Notably, Singapore was ranked top in the World Bank’s annual survey of 189 economies on the Ease of Doing Business for the tenth consecutive year. The World Bank’s annual survey considered the administrative burden of the tax system, ease of obtaining utilities and the number of procedures to be completed before a company could be incorporated.
What are the Requirements for Incorporating in Singapore
Before incorporating a company in Singapore, the business owners should first decide on several things and ensure that certain items are prepared prior to incorporation, namely:
- - Company’s desired name
- - The company’s principal activities (the company can select up to a maximum of two)
- - Company’s directors
- - Company’s shareholders
- - Registered office
- - Company secretary
- - Share capital
- - Constitution Documents
- - Singpass
Pre-Incorporation Criteria for ACRA Registration
If you want to apply to the Company Registrar of Singapore (ACRA), you will need to prepare for the following incorporation requirements.
- - At least one (1) Shareholder
- - A minimum initial Paid-up Capital of S$1
- - At least one (1) Company Secretary
- - At least one (1) Local or Resident Director
- - A local registered address for company office
Principal Activities
It is also important to decide the principal activities for any Singapore company registration.
The company’s principal activities can be chosen from the list set out in the Singapore Standard Industrial Classification (“SSIC”). This is also known as the company’s SSIC code. Similar to the company’s chosen business name, if the company chooses certain business activities that are regulated, the company’s name application may be forwarded to the relevant governing body for its consideration.
Company’s directors and shareholders
With regards to the particulars of directors and shareholders, companies should note that it is a requirement that at least one director be locally resident in Singapore. Similarly, the company’s registered office should also be based in Singapore.
The local director should fulfill the prescribed criteria that are stipulated in the Companies’ Act, namely that he or she:
- - Is a natural person of sound mind over 18 years of age (i.e. corporations cannot be a director)
- - Is not an undischarged bankrupt by a Singapore Court or a foreign court
- - Is not an unfit director of an insolvent company
- - Is not a director of a company which was wound up on grounds of national security or interest
- - Has not been convicted of any offence involving fraud or dishonesty
- - Has not been convicted in Singapore of any offence in connection with the formation or management of a corporation
- - Has not been adjudged guilty of three or more offences within the last five years in relation to the requirements of the Companies Act
- - Is not subject to a disqualification order under section 34, 35, 36 of the Limited Liability Partnerships Act
Read more information on starting a business in Singapore at Singapore Company Incorporation website.
