services Tax (GST) Guide in Singapore.
🥇 Annual Filing Requirements
SME Hub will assist with your periodic annual filing requirements and procedures as stipulated in Singapore’s Company Law.
🥇 Annual Corporate Income Tax Requirements
SME Hub will support your company’s annual corporate income tax filing requirements and procedures as outlined in Singapore’s Income Tax Law.
You can look up the Singapore Standard Industrial Classification (SSIC) codes corresponding to your business activities here.
How to Open a Business Bank Account in Singapore
💰 Is Opening a Bank Account in Singapore Easy?
Among the various procedures for setting up a company in Singapore, opening a bank account is not the most complex task but is of utmost importance. For businesses looking to open a bank account in Singapore, you need to meet the transparency requirements for personal ownership and provide relevant documentation related to business activities. Among these procedures, the most important is that the company owner must be the account holder.
SME Hub will advise and assist clients in opening a bank account quickly at any bank in Singapore.
💰 Bank Account Opening Documentation in Singapore
To make it easier for businesses to prepare their documentation, SME Hub provides the following list of required documents:
- Account opening form as per the local bank’s requirements.
- Notarized copy of the company registration or branch office registration.
- Notarized copy of the company’s certificate of incorporation.
- Notarized copy of the company’s trademark registration (if applicable).
- Copy of the passport of the company representative in Singapore.
- Bank account opening fees.
Banks in Singapore accept documents from the Company Secretary. The company representative must be a resident of Singapore, as this is a requirement to open a bank account.
Additionally, businesses should note that banks in Singapore will require the original signature of the company representative, branch director, or other relevant parties involved in the transactions.
If the person with the original signature is residing abroad, banks will accept the individual visiting their local branch to get their signature verified. This is a mandatory procedure to ensure transparency and authenticity.
💰 Costs of Opening a Bank Account When Starting a Company in Singapore
Typically, banks will charge account opening fees based on the nature of the company’s activities and the expected volume of transactions. If your business is a small enterprise with low transaction volumes, the costs are usually minimal.
In general, local banks have very low fees, and some businesses might be able to open an account without incurring any charges.
Additionally, you should be aware of any supplementary fees that may apply when using certain services, such as internet banking or foreign exchange services.
Some banks also require an initial deposit and a minimum deposit amount. This deposit will be deducted from the periodic fees for the business. If the business does not meet the fee commitments, the bank may close the account as per their regulations.
Overall, local banks in Singapore typically require a much lower minimum deposit compared to international banks. Businesses should consider their criteria to choose the most suitable bank.
💰 How Long Does It Take to Open a Bank Account in Singapore?
Generally, the processing time and opening of a bank account in Singapore depend on various factors. Specifically, the documentation provided by businesses to the bank must be accurate and complete.
To minimize time and effort, businesses should consider consulting a professional account opening service provider. With extensive experience and expertise, these service providers will handle the bank account opening needs of businesses as quickly as possible.