Singapore Company Incorporation Services
- Roger Pay
- 6 hours ago
- 6 min read
Singapore Company Incorporation Guide
Singapore Company Incorporation Services
Singapore has a business-friendly environment that makes it a popular destination for company incorporation. The process is streamlined and can be completed relatively quickly. For both local and foreign entrepreneurs, engaging a corporate service provider (CSP) is a common and often necessary step to ensure compliance with local regulations.
Key Requirements for Company Incorporation
To register a private limited company (Pte Ltd) in Singapore, you generally need to meet the following requirements:
Company Name: The name must be unique and approved by the Accounting and Corporate Regulatory Authority (ACRA) before incorporation.
Shareholders: A minimum of one shareholder is required. Both individuals and corporate entities can be shareholders, and 100% foreign shareholding is permitted.
Resident Director: At least one director must be a local resident of Singapore. This can be a Singapore citizen, Permanent Resident, or a person holding a valid Employment Pass or EntrePass. If you are a foreigner without a local resident director, you must use a nominee director service provided by a CSP.
Company Secretary: You must appoint a company secretary who is a natural person and a local resident of Singapore within six months of incorporation.
Registered Address: A physical and accessible registered office address in Singapore is mandatory. P.O. boxes are not allowed. Many CSPs offer registered address services.
Paid-up Capital: The minimum paid-up capital is just S$1.
The Incorporation Process
The process of incorporating a company in Singapore is done online through the ACRA's BizFile+ portal. The key steps are:
Engage a Corporate Service Provider (CSP): Foreigners are required to hire an ACRA-registered filing agent or CSP to submit the application on their behalf.
Company Name Approval: Your chosen CSP will help you check for name availability and reserve it with ACRA.
Prepare Documents: The CSP will assist in preparing the necessary documents, including the company's constitution (previously known as the Memorandum and Articles of Association), consent forms for directors and the company secretary, and details of shareholders.
Submit Application: The CSP submits the incorporation application to ACRA via BizFile+. The process is typically very fast, with most applications approved within 1-3 days if all documents are in order.
Services Offered by Corporate Service Providers
CSPs in Singapore offer a range of services beyond just incorporation, which can be particularly beneficial for new businesses and foreign entrepreneurs. These services often include:
Nominee Director: Providing a local resident to fulfill the statutory requirement of having a resident director.
Company Secretary Services: Appointing a qualified professional to handle statutory compliance and filings with ACRA.
Registered Office Address: Providing a physical address for official correspondence and statutory documents.
Bank Account Opening Assistance: Aiding in the preparation of documents and resolutions required to open a corporate bank account.
Accounting and Tax Services: Handling bookkeeping, preparation of financial statements, and corporate tax filings with the Inland Revenue Authority of Singapore (IRAS).
Ongoing Compliance: Ensuring the company meets all statutory obligations, such as filing annual returns and holding Annual General Meetings (AGM).
Fees
The total cost of incorporating and maintaining a company in Singapore can be broken down into two main categories: one-time government fees and professional service fees, which can be one-time or recurring.
1. Government Fees (Mandatory)
These are the fees paid directly to the Accounting and Corporate Regulatory Authority (ACRA) and are required for every company registration.
Company Name Application Fee: S$15
Company Registration (Incorporation) Fee: S$300
The total mandatory government fee for incorporation is S$315.
2. Bestar Corporate Service Provider (CSP) Fees
While the government fees are fixed, the professional fees charged by a Corporate Service Provider (CSP) can vary widely depending on the services included in a package. Most CSPs offer bundled packages for new companies, which are often more cost-effective than paying for each service individually.
Here is a general breakdown of typical fees for various services:
One-Time Services (for Incorporation)
Incorporation Package: This is the most common option, especially for foreigners, as it includes the necessary services to get the company registered. Packages range from S$400 to S$1,500 and include:
Company name check and reservation.
Preparation of incorporation documents (constitution, resolutions, etc.).
ACRA filing on your behalf.
A welcome kit with the company's business profile and other statutory documents.
The first year of corporate secretarial services is included in the package price.
Recurring Annual Services
Corporate Secretarial Services: This is a statutory requirement and is one of the most important recurring fees. The service fee covers routine compliance tasks.
Annual Fee: S$300 to S$900 per year.
This includes tasks like maintaining statutory records, drafting minutes, and providing reminders for compliance deadlines.
Nominee Director: If a foreigner does not have a local resident director, they must use a nominee director service.
Annual Fee: S$1,800 to S$4,000 per year.
A refundable security deposit, ranging from S$3,000 to S$4,000, is required.
Registered Office Address: This is a mandatory requirement for all companies.
Annual Fee: S$110 to S$400 per year.
Annual Return Filing: The ACRA filing fee for an annual return is S$60. This is not included in the annual corporate secretarial package.
Accounting and Tax Services: These fees vary significantly based on the volume of transactions and the complexity of the business.
Bookkeeping: Can be priced per transaction, per month, or annually. Prices start from S$250 per month for low-volume transactions.
Financial Statement Preparation: From S$400 onwards.
Corporate Tax Filing (Form C-S / C): From S$300 to S$700 per filing.
Other Potential Costs
Bank Account Opening Assistance: From S$100.
Business License Application: From S$400 to S$1,500 per application, not including government fees for the license itself.
Employment Pass Application: From S$990 to S$2,850 per application, plus government fees to the Ministry of Manpower (MOM).
Statutory Audit: Required for certain companies that do not meet the "small company" exemption criteria. Costs can start from S$3,000 per audit.
How Bestar can Help
Engaging a professional corporate service provider (CSP) is a strategic move for anyone looking to incorporate a company in Singapore, especially for foreign entrepreneurs. Bestar offers comprehensive support that goes far beyond the initial registration, ensuring compliance and operational efficiency for the long term.
Here is a breakdown of how Bestar can help:
1. Navigating Legal and Regulatory Requirements
Expertise and Guidance: Singapore's corporate laws and regulations, while clear, can be complex for those unfamiliar with them. Bestar has in-depth knowledge of the Companies Act, ACRA's rules, and other statutory requirements. We can advise on the most suitable business structure for your goals and ensure all necessary criteria are met from the start.
Mandatory Requirements: For foreigners, a CSP is essential for fulfilling the legal requirements of having a resident director and a company secretary. We provide these services, eliminating a major barrier to entry.
Avoiding Penalties: Non-compliance with regulations can lead to hefty fines and legal repercussions. Bestar helps you avoid these risks by ensuring all filings and submissions, such as annual returns and financial statements, are done accurately and on time.
2. Streamlining the Incorporation Process
Efficiency: The incorporation process involves various steps, from name reservation to document preparation and filing. Bestar handles all this paperwork on your behalf, using their expertise to ensure a smooth and swift registration. This can typically be completed in just 1-3 business days.
Document Preparation: We prepare all the required legal documents, including the company constitution, director consent forms, and shareholder details, ensuring everything is in the correct format for ACRA.
Remote Setup: For foreign entrepreneurs who are not in Singapore, Bestar makes the entire process seamless. We manage the incorporation remotely and can assist with related matters like applying for a work pass (Employment Pass or EntrePass) if you plan to relocate.
3. Providing Comprehensive Ongoing Compliance Support
Corporate Secretarial Services: This is a core service provided by Bestar. We act as your company secretary, which is a legal requirement in Singapore. Our role includes maintaining statutory registers, preparing board resolutions and minutes, and providing timely reminders for all compliance deadlines.
Registered Address: Bestar provides a physical and accessible registered office address for your company, a mandatory requirement. We also handle the collection and forwarding of official mail.
Bank Account Opening: While banks have their own Know Your Client (KYC) procedures, Bestar can assist by preparing the necessary company resolutions and documents to streamline the corporate bank account opening process.
4. Offering a Suite of Value-Added Services
Bestar serves as a one-stop-shop, offering a wide range of services that support a company's entire lifecycle. This saves you the time and effort of finding multiple service providers. These services can include:
Accounting and Tax: Handling bookkeeping, preparing financial statements, and filing corporate income tax returns with the Inland Revenue Authority of Singapore (IRAS). We can also provide tax advisory to help you optimize your tax position.
Payroll: Managing monthly payroll for your employees, including CPF contributions and annual tax filings.
Business Advisory: Offering advice on business structuring, corporate governance, and scaling operations in Singapore and the region.
Work Pass Applications: Assisting with the application process for Employment Passes, EntrePasses, and Dependent's Passes for you and your staff.
By outsourcing these administrative and compliance tasks to Bestar, entrepreneurs can save significant time, money, and stress. It allows you to focus on your core business activities, such as strategic planning, marketing, and generating revenue, while ensuring your company remains compliant and well-managed from a legal and regulatory perspective.