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
BoardRoom works closely with businesses to help them through every phase of incorporation to ensure that business owners are equipped with all the knowledge they need. Just as BoardRoom is dedicated to your business success, we dedicate experts to business owners and ensure clear communications and single-point contact. Our services are backed with over 50 years of experience that translates to a smooth incorporation process.Learn More
Our efficient team of experts who are located across five regions will keep your business in complete compliance with the local statutory obligations. With over 50 years of experience, we understand the regional compliance landscape like the back of our hand. Our process, that has weathered decades of trails and tests, ensures that accuracy is a staple in our delivery.Learn More
Our automated systems are quick, simple, and convenient to help you achieve efficient and prompt disbursement of statutory contributions. Our qualified experts, located across five regions, will keep your payroll in complete compliance with the local statutory obligations. Payboard, our exclusive aggregator model, is a flexible tool that has payroll, leave, and claims functionality. Work together with our experts to ensure it meets all your requirements.Learn More
Our regional and global work has led us to build an international network of 19 partners that help us fufil your expansion project. Our team of experts will be with you every step of the way to provide insightful growth advice 24/7. Our experts make expansion quick, simple, and convenient with immediate processing and hasty implementation to establish your business locally or globally.Learn More
BoardRoom takes care of every aspect of your Employee Care — Implementation, Administration, and Engagement. We cover all facets of employee care, which includes pay, incentive, share plan, and more. Our award-winning and intuitive software, Employee Serve and Client Online, is designed to provide secure and hassle-free access to plan holdings, employee forms, and corporate information.Learn More
Our years of organising shareholder events, such as AGMs, allow us to deliver consistent and swift proceedings that are private and discreet. Our highly customisable poll-voting platform and flexible system can effortlessly adapt to meet the agendas of companies to deliver tailored results. Our track record is backed by 50% of companies listed on SGX-ST through our years of dedication to meet shareholder’sLearn More