Opening a company in Singapore can be the beginning of an exciting business project full of potential. To start this journey, many international business owners choose to register a Pte.Ltd in Singapore (Private Limited) because of its popularity and unique advantages compared to other business structures.
In the following article, we show you the most complete process of establishing a Pte.Ltd a Pte.Ltd in Singapore in 10 steps, 2 working days, and 1 SGD/1 USD.
1. What are the initial requirements for registering a Pte.Ltd in Singapore?
Singapore Pte.Ltd company, also known as Singapore private limited liability company is the most popular type of company registration for domestic and international business owners.
When choosing to form a Pte.Ltd, you can
- Limit the liability of shareholders to the registered share capital of each shareholder;
- Create a professional, trustworthy brand image;
- Attract investment and have more access to finance options;
- Optimize taxes by allowing businesses to enjoy preferential income tax reduction in the first 3 years of incorporation (Special).
Important note
If you are still considering other types of companies to register in Singapore, our article 6 Singapore company types you can not miss can offer you valuable insights about business structures for incorporation.
In addition, you can contact us today for expert advice on the best company types for your business ventures.
If you are ready to set up a private limited company in Singapore, the instructions below are all you need. Our support will make the registration process with ACRA easier, more comfortable, and more convenient.
The basic requirements to start a business in Singapore include:
- A company secretary
- One resident director /One nominee director in Singapore (For sole foreign business owners, you will need our nominee director service)
- Office address in Singapore
- At least 1-50 shareholders – can be individuals or corporate organizations
- The minimum initial paid-up share capital is S$1
After understanding the 5 basic elements, you can begin your registration process with our detailed 10 steps below.
2. How to register your Pte.Ltd company in Singapore from A to Z?
Selecting a name for your private limited company is a crucial initial step. Ensure it aligns with your business activities and strategy, and presents the desired image. It's vital to note that the Accounting and Corporate Regulatory Authority (ACRA) may reject a name for reasons such as
- Name duplication;
- Copyright infringement, or;
- Government restrictions. Please refer to this list of Referral Authorities to know which word needs permission from the Singapore authorities to be used.
We suggest you prepare a list of three unique names, and Global Link Asia Consulting can assist in verifying and registering them with ACRA.
- Smoothly establish your Pte. Ltd company by ensuring all necessary documents are in order:
- ACRA-approved company name.
- A brief description of business activities, along with the corresponding SSICC industry code.
- Appointment of at least one Singapore resident director if you are a sole foreign shareholder of the company. If you wish to act as a Singapore director, we help you register for an Employment Pass.
- One to fifty shareholders, each requiring specific documentation.
- Registered office address in Singapore.
- A resident individual in Singapore to act as a company secretary.
We help you submit all required documents and the registration form to ACRA for company registration. While ACRA typically approves registrations on the same working day, additional documentation may be needed in special cases.
Upon confirmation of your registration form, ACRA will send an email notification containing your company registration number (UEN) and the electronic certificate of establishment.
A crucial step for business transactions, opening a bank account requires the physical presence of the foreign director and account holder in Singapore. Ensure you have the necessary documents, including passports, residential address proofs, a certificate of incorporation, a business profile from ACRA, and board resolutions.
Normally, the bank will require all of the documents listed below. Based on each specific case, the bank will require additional documents:
- Bank documents required for account holders to prepare:
- Application to open a bank account (will be provided by the bank): Global Link Asia Consulting will guide the account holder to fill in information to increase the likelihood of success;
- Valid documents of the Singapore company such as a Business Registration License and Company Charter;
- Passport of director/shareholder/bank account holder;
- Proof of address of the director/shareholder/bank account holder;
- Documents proving financial transactions such as contracts and sales invoices;
- Documents proving company operations such as website, and brochure.
You will need to obtain one or more licenses and permits depending on the company's business activities. A newly established company must obtain a license before starting business operations.
Only a few activities require a license to do business, including travel agencies, cleaning services, import and export, restaurants, educational institutes, and financial services.
After formation, companies doing business in the above-mentioned fields must apply for a business license from the relevant competent authority.
If your company's taxable turnover exceeds or is expected to exceed SGD 1 million in the next 12 months, it is mandatory to register for GST. Even if your turnover is below the threshold, voluntary registration can be advantageous for claiming input tax.
You should familiarize yourself with GST regulations, determine your registration eligibility, and submit the necessary documents to the Inland Revenue Authority of Singapore (IRAS). This step is vital for managing tax obligations and financial planning.
We suggest you engage with financial experts to navigate the complexities of GST registration effectively.
Consider factors such as employment passes for foreign employees, intellectual property protection through trademark registration, implementing a corporate governance framework, drafting employment contracts and policies, and adopting appropriate cybersecurity measures.
Ensure ongoing compliance with regulatory requirements,
- Conduct regular board meetings,
- File annual returns with ACRA,
- Stay updated on changes in tax regulations, and
- Engage in periodic reviews and audits with legal and financial professionals.
- Prepare all necessary filings and submit them to relevant authorities.
By following these 10 steps, you can ensure a seamless and legally compliant establishment and operation of your private limited company in Singapore. For professional guidance, you should really consider consulting corporate service providers and legal experts.
3. How can we help you incorporate your Pte.Ltd in Singapore?
Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you
- Register a company in Singapore;
- Open a corporate bank account in Singapore with a 99% success rate;
- Choose the right company types for tax optimization in Singapore;
- Apply for Singapore business licenses;
- Get an affordable, professional registered office address for business;
- Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
- Handle all your tax accounting needs, timely annual filings, auditing, and more.
4. FAQs about Singapore Pte.Ltd company incorporation
The time to submit an application to ACRA and receive a UEN only lasts 1.5 -2 days.
We are committed to expeditiously guiding you through the comprehensive 10-step process outlined above. Our dedicated support ensures a rapid and transparent experience, with progress updates provided consistently.
As a standard practice, we aim to conclude the entire procedure within 1 to 2 working weeks, facilitating a prompt and efficient establishment of your private limited company in Singapore.
While it's not mandatory for Singaporean businesses to open a bank account in Singapore, Global Link Asia Consulting recommends considering this option for several advantageous reasons:
- Access to international services: Opening a bank account in Singapore provides businesses with access to a variety of international services that domestic banks may not support. This includes features like cross-currency transactions both domestically and abroad.
- Diverse payment channels: Having a Singaporean bank account offers businesses diverse payment channels and methods, enhancing flexibility in financial transactions with partners worldwide.
- Expanded choice of payment methods: With a Singaporean bank account, businesses can offer their global customers a broader range of payment methods, contributing to a more convenient and widespread customer base.
If you are a foreigner or lack a permanent Director and Secretary, or an Employment Pass (EP) holder in Singapore, we offer comprehensive support to help your company meet all the necessary requirements for registering a Singaporean company.
The registration fees for opening a Pte. Ltd in Singapore can vary based on the specific requirements of your business. We offer a comprehensive service that covers the entire process of setting you a Pte. Ltd company in Singapore, including:
- Registering the company
- Opening a bank account
- Handling accounting and tax matters
- Ensuring compliance with annual requirements
For detailed information on the costs associated, contact us today and we show you what you need for an ever-lasting Singapore company setup and management.
Global Link Asia Consulting Pte. Ltd. is pleased to announce the publication of the above insightful and informative article on our official website, Global Link Asia Consulting on 16th June 2019. The copyright for this article is exclusively held by Global Link Asia Consulting Pte. Ltd. Any unauthorized reproduction or distribution of this content without our express written permission is strictly prohibited. We value the protection of our intellectual property and appreciate your cooperation in adhering to these guidelines. Thank you for your continued support of Global Link Asia Consulting Pte. Ltd.