Incorporating Your Business in Singapore
FIRST OF ALL, CHOOSE A SINGAPORE COMPANY FORMATION PACKAGE
This Singapore formation company package is suitable for entrepreneurs who wish to setup a Singapore company and have their own local Singapore Director.
Foreign Entrepreneur Without Relocation
This Singapore formation company package is suitable for foreign entrepreneurs who wish to setup a Singapore offshore company but don’t plan to relocate to Singapore.
Foreign Entrepreneur With Employment Pass
This Singapore formation company package is suitable for foreign entrepreneurs or professional who wish to form a Singapore company and relocate to Singapore to run their company operations. You must have degree qualification and/or relevant working experience to setting up business and apply for the employment pass.
Foreign Entrepreneur With EntrePass
This Singapore formation company package is suitable for foreign entrepreneurs who wish to incorporate a Singapore offshore company and relocate to Singapore on an Entrepreneur Pass (EntrePass) to run their company operations. You must have innovative ideas from overseas which could add to the entrepreneurial vibrancy in Singapore and meet all the requirements related to Entrepass application. For more information, you may refer to Singapore Entrepass.
For clients who would like to engage our nominee director services for the incorporation of a Singapore company, it is very important to appoint a competent person to act as your local director. Our nominee director services, coupled with economical fees and guaranteed high quality of services is one of the best deal in the market. A wrong choice of appointment may bring about serious consequences for the company. To understand more, please refer to our write-up “Appointing the right person as your Nominee Director“.
Package Fees for Singapore Company Incorporation / Singapore Subsidiary Incorporation (Singapore Dollars)
Company Incorporation Services*
Registered Address **
Opening of Singapore bank account ***
Employment Pass *****
Entrepass *****; @@@@
TOTAL COMPANY SETUP COST (including nominee director security deposit)
Local Entrepreneur Fee (SGD)
Payable Every YEAR
Free 1 year
Free first bank account opening resolution
Foreign Entrepreneur Without Relocation Fee (SGD)
Payable Every Year
Free 1 year
Free first bank account opening resolution
$2,000 (one off)
Foreign Entrepreneur With Employment Pass Fee (SGD)
PAYABLE EVERY YEAR
Free 1 year
Free first bank account opening resolution
$2,000 (one off)
Foreign Entrepreneur With EntrePass Fee (SGD)
PAYABLE EVERY YEAR
Free 1 year
Free first bank account opening resolution
$4,500 (W/GST $4,815)
NOTES FOR THE SINGAPORE COMPANY INCORPORATION PACKAGE
^ If you can provide a local Singapore address as the registered address of the company, the fee will not be applicable for the local entrepreneur package.
* For Singapore company formation with corporate shareholder (e.g. subsidiary), an additional charge of S$100 per corporate shareholder will apply. Kindly be reminded that for a company with corporate shareholder(s), you will not be able to enjoy the full tax exemption benefit and you will be required to prepare and file an XBRL report for the Company, unless exempted. For detailed requirements, you can refer to the ACRA Compliance Requirement.
For Singapore company setup with directors, shareholders, beneficial owners, registrable controllers and nominator of nominee director, which comprise of more than 3 persons or entity, an extra charge of $100 per person or entity will apply. Kindly be reminded that there is no service available for the setting up of a Company on a specific date. In the event of such a request being received, we will try our best to fulfill it on a goodwill basis. However, we shall not be held liable for Any Loss or Damages incurred as a result of any discrepancies in the Company incorporation date.
The directors and other company officers (secretary, auditors, CEO, Managing Director) may report an alternate address with the Registrar. The alternate address must be located in the same jurisdiction as the individual’s residential address. Therefore if the officer is a local resident, his alternate address cannot be a foreign address. The alternate address cannot be a P.O. Box address and must be an address where the person can be contacted. An extra charge of $150 per officer per alternate address will apply.
** Renewable at S$300 per annum for providing registered office address
*** For companies with the following board composition:
– one foreign director and our nominee director
– one local director
We can assist with the first bank account opening including preparation of board resolution and signing of bank account opening forms in our office, free of charge, preferably with OCBC Bank.
For companies with the following board composition:
– two or more foreign directors and our nominee director
– more than two directors without engaging our nominee director services
we can assist with the first bank account opening including preparation of board resolution free of charge, preferably with OCBC bank, and signing of bank account opening forms, if required, at a fee from $100 depending on the bank, after the board resolution has been signed and verified, authorising the nominee director or secretary to sign the documents.
Most banks in Singapore will require the physical presence of at least one director, hence at least one director (excluding our nominee director) will need to be present for the account opening process.
For clients who are arranging for the first bank account opening with their own preferred bank without requiring any of our assistance, please be reminded to furnish us with a copy of the signed bank account opening forms containing the board resolution to open the account, for our records.
For clients who are arranging for the first bank account opening at their own bank without physical presence, please check if it is permissible by the bank. If you require our nominee director or secretary to provide outgoing services to sign any documents at any bank branch, our fees will be from $250 per visit.
For the bank account opening process, we can only provide document certification services including copy of passport/NRIC only if the bearers are present in our office and the original documents are produced. Extra charges will apply. For companies with corporate shareholders, the banks will require the registration documents of the corporate shareholders and they must be notarised by a notary public, practising accountant or lawyer who is registered and searchable via their professional website. If we are required to provide further certification on these documents, we will require the local director (other than those using our nominee director services) to also certify on them and our extra charges will apply.
**** A company must have at least one Singapore citizen or Singapore permanent resident (PR) that resides in Singapore to act as a director of the company. If you need a nominee local director to register a company in Singapore, a charge for S$2,000 per annum is applied plus a refundable security deposit of S$2,000.
***** Includes a maximum of 2 appeals within 3 months from the date of rejection as per MOM guidelines. The application for the Singapore Employment Pass can only be submitted after the incorporation of a company. You will no longer need the nominee director services once your employment pass is approved.
@ An additional charge of S$100 is applicable for converting a sole proprietorship to a private limited company. (Three working days are normally required by ACRA to complete the conversion). Click Sole Proprietor vs Company for more details.
@@@@ a $3,000 banker’s guarantee is required upon approval of EntrePass. For more information, please refer to Singapore EntrePass. The Singapore Company Setup can be processed only after the EntrePass is approved.
@@@@@ It is our Company policy that our nominee director will not be involved in your business operations therefore if your business is required to apply for a license, our nominee director will have to step down when you are ready to proceed with the license application. Most license applications will need to be signed and submitted by a local key executive personnel/director therefore you will need to have such a person to act for your company and apply for the license. In certain cases such as the food and beverage business, you will be required to apply for the business license(s) first to support your work pass application. Hence, our nominee director will only act for the incorporation in order for you to employ your own local director to assist you with the license and work pass application. Most businesses do not require licenses or permits to operate, however there are some that do, as they are regulated by the approving authorities. Examples would be private schools, travel agencies, liquor distributors, moneylenders, banks, and childcare centres. For more information, please see Business License Application.
ISC understands that you want to get started right away and register Company in Singapore. We are small enough to nimbly respond to all of your needs for incorporate company in Singapore, yet big enough to provide all the services a new corporation requires. Don’t miss critical business opportunities due to red tape for business incorporation in Singapore! Trust ISC to support your speedy corporate launch with a unique package of services available nowhere else in Singapore. ISC offers the most comprehensive company incorporation package in the whole of Singapore which includes:
- Payment of professional fees for the company incorporation
- ACRA company name check and reservation worth S$15 (unlimited check of company names)
- ACRA incorporation fee worth S$300
- FREE first year “.com” domain name registration (upon incorporation, sent your request to: firstname.lastname@example.org for registration)
- FREE digital advisoryconsultation for SME Clients on digital business transformation.
- FREE standard Constitution (formerly known as Memorandum & Articles of Association; The memorandum and articles will be merged into a single document called the constitution with effective from 3 January 2016)
- FREE first board resolutions
- FREE issuance of share certificates
- FREE business profile
- FREE e-notice of Incorporation
- FREE resolution to open a company bank account
- FREE one-year corporate secretary services worth $700 (W/GST $749)
- FREE bank introduction especially UOB, OCBC and account opening services in Singapore
- FREE advisory on compliance requirements
- FREE tax planning and GST advice by Our Certified Tax Agent and GST Agent
- FREE monitoring of filing deadlines for one year by our Compliance Officer through email
- FREE incorporation consultation services
- FREE annual return submission to ACRA
- Providing a qualified accountant as the nominee company secretary and Corppass administrator of your company
- Preparing minutes of first annual general meeting (AGM)
- Add on a 12 months registered address services at Kreta Ayer Road at the price of $300 only.
- Add on one Company Seal inclusive of resolution at S$107 W/GST (companies no longer required by law to have a common seal)
- Add on one company stamp at S$27
- The preferable incorporation package
- Local Entrepreneur
- Foreign Entrepreneur Without Relocation
- Foreign Entrepreneur With Employment Pass
- Foreign Entrepreneur With EntrePass
- Proposed company names
- Preferred Unique Entity Number (UEN), additional fee will apply if required
- A principal activities description (maximum of two activities) accompanied by the appropriate SSIC Code, if any (you can look up SSIC Codes here or ISC Singapore can assist you: Search SSIC Code for Business Activity)
- For Locals – Copy of Local Singapore NRIC and resume of the proposed Company’s director(s), shareholder(s), beneficial owner(s) if any. We provide Nominee Director Services if required. For Employment Pass holders, please provide us with your passport, work pass, proof of residential address in Singapore.
- For Foreigners – Copy of passport, proof of foreign residential address and national identity card, if any, and resume of the proposed Company director(s), shareholder(s), beneficial owner(s)/controller(s), nominator of nominee directors #####, if any. (There is no foreign shareholder restrictions in Singapore – a foreigner is allowed to own 100 percent shareholding in the company)
- For Trust – Copy of Trust Deed containing name and administrative address of the Trust, copy of NRIC/passport, proof of residential address and resume of settlor(s), trustee(s), beneficiary(ies), protector(s), investment manager(s), etc.
- If the shareholder is a corporate entity, please provide the corporate shareholder’s copy of the Certificate of Incorporation, Memorandum & Articles of Association/Constitution, Certificate of Incumbency or equivalent document (Click Certificate of Incumbency to download the sample), proof of registered address, corporate chart/structure, details of the corporate representative(s) together with written documents such as a Board Resolution showing among others the subscription of shares, percentage of shareholdings in the Singapore company, appointment of any representative as director in the Singapore company, the appointment of the corporate representative and the authorisation given by the corporate shareholder(s) to the director, if any, and the corporate representative(s) and etc. If the shareholder of the corporate shareholder is also a corporation, please provide a similar set of the documents as mentioned earlier. Such requirement is necessary for all corporate shareholders until the ultimate individual shareholder(s) is/are identified. (The chances of an Employment Pass application depends on the credentials of the holding company even though it is not the key consideration criteria. We do not guarantee any approval of your work pass application with holding company structure as all approvals are subject to the discretion of the Ministry of Manpower)
- A breakdown of shareholding percentages if there is more than one shareholder.
- Kindly provide us the with information of the beneficial owner if he/she is not listed as the named shareholder.
- Amount of paid-up share capital (liability of the shareholder — minimum of SGD $1) (The issued share capital amount must be deposited into the company’s bank account as soon as the company’s bank account is set up, upon incorporation. Therefore, ISC will support a company’s incorporation with a total paid-up share capital of up to S$1,000 only. This is the maximum acceptable amount to be taken as paid up by shareholders, in cash, without them producing the proof of funds. For any request to increase the share capital amount above S$1,000, if required, we can assist clients to do so at a fee of S$214 (w/GST) per shareholder, once the company is incorporated, the company’s bank account is set up and the proof of funds is produced. The need for a higher share capital amount may be due to various reason including but not limited to requirements by certain local Authority, contracting party, shareholders’ agreement, etc).
- A proof of address of the Singapore registered office address(registered office address or physical office address), if any. We provide Registered Office Service if required.
- Contact information (telephone number, email address, etc.) and occupation of all applicant(s), director(s), nominee director(s), nominator(s) of nominee director(s), shareholder(s), beneficial owner(s)/controller(s) and settlor(s), trustee(s), beneficiary(ies), protector(s), investment manager(s) (for any trust structure)
- Kindly provide a written confirmation (email is acceptable) that each of the director(s), nominee director(s), nominator of nominee director(s), shareholders, beneficial owners/controllers, agents (if any) and settlor(s), trustee(s), beneficiary(ies), protector(s), investment manager(s) (for any trust structure), are not a Politically Exposed Person. ####
- Address of principal place of business (i.e. place where the business operation is being/to be carried out)
- What is the source and origin of funds used/to be used in the business? (e.g. Employment / Business / Investment income from Singapore)
- Expected location of Singapore Company’s customers and suppliers
- Agent’s contact information (name, telephone, email, etc.)
- Agent’s copy of passport, proof of foreign residential address and national identity card, if any
- Agent’s copy of the registration documents containing the Certificate of Incorporation, and Certificate of Incumbency or equivalent document (Click Certificate of Incumbency to download the sample), if any
- Copy of the Authorisation letter that the customer has appointed the agent to act on his behalf
For foreigner who have engaged our nominee director services, kindly provide the extra information of the foreign director(s)/nominee director(s), nominator(s) of nominee director(s), shareholder(s), beneficial owner(s)/controller(s) as follows for Singapore company formation:
- Personal documents i.e bank reference letter (see Sample bank reference letter) / recent personal bank statement issued within the last 2 months / Resume / CV
- Existing business documents i.e company website, brochure, certificate of incorporation, business profile, company bank statement, latest financial statement
- For those under employment, the information about their current occupation i.e. confirmation letter / testimonial from current employer / employment contract and latest notice of personal income tax assessment
- Purpose of setting up the Company in Singapore (e.g. running of business / investment holding / any other purposes)
- Estimated annual turnover of the Singapore Company to be generated from Singapore and Overseas.
- Will the business operations be based in Singapore?
- Do you need a Singapore bank account? Please provide the reason.
- Will you be hiring any local staff in Singapore?
# Every person who, being an undischarged bankrupt (whether he was adjudged bankrupt by a Singapore court or a foreign court having jurisdiction in bankruptcy), shall not act as a director of, or directly or indirectly takes part in or be concerned in the management of, any corporation, except with the leave of the Court or the written permission of the Official Assignee. If found guilty, the person shall be liable on conviction to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding two years or to both.
## Your Company is automatically registered as a Statutory Member of SBF if your authorised share capital is above $500,000. As a member of SBF, your company would be required under the SBF Act to pay subscription fees ranging from $300 to $800 per year, in accordance to your company’s paid up/authorised share capital.
### Kindly be reminded that we will not be able to act as your Company Nominee Director should you are a citizen or in connection with or born in the countries which is under the US Sanctions list. Kindly view Sanctions Programs and Country Information for the list. Should we discover you are fall under the US Sanctions list and this was not disclosed to us, your deposit will be forfeited and the Company will be closed down upon discovery.
#### Politically exposed person means an individual who is or has been entrusted with any prominent public function in Singapore or a foreign country, or an individual who is or has been entrusted with any prominent public function by an international organisation, and includes an immediate family member or close associate of such an individual.
##### A nominee director is a director who is accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of any other person), if any. The nominator of a nominee director is a person who appoints the nominee director. A Beneficial Owner/Controller is a person who has “significant interest” (interest in more than 25% of the shares or shares with more than 25% of total voting power in the company) and/or “significant control” (holds the right to appoint or remove directors who hold a majority of the voting rights at directors’ meetings; or holds more than 25% of the rights to vote on matters that are to be decided upon by a vote of the members of the company; or exercises or has the right to exercise significant influence or control over the company) on a company
###### Your company would be required to file its financial statements in XBRL format during the filing of annual return, if your company is (1) an exempt private company (without corporate shareholder) but is insolvent (total assets – total liabilities = negative value) or (2) a non exempt private company (with corporate shareholder) and has business activities (not dormant) for the financial year.
STEPS TO INCORPORATE
Steps for In-Person Company Incorporation
1) Visit our office to submit your information as required above
2) Make your cash payment
3) Your company will be setup within two hours!
Steps to Incorporate Via Email
- Complete the Online Incorporation Form / Email us the information as required above and submit your NRIC copies (for local individual) or passport copies, proof of foreign residential address and national identity card if any (for foreigner) or Certificate of Incorporation and Memorandum & Articles of Association (for corporate shareholder) to us at email@example.com
2) We will check the availability of the company name and get back to you within 24 hours
3) Once the information is received and name is confirmed, we will email you the invoice for payment. Upon receipt of payment, the company name will be reserved at your request
4) We will then email you all the documents for signatures
5) Upon receipt of the scanned signed documents, we will need 24 hours to perform the basic verification of your identity
6) Once the verification is done, we will proceed to incorporate the company within two hours
7) Once the Singapore company has been set up, we will email you all the completed documents (i.e. Constitution / Memorandum & Articles of Association, business profile and various other documents).
Should you have any questions about Singapore company formation or how to register a company in Singapore, please email us at firstname.lastname@example.org and we will promptly reply within 24 hours
Send us an email, and our team of friendly consultants will get back to you at the earliest possible time.
Alternatively, you may wish to give us a call at +65 8815 7966 or visit us at our offices at 334 Kreta Ayer Road, #01-05, Singapore 080334 between our opening hours of 9am to 5pm.