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Starting a business in Singapore is much simpler than you might have thought. Since you have all the important prerequisite documents, you can finish it in one day. The country is immensely popular as a major international center for foreign investments and organizations.

Incorporating a company in Singapore can be quite straightforward for a foreigner; you just need to know the requirements to be aware of and do some reading to get a clearer idea of ​​the whole process. In this article, we will give you an overview of the necessary requirements for you to set up a company in Singapore. In summary, these are the stipulated requirements:

Singapore Company Incorporation Requirements

• Minimum 1 shareholder

• 1 resident director

• 1 company secretary

• Minimum paid-up capital of S$1

• A local registered office address

Appointment of a director

It is a requirement for foreigners to appoint a minimum of 1 local resident director to set up their new business in Singapore. A resident director is defined as a citizen of Singapore, a permanent resident of Singapore or a person who has been issued an EntrePass (Entrepreneur Pass), Employment Pass or Dependent Pass.

This person must be over 18 years of age and must not have prior undischarged bankruptcy records. Shareholders must also pass a resolution to supplement the local director.

You will also need to hire a Singapore registered registrar/incorporation agent to register your company, as foreigners cannot self-register their company in Singapore.

Here are some of the options for your local director:

• If you I don’t want to movefind and hire a local/resident nominee director to do the onboarding

• If you want to move to singaporeengage a registered registration agent, eg Sprout Asia, to incorporate your business first while applying for a Job Pass/EntrePass.

Other business registration requirements

Before registering, you will need to obtain approval of your business name from ACRA.

Next, you need to prepare the following set of documents:

• Signed consent to act as director for each director

• Signed consent to act as company secretary by company secretary

• Identification details and residential address of each shareholder and officer of the company

• Constitution of the company

Once these incorporation documents have been prepared, you can officially register your business with ACRA. The registration process is done online and takes less than an hour. An acknowledgment will be given at the end of the process.

If the application is successful, ACRA will send you an email with the Certificate confirming the incorporation of your company. You can also purchase its printed version for a fee.

Typical cost of starting a business

The cost of using a filing agent in Singapore also includes ACRA (Accounting and Corporate Regulatory Authority) expenses, such as:

• Company name application: S$15 (reserved for 60 days and there may be additional costs)

• Company registration fee: S$300