8 Basic Elements of Incorporating a Company in Singapore

Incorporating a company in Singapore is easy, but it’s not enough to have just a great business idea. You first need to get your company registered to bring you that much closer to your dream of running your own show.

Before you can have a registered company of your own, you’ll need to make sure that you have the following elements of business incorporation in Singapore sorted.

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Just like how cooking is made easier when you have all ingredients at arm’s reach; similarly, the process of incorporating your company can be a breeze if you have secured these 8 items.

Important Things for Easy Business Incorporation

1) Company Name

What would you like to call your company? Other than being unique and memorable, you should also check your ideal company name against ACRA’s guidelines for a company name and make sure that it hasn’t been taken up yet.

Here are some things to take note:

• It cannot be similar to an existing name
• It cannot have banned or undesirable words

Note that certain company name applications, such as for a real estate agency or law firm, may need additional approvals and a possibly longer approval timeframe of between 14 and 60 days.

2) Registered Mailing Address

A P.O. Box is insufficient. You’ll need a registered office in Singapore to register your company. Companies must make sure that their registered office is open and publicly accessible for at least 3 hours during regular business hours every business day.

Under the Home Office Scheme, certain small-scale businesses may use their residential HDB and private properties as their home offices.

3) Business Activity

You need to categorise your business according to the Singapore Standard Industry Classification (SSIC) code. This code must be specified when you submit a name application. For example, the SSIC manufacturing code for tuition agencies is 85509 (educational support services).

4) Who Are the Directors?

At least one of your directors must be a Singapore resident. He/she must also be at least 18 years old, not bankrupt, or not convicted of fraud and dishonesty cases.

Before you submit your application to incorporate your business, you must be ready with the information of your company’s officers, which includes the Company Director:

• NRIC and full name
• Nationality
• Contact details, such as telephone number and email address
• Residential address

5) Who Are the Shareholders?

Shareholders can be local, foreign, individuals, or corporate holdings. Directors can also be shareholders.

6) Paid-up Capital and Corporate Bank Account

One of the best things about incorporating a company in Singapore is that the paid-up capital can be as low as S$1. Of course, corporate banking accounts would require more than that as initial deposits and monthly average balances. So it’s best to check up on your bank’s requirements.

7) Share Issue and Allocation

If you’re a company limited by shares, know the number of shares you want to issue and the value of each share. Shares can be fully or partially paid.

8) Company Secretary

For an incorporated business, you will have to appoint a qualified company secretary within 6 months of incorporation. The question is – who will it be? Besides residing in Singapore, he/she must not be the sole director of the company. The candidate must also have basic knowledge of the Singapore Companies Act to guide you properly.

Business Incorporation Singapore FAQs

Suggested Readings

For Singapore Company Incorporation, Appointing the Right Company Secretary and Resident Director is Most Important A Beginner’s Guide for Incorporating Tech Start-ups in Singapore Advantages of Incorporating a Singapore Company to Buy Commercial Properties How Has the Role of the Company Secretary Evolved?