How to Simply Register a Private Limited Company in Singapore 2021

Why is Singapore a great location to do business?

Ranked #2 in the world for ease of doing business, Singapore is constantly one of the top 5 best countries around the globe when it comes to setting up a company here. Besides being strategically located to key business hubs in Asia, Singapore has developed a vibrant startup ecosystem and special tax benefits for entrepreneurs.

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How to Register a Private Limited Company Singapore

A Singapore private limited company is the most common type of business structure chosen. Here are some of the features that make a private limited company a popular choice:

• A legal entity separate and distinct from its shareholders and directors
• It can sue or be sued in its own name
• A minimum of 1 and a maximum of 50 shareholders
• A subsidiary company, with at least one individual shareholder with a minimum of 10 percent shareholding, is entitled to local tax and development incentives

Plus point: Foreigners are allowed to have 100% foreign ownership of the incorporated company.

Upon choosing to form a Private Limited Company, you will need to also complete the following steps:

1. Choose Your Company Name

The most initial step in forming your company would be choosing the most suitable company name. By choosing a company name that identifies with your product or service, it will be easier for clients to stay connected.

You are required to submit your desired company name to ACRA to seek an approval before forming your company. This application process only takes an hour and your approved company name can be reserved for 60 days thereafter.

For the application process to be seamless, you should ensure that your chosen company name is:

• Does not infringe any trademark rights
• Is not obscene or vulgar
• Is not similar or identical to existing companies
• Is not reserved

Easily use our company name checker tool to find out if your preferred name is available.

2. Register Your Singapore Company

Registering a company in Singapore is a relevantly smooth process. With all your required documents in place, you can have your company incorporated in less than 24 hours.

Apart from corporate service provider fees, there is an additional mandatory government fee of $315 that you will be required to pay to register your company.

What is needed to form a Private Limited Company?

Here are the standard requirements:

1. Minimum 1 Shareholder
2. Minimum 1 Resident Director
3. Minimum 1 Local Company Secretary
4. Minimum S$1 Paid-up Capital
5. Local Registered Address

Can Foreigners Register a Private Limited Company on their own?

Take note that as a foreigner, you can set up a private limited company without the need to relocate to Singapore. Whether you choose to relocate or run your company from overseas, it is a must for you to seek the assistance of a corporate service provider to register a Singapore company.

How can you run a Private Limited Company in Singapore?

There are 2 common ways that foreigners incorporate a Singapore company and start operations. You can either:

1. Relocate to Singapore with an Employment Pass (EP) or;
2. Engage Nominee Director (ND) Service and run your business from anywhere in the world.

If option 1 is chosen, this is what you can do:

1. Engage Resident Nominee Director (ND) temporarily
2. Incorporate Singapore Company
3. Apply for Employment Pass (EP)
4. Upon EP approval, take over current ND as Resident Director
5. Run your business.
   

If option 2 is preferred, you only need to:

Engage Resident ND > Incorporate Singapore Company > Run your business from anywhere.

Keen to Incorporate a Singapore Private Limited Company?

Incorporating a Singapore company is a simple process. Through our partnership with InCorp - Asia’s leading corporate service provider - we can assist you in getting your company started seamlessly.

InCorp goes beyond company incorporation. Dedicated to supporting businesses at every stage and ensuring that compliance requirements are met, InCorp also provides many more services such as corporate secretarial, accounting, taxation, hr & payroll and business advisory.

Get started on your 2021 entrepreneurship journey here today.