The application for incorporating a company is to be submitted at the online filing portal maintained by the local authority ie Accounting & Corporate Regulatory Authority ("ACRA") .
We offer a few pointers here for a foreign company or foreign individual looking to incorporate a company in Singapore.
Singapore has digitalized its public services in the form of online portals to provide conveniences to the public and businesses. It requires a digital identity for a person in order to connect and transact with government agencies. Therefore it is advisable for foreigners to engage the services of a local Registered Filing Agent ("RFA" which could be either a law firm, accounting firm or secretarial firm) to help with the application and submission.
Prior to the application, it is critical for the foreigner to make ready following information/ documents upon request by the RFA for identification and verification: *
For foreign company - a group structure detailing the names, residential address, identities of shareholders including ultimate beneficial owners with respective % shareholdings and the same details required for key management personnel & associates of the foreign company.
Principal business activities and business addresss of the foreign company.
Intended business activities of the new Singapore company to be incorporated.
* Denote : there may be further request of information from the RFA.
Concurrently, the foreigner will also need to:
Identify and appoint at least 1 local resident director (who is fit and proper)
Provide the registered office address and/or business address.
Confirm the share capital of the new company given the intended business activities
Provide details of Registrable Controller (also commonly known as the beneficial owners).
Companies Act of Singapore also provides that:
the directors of a company must, within 3 months after incorporation of the company, appoint an accounting entity or accounting entities to be the auditor or auditors of the company, and any auditor or auditors so appointed hold office, subject to this section, until the conclusion of the first annual general meeting.
Companies must appoint a company secretary within 6 months from the date of incorporation. This position cannot be left vacant for more than six months, or the directors may face a penalty of up to $1,000.
You may find out more information in ACRA's website:
We provide following services to assist individuals and multi-national corporations which are keen to have a business presence in Singapore.
Incorporation of a company in Singapore
Non-Executive Director services for foreign investors
Corporate secretarial & administrative services
Registered office service
Setting up & designing a simple corporate website +
(+ add-on: periodic update & maintaining your corporate website)
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