Checklist for Business Incorporation in Singapore

Incorporating a business in Singapore is a straightforward process, thanks to its business-friendly policies and robust legal framework. However, to ensure a seamless experience, it is crucial to prepare thoroughly and meet all regulatory requirements. This comprehensive checklist outlines the key steps and considerations for business incorporation in Singapore.

Why Incorporate in Singapore?

Singapore offers numerous advantages for businesses, including:

• Ease of Doing Business: Ranked as one of the world's easiest places to start and operate a business.
• Attractive Tax System: Competitive corporate tax rates and tax exemptions for startups.
• Strategic Location: A global hub with excellent connectivity to Asian markets.
• Strong Legal Framework: Transparent regulations that protect businesses and investors.

Checklist for Business Incorporation in Singapore

1. Decide on Your Business Structure

Choose the right legal structure based on your business goals:

• Private Limited Company (Pte Ltd): Most common and offers limited liability.
• Sole Proprietorship: Ideal for small-scale businesses but offers no liability protection.
• Partnership: Suitable for businesses with two or more owners.
• Branch Office or Subsidiary: For foreign companies expanding to Singapore.

2. Choose a Business Name

Your business name must:

• Be unique and not identical to an existing company's name.
• Not infringe on trademarks.
• Avoid prohibited or offensive terms.

Check and reserve your business name through ACRA's BizFile+ portal.

3. Appoint Key Personnel

Ensure you meet the following personnel requirements:

• Director: At least one director must be a Singapore resident (citizen, permanent resident, or holder of an EntrePass/Employment Pass).
• Company Secretary: Must be appointed within six months of incorporation.
• Auditor: Required within three months unless exempted as a small company.

4. Prepare Incorporation Documents

The required documents include:

• Proposed company name approval.
• Company Constitution: Defines the company's structure and governance.
• Details of shareholders, directors, and company secretary.
• Registered office address.
• Identification documents (NRIC or passport copies) of all key personnel.

5. Determine Paid-Up Capital

The minimum paid-up capital to incorporate a company in Singapore is S$1. However, higher capital may be required for specific business activities or industries.

6. Register Your Business with ACRA

Submit your incorporation application via the BizFile+ portal. The process typically involves:

• Filling in the required details.
• Uploading the necessary documents.
• Paying the registration fee (S$315 for a company).

7. Open a Corporate Bank Account

After incorporation, open a corporate bank account in Singapore to manage business transactions. Common requirements include:

• Certificate of Incorporation.
• Company Business Profile from ACRA.
• Company Constitution.
• Proof of residential address for directors and signatories.

8. Apply for Licenses and Permits

Depending on your business activities, you may need additional licenses or permits. Examples include:

• Food & Beverage License for F&B businesses.
• Financial Services Licenses for finance-related businesses.
• Work Permits for employing foreign workers.

Check the GoBusiness Licensing Portal for specific license requirements.

9. Register for Goods and Services Tax (GST)

You must register for GST if your annual taxable revenue exceeds S$1 million. Voluntary registration is also an option if it benefits your business.

10. Ensure Ongoing Compliance

Stay compliant with Singapore's regulations by:

• Filing annual returns with ACRA.
• Submitting tax returns to the Inland Revenue Authority of Singapore (IRAS).
• Holding Annual General Meetings (AGMs) within the stipulated time frame.

Common Mistakes to Avoid

1. Insufficient Preparation: Ensure all documents are complete and accurate.
2. Ignoring Compliance Requirements: Non-compliance can lead to penalties.
3. Overlooking Tax Registration: Register for GST and fulfill tax obligations on time.

Why Engage Apexia Corporate Advisory?

Incorporating a business involves navigating various legal and regulatory requirements. At Apexia Corporate Advisory, we provide:

• End-to-End Support: From incorporation to compliance management.
• Expert Guidance: Tailored advice to meet your business needs.
• Regulatory Compliance: Ensuring adherence to Singapore's corporate laws.

Let us simplify the process so you can focus on growing your business.

Conclusion

Incorporating a business in Singapore is an exciting step toward success. By following this checklist and seeking expert advice, you can ensure a smooth and efficient process. Ready to start your business journey? Contact us today for professional support and tailored solutions!