When incorporating a company in Singapore, there are several basic requirements that you need to fulfill. These requirements are essential to ensure that your company complies with the legal and regulatory framework of Singapore. Here are nine basic requirements for company incorporation in Singapore:
- Company Name:
- Choose a unique and available company name for your business. The name should not infringe on any existing trademarks or businesses in Singapore. You can check the name’s availability and reserve it through the Accounting and Corporate Regulatory Authority (ACRA).
- Business Activities:
- Clearly define the primary business activities and objectives of your company. This information should be included in your Memorandum and Articles of Association (M&AA).
- Shareholders:
- Have at least one shareholder. Shareholders can be individuals or corporate entities, and they can be local or foreign residents. There is no maximum limit to the number of shareholders.
- Directors:
- Appoint at least one director who must be a Singaporean citizen, Permanent Resident, or holder of an Employment Pass or Entrepreneur Pass. The director must be at least 18 years old and not bankrupt or convicted of any criminal offenses.
- Company Secretary:
- Appoint a qualified company secretary within six months of company incorporation. The secretary must be a natural person and a resident of Singapore. This role is crucial for ensuring compliance with statutory requirements.
- Registered Address:
- Maintain a registered office address in Singapore where all official correspondence will be sent. This address should be operational and accessible to the public during regular office hours.
- Paid-Up Capital:
- There is no minimum paid-up capital requirement for most types of companies in Singapore. You can start your company with a nominal amount like SGD 1. The capital can be increased or decreased at any time after incorporation.
- M&AA (Memorandum and Articles of Association):
- Draft the M&AA, which is a legal document defining the rules and regulations governing the company’s internal affairs. This document is submitted to ACRA during the incorporation process.
- Compliance with Regulatory Requirements:
- Ensure compliance with industry-specific regulations and obtain any necessary licenses and permits for your business activities. The requirements vary depending on your industry.
It’s important to note that certain industries, such as financial services and healthcare, may have additional regulatory requirements and licensing procedures.
Before proceeding with company incorporation, consider seeking legal and professional advice to ensure that you meet all relevant requirements. Engaging the services of a professional firm that specializes in company incorporation can help streamline the process and ensure compliance with all legal and regulatory obligations in Singapore.