How do you incorporate a company in Singapore ?
Company incorporation process in Singapore
It’s easier than many countries to incorporate a private (PTE) limited company by shares in Singapore. We shall discuss the following those require to register new company in Singapore as foreigner:
- Hiring consultant
- Proposed company name approval
- Number of directors
- Nominee directors
- Number of shares
- Registered address
- Residence address
- Bank account open
- Personal account open
- Time line of company incorporation
- About Singapore
There is many consultancy firm and individual consultant in Singapore who can assist to incorporate business as law. No consultant can cheat with foreign investors that guarantee due to occurrence of crime is ZERO in Singapore. Average price/ fees of consultancy: S$ 800 to S$ 1200. You can go to Singapore Foreign Company Registration-Incorporation to read in detail and contact them to hire as consultant. Good knowledgeable consultant can guide you correctly in right way.
Proposed company name approval
Give the consultant 2/3 propose names of your business to check availability. Getting accurate name is little bit difficult here.
Number of directors
Minimum one director is required but two directors are better to consider future of the company. To incorporate new company in Singapore, consultant may ask for passport copy of the directors. Some times consultant may ask for business profile to get idea of your business in Singapore. You as foreign investors keep cooperate the consultant to make comfortable to work with you.
Yes, nominee director is must here to be appointed as law. Nominee director shall be residing in Singapore IC holder and he/ she shall NOT be defaulter by bank. Without local nominee director can NOT incorporate new company (PTE) in Singapore. However, if you UNABLE to find reliable nominee director shall be cooperated you. We charge S$ 2500 (without no security deposit) BUT some times may question of security deposit IF found uncomfortable.
Number of shares
Company can be incorporated by any number of shares BUT share capital (paid up) should be not less than S$ 20,000 as our suggestion.
Every company has to have registered address to be incorporated. So, find an address of your business. IF you use our address shall be charged of S$ 500 to S$ 1000 depends.
Consultant and bank of Singapore will ask for residence address proof document ( personal bank statement/ electricity copy) of the directors.
Bank account open
After completion of company incorporation can contact the bank officer to open your corporate account. Many foreign banks are available to be opened. OCBC, OCBC Bank Singapore — Personal Banking is one of the best for the foreign investors. They may ask for deposit (transfer money) from parent country at least S$ 10,000 to Singapore bank account.
Personal bank account
Directors may open personal bank account depend on holding visa. If they have Entre Pass/ Employment pass, EntrePass may allow to open personal account.
Time line of company incorporation
It takes long time to incorporate new company BUT actually takes very short time, 1 or 2 hours ONLY. So, it can be done instant by maximum 2 hours.
There is NOTHING free. Foreigners have to spend good volume of money when money is converted to Singapore dollar. Face problem to get TAXI to attend in meeting or traveling. Once visit in Singapore may download Download The Grab App Now! | Grab Singapore to call taxi at lowest/ cheapest rate. Hotel rent is higher also and of course food cost as well. Do not forget to visit SKY PARK, Infinity Pool, Restaurants, Obervation Deck & Gift Shop to enjoy Singapore. It’s amazing place to view Singapore city, Flyer, Sea staying top of 56th floor.