If you’re looking to set up a Singapore business, Piloto Asia can help you do it almost seamlessly. We can help you get your company incorporated by shifting focus on your core mission and relying on full-fledged business support from a reliable partner.
Our company incorporation services provide everything you need to outsource your business with your interest as a top priority. Our services include customized solutions, fast outsourcing, local network support, administration, company secretary, banking, accounting, tax compliance, bookkeeping and auditing, and annual tax and GST.
We have everything you need to get your business started on the right foot in Singapore. This short guide will provide a few easy steps that should make setting up your business here a breeze.
Choose a Catchy Company Name
Everything starts with your company name. Choose a suitable and attention-grabbing name, something that subsequently speaks about your business. Contact your filing agency to validate your name in ACRA. It’s the national agency in charge of overseeing and registering companies.
Keep in mind that there can’t be two companies with the same name in Singapore. Consider that your name should stand out from the most generic keywords like “limited” or “incorporated” or “corporation.” Instead, try to come up with something more distinguishable and unique. It can be either one word or a combination.
Determine Your Company’s Business Type
Since you’re about to start and run your own business, you already know what your business will be. However, ACRA will need your business type determined, so pick and submit your SSIC code. It will indicate your business type, industry, etc. Find the code that matches your future business niche on the ACRA’s business filing portal, and you’re good to go.
Hire Your Talent and Assemble the Team
Both companies and individuals can become shareholders. According to Singapore’s business laws, your private business can be owned by no more than 50 shareholders. This includes foreign companies and citizens too.
When it comes to your company’s directors, you can have one or multiple persons in charge. However, Singapore requires at least one of them to be local. If you plan on being a director of your company, you can only if your counterpart is a resident.
The best way to solve this requirement is to appoint a nominee director. That way, you’ll be in charge of all the decision-making, with your second director being there to meet the requirements. Using nominee services is a standard business practice in Singapore.
The last in line is your corporate secretary. Since every business in Singapore is obliged to have one, your company is no exception. A corporate secretary is a person in charge of reporting to the government, compiling papers and monitoring all paperwork, tracking changes in your company, and ensuring your business runs according to the requirements in place.
It is our warmest recommendation that you get one as soon as possible. The law demands you appoint an adequate individual in this position within six months after the company’s incorporation, but doing so earlier helps avoid the unnecessary paperwork and procedures.
Pick a Registered Address
In Singapore, the business law demands that every business has a registered address, with a real office mailbox that can be checked regularly. It is possible to rent out your office mailbox, as there are companies all over Singapore that provide such services.
They can handle all your mail needs by gathering and collecting your correspondence in full, scanning it, and sending it back to you. These companies use automated mail systems and top cybersecurity tools, so you don’t have to worry about your mail getting lost or stolen.
Determine Your Paid-Up Capital
The most common way to set the paid-up capital in Singapore is to determine 1 Singapore dollar per share. You’re not limited to the local currency, and other currencies can be used. After you incorporate your company, you’re free to change the currency or increase the sum if need be.
Delegate the Filing
You can’t incorporate your company in Singapore, as you’re a foreign citizen. The law demands that there has to be a middle man. You can handle this requirement by hiring an authorized filing agent.
There are agencies for that all over Singapore. These agents take care of all the necessary paperwork, fill out the forms, and make sure ACRA gets everything needed to make your company legit, without requiring your physical presence. You can file all your papers online through your agent.
And there you have it, the complete step-by-step guide to setting up your company in Singapore. Running a business in this country is a smart move, as Singapore has been on the rise for a few years. Their economic rebirth is pretty astounding. Being a part of this corporate world is one of the best ways to secure a bright future and prosperity.