Singapore has emerged as a powerhouse for global business, offering a stable economy, a pro-business environment and a strategic location that makes it an ideal hub for entrepreneurs and corporations alike. For businesses looking to tap into the vibrant Asian market, incorporating in Singapore is a strategic move. This explores how Praman Advisors Private Limited can be your trusted partner in navigating the seamless process of Singapore company incorporation, ensuring compliance and setting you up for success.
1. Overview:
Singapore's reputation as a top-tier business destination is well-earned. The city-state consistently ranks among the easiest places in the world to do business, thanks to its streamlined processes, transparent regulations and a government that actively supports innovation and growth. A key factor is the country's robust legal and financial framework which provides a secure and reliable foundation for commercial activities. Incorporating a Private Limited Company (Pvt Ltd) in Singapore is the most popular choice for foreign entrepreneurs, as it offers limited liability, scalability and an attractive tax structure.
2. Benefits:
Choosing Singapore for your business is not just about location; it is about leveraging a host of advantages:-
- Attractive Tax Regime: Singapore offers one of the lowest corporate tax rates globally, capped at 17%. New startups can also benefit from significant tax exemptions on their first three years of operation. There is no tax on capital gains or dividends, making it highly attractive for investors.
- 100% Foreign Ownership: The Singapore Companies Act allows for 100% foreign ownership of a company, eliminating the need for a local partner and giving you complete control over your business.
- Ease of Incorporation: The entire process is digitally-driven and efficient. With the right support, incorporation can be completed within a few days.
- Global Connectivity: Singapore's strategic location and well-developed infrastructure provide unparalleled access to key markets across Asia and beyond.
- Supportive Government Policies: The government offers various grants, funding options and programs to support startups and small and medium-sized enterprises (SMEs).
3. Documents Required:
To ensure a smooth and swift incorporation process, a few essential documents and requirements are needed. Praman Advisors simplifies the collection and preparation of these documents.
For all individuals (Directors & Shareholders):
- Copy of Passport (for foreigners) or Singapore NRIC (for residents).
- Proof of residential address (e.g. utility bill or bank statement, not older than two months).
- Brief CV or LinkedIn profile.
Company-Specific Requirements:
- Proposed Company Name: The name must be unique and approved by the Accounting and Corporate Regulatory Authority (ACRA).
- Business Activities: A clear description of the company's business activities (based on Singapore Standard Industrial Classification - SSIC codes).
- Registered Office Address: A valid physical address in Singapore. P.O. boxes are not permitted.
- Share Capital: A minimum paid-up capital of S$1.
- Resident Director: At least one director must be a "resident" of Singapore. This can be a Singapore Citizen, Permanent Resident or a person holding a valid Employment Pass or EntrePass. If you are a foreigner without a local resident, Praman Advisors can provide a Nominee Director service to fulfill this requirement.
Company Secretary: A Singapore-resident company secretary must be appointed within six months of incorporation.
4. The Process to Apply:
Praman Advisors offers a structured, hassle-free process for company incorporation. Here is a step-by-step guide:-
- Initial Consultation: Connect with an expert from Praman Advisors to discuss your business needs and objectives. We will provide a tailored solution and a transparent quote.
- Document Submission & Verification: You will be guided on the required documents. Praman Advisors will handle the necessary KYC (Know Your Customer) checks and verify all documents for compliance.
- Company Name Approval: Praman Advisors will submit your proposed company name to ACRA for approval. This process is typically quick, often taking just a few hours.
- Application Filing: Once the name is approved and all documents are in order, Praman Advisors will file the incorporation application with ACRA's BizFile+ portal on your behalf.
Incorporation & Post-Incorporation: Upon successful registration, you will receive the e-Certificate of Incorporation and the company's Business Profile from ACRA. Praman Advisors will also assist with essential post-incorporation tasks like setting up statutory records and if needed, helping to open a corporate bank account
5. Fees and Timelines:
The total cost of incorporation includes government fees and professional service fees.
- Government Fees: ACRA charges a name application fee of S15 and a registration fee of S300, totaling S$315.
- Professional Fees: Praman Advisors offers competitive and transparent packages that can include:
- Incorporation service fees.
- One year of Company Secretary services (mandatory).
- Provision of a registered office address.
- Nominee Director services (if required).
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- Manju Laur: 📞 +97119 94042
- Timelines: The actual incorporation with ACRA can be completed in as little as a few hours. However, the overall process, from initial consultation to receiving all documents, typically takes 01 to 02 business days, assuming all client documents are provided promptly. More complex cases might require a longer period for due diligence checks.
Frequently Asked Questions
No, a Singapore Private Limited Company must have at least one director who is an "ordinarily resident" of Singapore. As a foreigner, you can be a director but you will need to appoint a local resident director. Praman Advisors can provide a Nominee Director service to meet this requirement.
No. The entire process, from document submission to signing, can be handled remotely with the assistance of Praman Advisors.
No. Singapore operates on a paid-up capital system. The minimum paid-up capital is S$1, and it can be increased at any time.
The Company Secretary is a mandatory appointment responsible for ensuring the company's compliance with the Companies Act, maintaining statutory registers and filing annual returns.
A Singapore company is required to file an Annual Return with ACRA and an Annual Tax Return with the Inland Revenue Authority of Singapore (IRAS). Praman Advisors can provide ongoing corporate secretarial and accounting services to handle these compliance needs.
