Startups in Singapore
It is thrilling to begin the process of running your own business. Most begin as startups – young companies initially financed and operated by a single or handful of founders. But before you begin, there are several steps and regulations to understand before you get there.
In The Spotlight: A Short Guide To Incorporating Startups in Singapore
Decide on which type of company you would like to incorporate. Business entity types include sole proprietorship, partnership, limited liability partnership, and limited partnership companies. Most startups would fall within the category of private limited companies.
Register your company. This can be done with the help of ACRA.
Gather your shareholders. Should your company have 20 or less shareholders (who are not corporations), you may choose to set up an Exempt Private Company. This helps ease compliance complications as certain Exempt Private Companies need not lodge their financial accounts with ACRA.
Fill key positions within the company. Positions, such as the positiong of the Director, would have to be held by a person above the age of 18.
Your Director would have to be Singaporean. But there are other occasions an E-pass holder could also become a Director, this is subject to the Ministry of Manpower’s regulations.
Hire a company secretary. Within 6 months of incorporation, the company is required to appoint a company secretary who is residing in Singapore, not the sole director of the company, and meets the minimum qualification according to ACRA. BoardRoom offers the provision of local directors, secretaries, and authorised representatives for companies. Find out more here.
Appoint an auditor. This has to be done within 3 months of incorporation unless your company meets the requirements for exemption from statutory audit.
Not local? If you are a foreigner in Singapore, you are required to appoint a local director and also engage the services of a registered filing agent to submit the online application on your behalf.
Submit your Company Constitution to ACRA. Your Constitution should list:
- Key characteristics of the company
- Rules and regulations of how it is to be internally governed
- How operations are carried out
- Rights and obligations of its participants including shareholders, directors, and company secretaries.
Register your company with Bizfile. Once your company has all of the information ready, you’re ready to set it all up!
- The fees involved in incorporating a company are:
- Registration Fee: SGD$300
- Business Name Application: SGD$15
- All shareholders, directors, and company secretaries cited in your application must endorse their application online within 120 days of your application.
Should you require more help, BoardRoom compliance experts would be more than happy to meet with you and share with you how we can help you incorporate your business. Contact us today!
Startup Service Needs
- Employee Care
- Shareholder Support
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