Singapore Company Incorporation FAQ
Q. What are the basic requirements to
incorporate a Singapore company?
A. The basic requirements and
facts are as below:
- Anyone (a
local or a foreign person) can register a new Singapore
- 100% foreign
paidup capital of $1 only
- Concept of
authorized capital no longer exists
- Minimum of 1
director and 1 shareholder required
- At least one
director must be a local resident director (Singapore
citizen, permanent resident, or EP holder)
- Must have a
local registered address
- Must have a local
qualified company secretary
Q. Can a foreign person be 100% shareholder of the
A. Yes. Singapore Companies Act
allows 100% foreign shareholding of a Singapore company.
Q. What is the minimum amount of authorized capital for incorporating a
A. The concept of authorized
capital has been abolished and no longer applies for companies incorporated in
Q. What is the minimum amount of paid-up capital?
A. The minimum amount of paid-up
capital to open a Singapore company is $1.
Q. Can we increase paid-up capital later?
A. Yes, you can increase the
paid-up capital anytime later after the company incorporation. We will prepare the necessary
paperwork and lodge it with authorities.
Q. How many directors
are required for incorporating a company in Singapore?
A. With recent changes to
Singapore Companies Act, a Singapore company can be incorporated
with a single director.
Q. Does Singapore company laws allow
A. Yes, foreign directors are
allowed as per Singapore company
Q. Can all directors be foreign directors?
A. No. At least one of the directors has to be a local
resident person. A
local resident person is defined as a Singapore citizen, permanent
resident, employment pass holder. All
other directors can be foreign directors.
Q. I am foreign
person and would like to start a business in Singapore. Will I be
able to relocate to Singapore to manage and run my business?
A. If you are interested in
starting a business and relocating to Singapore, you will need to
incorporate a Singapore company and apply for Entrepreneur Pass or
Q. We would like to setup a Singapore company. However, we
don't have a local person in Singapore who can act as the local
director. What is your
advise on handling the local director requirement?
A. It depends on your
plans as follows:
you plan to relocate to Singapore as part of incorporating a
Singapore company, you can act as the local
director once your entrepass/employment pass is approved.
Alternatively, you can use our nominee director service to
satisfy the requirement of a local director. For more details on
our nominee director service, please refer to
Local Nominee Director Service.
If you know a local person or if you have a local employee who
is willing to act as the local director, you can designate him
as the local director.
Q. If myself or one of our overseas staff member
is applying for an employment pass, can we act as the local resident
A. Yes, after the employment pass
has been approved, you can act as the local director for your
Local Nominee Director Service
Is a resident director required for registration of a Singapore
A. Yes, as per Singapore Company
Act, each private limited company must at least one director who is
locally resident in Singapore.
If we don't have anybody in Singapore who can act as the local
resident director for our company, can you provide the service of a
nominee director? What role will he play in our company?
A. Yes, we can. Our nominee
director will not have any financial, management, or operational
interest in the company. He will not be involved with any business
dealings, contracts, or banking matters of the
company. His role is just to satisfy the statutory requirement of a local
resident director for your Singapore company.
Q. What are your terms
for providing a nominee director service?
A. As per Singapore company laws, the responsibilities of a company director are quite
onerous and therefore we have certain conditions that must be
fulfilled in order for us to provide a nominee director service.
We would need to be satisfied with the credibility of company
beneficiaries and may require additional information on a
require you to sign a nominee director indemnity letter.
In addition to our nominee director professional service fee, we require a
S$3000 refundable security deposit for
the provision of this service.
Q. Why do you need a security deposit? When will we get
A. As per Singapore Company Laws,
responsibilities of directors are quite onerous for all directors
including nominee director. The nominee director is required to pay
for the company liquidation charges in case the foreign client is no
longer reachable. Our nominee director service is provided
by the reputable and trustworthy professionals and to safeguard interests of the nominee
director, we require that a security deposit be kept with
us for as long as our nominee director service is active.
Please be advised that no reputable company will provide the nominee
director service without a security deposit. The saying 'You Get
What You Pay For' is quite appropriate in this case.
A security deposit should not be
confused with our Service Fee or some other fee. It's your money
that is temporarily in our custody for the duration of our nominee
director service. We will refund the security deposit back to you
within 2 working days after you no longer need our nominee director service.
Q. Can I terminate your nominee director service anytime?
A. Yes, you can terminate our
nominee director service anytime by providing us with the details of
an alternate local director. We will do
the necessary paperwork, lodge the change with authorities and
promptly refund the security deposit back to you.
Procedure, Requirements, Timeline
Q. What is the procedure and timeline to incorporate a Singapore
A. The step by step procedure and timeline is as follows:
Incorporation Details Form
||Send us passport copies (or IC for
Singaporeans) of proposed directors
and shareholders for Singapore company
||Depends on you
||Make payment arrangements for
our fees as per the quote that will be sent to you.
||Depends on you
Upon completion of the above:
||Reserve company name
||Prepare necessary incorporation
||Depends on you
Upon completion of the above:
||Incorporate the company with Accounting
& Corporate Regulatory Authority of Singapore
||Prepare post-incorporation documents
including bank account opening documents
Q. Can there be any delays in the timeline as mentioned
A. Although not the norm but
exceptions do exist. On rare occasions, the authorities may take
more time to approve the company name or to incorporate the company. These delays can be of two types:
- Delay in the name approval. Sometimes Company Registrar can refer
the approval of the name to other government agencies and as
such the name approval process can get delayed from normal 2
hours to 2 weeks.
- Delay in the company incorporation. Sometimes Company
can delay the company incorporation based on the particulars of
the foreign directors. Under such cases, the incorporation
process can get delayed from normal 2 hours to 2 weeks.
Q. What documents do you need from me if I want to
incorporate a Singapore company?
A. We will need the following
documents from you:
For each non-resident
- Fax or email us a passport copy
(particulars page) and residential address proof (such as recent
utility bill, bank statement, or driver license, etc.)
For each Singapore resident
- Fax or email us a copy of the
If the shareholder is a corporate
entity, email us:
- Copy of the Certificate of
Incorporation of the parent company
- A copy of the document showing the
registered address and directors of the parent company
* Please note that you will need to provide officially translated
English versions of any documents that are not in English.
Q. I am a foreigner currently holding an employment pass
and working for a company in Singapore. Can I register a company?
A. Yes, you are free to register a
company unless your employment agreement with your employer
prohibits you from doing so. However, in order to become an employee
of your new company you will have to apply for a new employment pass
and upon approval cancel your existing employment pass.
Q. Does a Singapore
company need to appoint any other officers besides directors?
A. The only other officer required
to be appointed besides company directors is a company secretary. For more details on company secretarial service, see the next section
Company Secretarial Service
Q. Does a Singapore Company have to appoint a Company
Singapore company is required to have a professionally qualified
company secretary. The company secretary must be a local person in
Q. What are the duties of a Company Secretary in
A. A company secretary assists
with ongoing statutory company matters of the company. Examples include:
- Change of directors, shareholders, etc.
- Maintaining the register of directors and shareholders
- Issuing share certificates and recording transfers of shares
- Maintaining the register of members and debenture holders
- Preparation and submission of the Annual Returns
- Filing of documents and changes with corporate regulatory body
Q. What is included in the annual fee for your Company
A. Our annual fee for acting as the company secretary includes the following:
- Providing one qualified person as
Secretary of your company as required by Section 171(1A) of the
- Attending to routine secretarial
matters of the company such as first board meeting, annual
general meeting, affixation of common seal, providing company
biz profile records.
- Safekeeping, updating, and
maintaining registers, minutes book, and other statutory
- Reminding you of the various
statutory compliance dates
Q. What kind of secretarial services will be chargeable?
A. Secretarial matters of
non-routine nature will be chargeable on a per request basis. Examples
Increase of paid-up capital
Change of shareholding
Change of M&A
Change of directors
Opening of additional bank
Change of registered
Registered Address, Phone/Fax Services
Q. Does a Singapore company need to have a registered
address in Singapore?
A. All Singapore companies are legally required to have a registered Singapore address.
Q. Do you provide company address and communication
A. Yes, we can provide the following
- Company registered address service
- Dedicated phone and fax number
Q. Do we need a local address for our Singapore company?
A. Yes, each Singapore company
must have a local registered address in Singapore. Our address
service allows you to use our address as the registered address for
your company. The Company
Registered Address must always be an effective address for
delivering documents to the company and its Directors/Shareholders.
We will handle your company mail as per
your instructions. You can either pickup mail from our office or we
can send it to you at your expense.
Any change in the company's registered
address must be notified to Accounting and Corporate Regulatory
Authority (ACRA) of Singapore.
Q. How does your
phone and fax service work?
A. Our phone and fax service is
provided on an annual fee basis. It works as follows:
Your company will be assigned a dedicated phone and fax numbers.
personalized and computerized greeting will be recorded for your
Phone calls to your company phone number will be greeted by your
company's greeting and either forwarded to a number (as given by
you) or to voicemail system.
The forwarding number can be either a local Singapore number or
an overseas number.
Any voicemail messages received will be emailed to you as a
Similarly, any fax documents received will be emailed to you as
Q. Will there be
extra charges for overseas mail and phone forwarding?
A. Yes. For overseas mail
forwarding, the courier charges will apply. For overseas phone
forwarding, international calling rates (as per telco) will apply.
If you need us to forward the assigned phone number to an overseas
number, we collect an advance deposit towards international calling
Corporate Bank Account in Singapore
Q. What banks can I
open a corporate account with in Singapore?
A. Singapore has an excellent
choice of well-reputed local and international banks for opening
corporate accounts. We normally work with the following banks:
Q. What are the bank
account opening requirements? Do I have to be present for the
account opening procedure?
A. The specific requirements for
opening a bank account vary from bank to bank. Most of the banks
require that the bank signatories be personally present
for the account opening procedure. Our close working relationship with some banks
enables us to handle the account opening paperwork without the
client coming to Singapore.
Q. How long does it
take to open a bank account?
A. Depending upon the bank, it may
take from one day to few weeks and whether or
not you are present in Singapore for the account opening process.
Q. Can I open a multi-currency account?
A. Depending on the bank, you can either open a
single multi-currency account or different accounts for different currencies.
Q. Can the bank account be opened before incorporate the company? If
not, how soon after incorporating the company can I open the bank
A. The bank account can only be
opened after the company has been incorporated. Upon incorporation of the
company, we will prepare the necessary company documents required for opening
the bank account and immediately initiate the
bank account opening process with the bank of your choice.
Q. What assistance do your provide in opening a
corporate bank account?
A. Once the company has been
incorporated, we will prepare the necessary corporate documents
required by the bank and liaise with the bank officer regarding the
bank account opening.
Q. Can I freely move funds between my home country and Singapore?
A. There are no restrictions in
Singapore for moving funds in and out of Singapore. You should check with a
qualified professional in your home country regarding the rules and regulations
Q. Is the bank account opening guaranteed?
A. The bank is the decision making
authority on opening the bank account and not us. Usually the bank
will conduct their due diligence (often called "Know Your Client"
due diligence) on the proposed activities of the company as well as
the background of the principals involved. Under normal
circumstances, there should not be any problem with opening the
corporate bank account for a Singapore company.
Q. What is the corporate tax rate for Singapore
A. For details on corporate
taxation in Singapore, refer to
Q. Do we need to visit Singapore to incorporate a company
A. No, it's not required. We can
send you the incorporation documents overseas for signing. You can
sign and courier the documents back to us. Upon receipt of the
signed documents, we will be able to proceed with the company
However, you may be required by the bank
to visit Singapore for the account opening process. For more
information on bank account, please refer to
Bank Account FAQ
Q. How do I engage your services for setting up a company
A. Very simple:
Just fill up the Incorporation Form and we will follow up from there.
Upon receipt of your order as above, we
will work with you to clarify and finalize your requirements and
email you a formal quote for our services along with payment
Upon receipt of the payment, we will be able to commence our service