Have no idea where and how to start and set up your company or business in Singapore? At Atriox, we have the experienced team to walk you through your business incorporation process.
Our professionals will also ensure your business undergoes the setup, registration, and incorporation phases to comply with Singapore's legal and regulatory standards. We will also carry out the process as smoothly as possible so that you may focus on running your business, which will only take 3 hours, depending on the complexity and also subject to approval by Accounting Corporate Regulatory Authority (ACRA).
Here's a simple guide for you to understand key information on company incorporation.
Requirements To Register a Local Company
Company incorporation is a legal process to set up your business or company in Singapore. Both locals (Singaporeans & PRs) and foreigners above 18 can form a Singapore company.
Below are the requirements to set up a Singapore company:
NRIC (Singaporeans & PRs) or Copy of Passport (foreigners)
Proof of address (e.g. Most recent phone bill, utility bill etc)
Above Age 18
Minimum paid-up capital of $1
At least one shareholder
At least one local or resident director
At least one company secretary
Why Incorporate Your Business Early?
You should incorporate your business as soon as possible after you have decided on the type of business structure for your company. Here are the benefits of incorporating your business early:
1. Secure Company Name
Book and secure your ideal name for your company. Once incorporated, you may register your business name as a trademark too!
2. Intellectual Property Ownership
This is to avoid future issues over the asset or intellectual property ownership with former employers or colleagues. They may even file a lawsuit against you.
3. Equity Ownership
As your business grows, more parties will be involved later on in your incorporation and dilute the equity stake of your company. Hence, is it recommended to incorporate early to establish a larger equity stake for yourself.
4. Legal Agreements
Legal agreements such as a commercial lease for office space can only proceed after a business entity is legally & officially formed.
Capital is important to the growth of the business, and funding is a crucial journey for most new business owners.
Investors will only be investing funds in an incorporated business. The same goes for Singapore banks that offer SME financing services and will only be willing to lend to an incorporated business.
Basic Procedure to Set Up a Singapore Company
1. Apply the company’s name
Kindly provide a list of 3-5 names to us and we will check for availability through BizFile+ portal. We recommend choosing a unique name that represents your business.
2. Get approved by ACRA
Once approved, the company name will be reserved for 60 days and can be extended by another 60 days by applying to ACRA.
The company name will be rejected by ACRA if the proposed name has:
Violate copyrights or trademarks
Contain any vulgar or obscene words
3. Prepare the required information and document
There is a list of information and documents required when applying for your business incorporation.
We will assist you in retrieving the following information and documents required:
Approved Company name
Description of business activities
Registered local address
Particulars of shareholders, directors, company secretary
Foreign Individuals: a copy of passport & proof of residential address (overseas)
Singapore Residents: A copy of their Singapore identity card
4. Submit an application to ACRA
We will then submit the required documents online to ACRA.
Dive deeper into the key information
on each business structures
You need to decide which is the best business structure for your company if you plan to incorporate your business in Singapore. The choice of your business structure for your company will affect your taxes, personal liabilities, brand image, credit, and the potential to explore your business idea fully. It also has the potential to derail your breakthrough strategy and business sustainability. You can start with weighing the pros and cons of each business structure based on your business/company’s needs and future directions.