Globally renowned as one of the very best countries on earth to do business from, Singapore provides an environment free of red tape and bureaucracy. How long does it actually take to register your company in Singapore?
How Long Does it Take to Incorporate in Singapore?
Believe it or not, you can register your company in Singapore in as little as 1 day! This incredible turn around is largely due to Singapore’s open attitude towards welcoming investment into the country. However, to get your business set up in Singapore as quickly as possible, you’ll have to be prepared.
Let’s go through exactly what you need to get ready to have your Singapore business registered and up and running in just 1 day.
Where to Start When Registering Your Company in Singapore
First thing’s first, you’ll need a registered Singapore company incorporation service to set up your new business in Singapore. This is mandated by the Singapore Government, and their Singapore Accounting and Corporate Regulatory Authority (ACRA). Using a registered company incorporation service ensures that you can easily comply with any local laws and regulations, by letting the service do the heavy lifting for you. A good incorporation service will walk you through every step of the Singapore company registration process, and even sort out meetings with local banks and law services. Our one piece of advice would be to pick your Singapore company incorporation service carefully – there are plenty out there, but you get what you pay for. Look for a service provider that has been around a long time with proven results. Now that we’ve covered incorporation services, let’s go on to the documents you’ll need to get ready to get your new Singapore company set up in just 1 day.
What Are the Initial Documents Required to Set up Your Singapore Company in 1 Day?
The first documents you need to submit to register your company in Singapore are pretty straight forward. Remember, you’ll be providing these documents directly to your Singapore company incorporation service provider, who will then deal with the ACRA, the government agency who will approve your application.
Documents Needed When Incorporating in Singapore as a Foreign Individual
If you’re an entrepreneur who would like to set up your company in Singapore, you will need to prepare the following documents:
- Proof of overseas residential address.
- A copy of your passport.
- A description of the intended business activity.
Pretty simple right? Assuming you have a good incorporation service, they will even give you the templates to make sorting out these documents hassle-free.
As you can see, there is not a whole lot to do here, so filling out the documents can be done within 1 day.
There are a few notes to be aware of when incorporating a company as an individual.
- You are more than welcome to set up a company in Singapore as a foreign individual, however, you must appoint a Singapore resident as a director to observe ACRA’s rules.
- Once you have incorporated your business in Singapore however, you can own 100% of your company’s shares, as well as be a foreign director.
Documents Needed When Incorporating in Singapore as an Existing Foreign Corporation
Singapore makes it very easy if you want to have a subsidiary, bank office or representative office for your existing corporation.
You will need to provide the same documents required for entrepreneurs as listed above. But as an existing foreign corporation, you’ll also need to provide the following documents:
- Register of Members/ Shareholder.
- Register of Directors
- Memorandum and Articles of Association.
- Certificate of your company’s existing corporation.
Naturally, if you are an existing company, you should have those documents already at your disposal.
We’re guessing you could have these documents ready in 1 day.
What Are the Criteria for Registering a Company in Singapore?
We’ve taken a look at the initial documentation you’ll need to apply for your company’s registration in Singapore, now let’s make sure you meet the requirements to incorporate.
To be able to register your company in Singapore, you’ll need:
- Initial paid-up share capital of at least S$1.
- At least one Shareholder (Can be individual or corporation).
- At least 1 Local Director.
- At least 1 Company Secretary.
- A physical Singapore registered office address.
Those first two points are obviously very easy, however, the last three requirements might seem a bit tricky. Never fear though, because your incorporation service provider should be able to set those things up for you.
So again, with everything being either already set up, or being taken care of, these requirements can be sorted within 1 day.
Incorporating Your Company in Singapore — Step by Step
Okay, we’ve managed to sort all of the documents and other requirements to register you company in Singapore within just 1 day.
So far so good!
Now let’s look at the step by step process to actually register your company with ACRA. Again, it’s all very simple, and you guessed it, can be sorted within just a day.
1. Company Name Approval
First thing’s first, you’ll need to have your company’s name approved with ACRA. Again, this can be done with minimum fuss, as your company incorporation service will take care of this very quickly.
There are just a few things to consider:
- Your company’s name cannot infringe upon current trademarks
- Your company’s name cannot be obscene or vulgar
- Your company’s name cannot be the same as any current business in Singapore
- Your company’s name cannot be currently reserved by any other company
All very normal and expected requirements which really shouldn’t be an issue. If they are, your Singapore incorporation service provider can help you navigate any problems.
ACRA is generally very swift with this process, taking only a few hours to 1 day to approve your company name.
The only exception to this timeframe is if your company is in a field that needs a licence to operate. This includes the likes of medicine, law, finance, etc. If this is the case for your company name, approval may (in rare cases) take a few weeks.
Once ACRA has approved your company’s name, they will reserve it for you for 120 days. After that, it will be released for use by any other company that wants to use it.
2. Registration Documents
Alright, your company’s name has been approved, and the incorporation ball is well and truly rolling.
We now move on to your company’s registration documents that your incorporation service provider will submit to ACRA for approval.
Registration Documents Required by ACRA:
- A signed Consent to Act form from each director.
- A signed Consent to Act form by the company secretary.
- A Company Constitution (formerly known as Articles of Association). You can create your own constitution, or use the official template.
- Identification and proof of residential address for all officers and shareholders of the corporation.
- “Know Your Customer” (KYC) due diligence completed by your incorporation service provider for anti-money laundering regulations.
You Singapore company incorporation service provider can provide you with all of these documents. All you’ll need to do is sign them.
Again, all very straight forward, and you should be able to complete them on day 1.
3. Registering Your Company with ACRA
This is the home stretch! Your company name has been approved with ACRA, and your registration documents have been submitted. It’s still only been 1 day, and your Singapore incorporation service provider has walked you through each step.
Now it’s time to complete your registration with ACRA.With all of your documents in place, which combined, should have taken you just 1 day, your incorporation service provider will submit you application to ACRA online.
In most cases, this final step only take about an hour.In some rare occurrences, your application may need to be submitted to another government department, which might take an extra few weeks. But, if you’ve picked up on the trend here, for most new business, you’ll be officially incorporated and open for business in Singapore within just 1 day!
Summary of Timeline for Registering a Company in Singapore
|DOCUMENTS TO PREPARE||TIME NEEDED|
1a. Foreign Entrepreneur:
1b. Existing Corporation:
|PREPARED WITHIN 1 DAY*|
2. Company Name Approval with ACRA
|PREPARED WITHIN 1 DAY*|
3. Registration Documents Required by ACRA:
|PREPARED WITHIN 1 DAY*|
4. Final Online Registration with ACRA
*If all your documents are in place.
As you can see, the process can be relatively simple. However, it will only be truly quick and seamless if you have an experienced partner that knows how to guide you. And since Singapore requires you to have an official incorporation service provider, it makes sense to pick a good one.
Incorporate a company in Singapore quickly and easily
Singapore, renowned as the leading business hub in Asia, is also the gateway for companies looking to tap into the Asia market. We’re here to help.