10 must-knows before incorporating your Singapore company

If this is the first time you have incorporated your company in Singapore, this article should be on your reading list today. In the bustling landscape of Singapore's corporate world, laying the foundation for your company requires careful consideration. 

This comprehensive article will help you gain 10 essential insights into navigating the incorporation process for your Singapore company.

10 essential things you should know before Singapore company registration

1. Company secretary

Within 6 months after the incorporation date, you must appoint a Singaporean resident to be the company secretary. The company secretary must have in-depth knowledge and understanding of the Singapore Companies Act to give guidance and assistance in meeting all the requirements specified by the Singapore Government. 

The key role of the Singapore company secretary is to make sure that the operations of the Singapore companies comply with Singapore laws; especially in fulfilling the obligation to submit annual reports to IRAS (Inland Revenue Authority of Singapore) and ACRA (Accounting and Corporate Regulatory Authority).

2. Registered office address

You must have an actual address in Singapore to be the registered office address of your Singapore company (no post office box address accepted), and this address must be approved by the Urban Management Agency in Singapore.

Important note

All the important emails from ACRA and IRAS will be sent to the registered office address of the Singapore company. If you are a foreigner who wishes to incorporate a company in Singapore, we offer the mail forwarding service (which is included in our incorporation package) to help you receive all the information online.

3. Nominee director

All Singapore companies must appoint a Singaporean resident or a foreigner holding a work pass in Singapore (such as EntrePass or Employment Pass) to be the Nominee Director for the company in Singapore. Nominee Director must:

• Be at least 18 years old;
• Have no criminal record;
• Cannot be an undischarged bankrupt;
• Should not have a history of disqualification from holding a director position;
• Be a Singapore citizen, a permanent resident with a permanent address in Singapore;
• Hold a work pass if you are a foreigner wanting to work in Singapore.
• Incur no fines against the Singaporean government

The Nominee Director's primary role is to comply with the residency requirement for directors in Singapore. Furthermore, the nominee director is responsible for maintaining the statutory books of the Singapore company, etc.

4. Audit exemption in Singapore

Enforced from 1/7/2015, if the company incorporated in Singapore qualifies two out of three following criteria in the last two financial years, that Singapore company will be exempted from the audit obligation:

1. Total annual revenue is not more than 10 million SGD;
2. Total gross assets are not more than 10 million SGD;
3. The total number of employees is not more than 50.

5. Goods and Services tax (GST) registration

GST in Singapore is also known as a value-added tax (VAT) in some other countries. The current GST tax rate is 9% in 2024.

If the annual projected or actual turnover of your company exceeds 1 million SGD, you must register. GST-registered companies must charge GST tax on the goods and services provided for their customers and pay this tax amount to IRAS.

6. Special business licenses for your Singapore Company

For common good trading activities, your company is not required to apply for any business license in Singapore.

However, certain business sectors such as education centers, tourism agencies, financial services, import-export-related industries, medical services, food and beverage, and so on require you to apply for one or several business licenses before start doing business in Singapore. 

Upon completion of the incorporation process for the Singapore company, Global Link Asia Consulting will assist you in license application in Singapore (if requested).

7. Accounting record maintenance

It is mandatory that you maintain accurate accounting records for at least 5 years. Please keep in mind that these records must be capable of explaining the company's transactions and financial position upon request by Singapore authorities.

8. Updating changes in company information to ACRA

During your company operation in Singapore, should there be any changes in information such as details of directors, shareholders, registered address, share numbers, and others, you need to promptly update these changes to the Accounting and Corporate Regulatory Authority.

 Non-compliance will incur fines against ACRA.

9. Unique entity number declaration for Singapore company

After you incorporate your company in Singapore, you will receive a unique entity number (UEN) for the company. This identification number is crucial when transacting with government agencies. Besides, you must declare the UEN on official documents, such as contracts, reports, and invoices.

10. Filing annual reports to ACRA

Maintaining a good footing in Singapore is compulsory every year. That is why, all Singapore-incorporated companies need to file the following documents

• Annual Return (AR) and Annual General Meeting (AGM) to ACRA and
• Estimated Chargeable Income (Form ECI) and Company Income Tax (Form C/C-S) annually to IRAS.

Important note

If you provide your financial statements to your company secretary within five months of your Financial Year End (FYE), you are not required to hold an AGM.

In this case, your company secretary can proceed to file your financial statements as part of the annual return without the necessity of conducting an AGM.

1. How can we help you register your own Singapore company?

2. FAQ about Singapore company formation

With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an  expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries

Our areas of expertise include:

• Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
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• Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
• Opreation support:
• Registered adress;
• Foreign consular legalization;
• Trademark and patent protection registration in Singapore and the US;
• Employment Pass application in Singapore and Hong Kong;
• Website design, international SIM number provision;
• DUNS registration.

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