We’ll ask you for this information:

• Company name
• Directors’ particulars
• Shareholders’ particulars

We’ll provide the following:

• Corporate Secretary particulars
• Nominee Director particulars (if required)
• Local address (if required)
• Company Constitution

You can search ACRA’s database to verify a company’s registration. Type the company’s name into the database using the business entity search tab on the ACRA website. If the company doesn’t appear on ACRA’s database, they are not legally operating. Remember to double-check the spelling of the business name when you are searching.

Before operating a business in Singapore, you need to register your company with ACRA. The first thing you need to do is choose a company name and submit your application through Bizfile+. The name cannot be the same as the name of existing companies. You can check this on BizFile+ portal too. The fee to register a business name is $15.

After your company name has been approved by ACRA, it will be reserved for 120 days. You will need to register your business or incorporate your company within this time, otherwise, the name will be released and will be made available for other companies to register.

The cost to start a company in Singapore is low. The initial capital required is S$1. Later on, you can inject more funds into the business. Just notify the authorities when this happens.

It’s also legal to issue shares without first receiving money from shareholders. Just make sure these amounts are paid in. Or, indeed, simply wait until you have the capital before issuing shares.

You must have at least one shareholder to register a Singapore company. The maximum number for a private company is 50. ACRA requires a Memorandum of Association to specify share capital amounts and equity (among other things).

Memorandums of Association have a general structure. It’s a good idea to strictly adhere to this structure to avoid problems in the future.

Once all the documents are ready, it usually takes us less than an hour to incorporate a company. It mostly depends on when you are comfortable providing all the details and the authorities’ service hours. Our record stands at 38 minutes, and we keep getting better.

In Singapore, the Companies Act requires all businesses to appoint an external auditor within 3 months of their incorporation unless exempted from an audit. The audit exemptions apply to companies that fall under the “Small Company” or “Small Group” category. Audits are carried out on an annual basis.

A company is considered to be a small company if it meets at least two out of the following three conditions:

• The total annual revenue of the company does not exceed S$10 million;
• The total assets of the company for the financial year end do not exceed S$10 million;
• The number of full-time employees at the end of the financial does not exceed 50.

A qualified auditor must meet the following requirements:

• Have a recognised qualification;
• Have the appropriate audit experience;
• Have the proper ongoing professional education;
• Be a member of the Institute of Singapore Chartered Accountants (ISCA).

Companies registered in Singapore benefit from a supportive business environment, the country is a global hub for these top three business industries:

• Ecommerce. Continuing to grow in popularity, the ecommerce industry provides opportunities to tap into different markets and manage your business from anywhere in the world.
• Digital Marketing services. Most businesses use digital marketing as a key tool to reach their customers, an easy industry to get into with the right training or experience.
• IT Support. With technology constantly pushing boundaries, there is an increasing demand for IT infrastructure services related to cloud storage, cybersecurity and data analytics.

A Unique Entity Number (UEN) is an identification number that is generated for your business once the incorporation is complete. All Singapore companies need to use the UEN to report to government agencies.

Once your application is accepted, and ACRA has officially incorporated your business, opening a business bank account is the next step. When you set up a corporate bank account, it’s essential to compare and choose a bank that meets your specific needs.

If, for instance, you are planning to trade overseas or accept foreign currency, your needs will differ from a company planning to only trade in Singapore. If you have an adviser in Singapore, ask them if they can refer you to a bank. Some accountants will work closely with banking partners if they are based online.