-
How do I incorporate my business in Singapore?
- To incorporate your business in Singapore, you’ll first need to decide on the most suitable business structure, such as a sole proprietorship, partnership, or private limited company. Once you’ve made this decision, you can proceed to register your business with the Accounting and Corporate Regulatory Authority (ACRA). This typically involves preparing necessary documents like the proposed company name, details of business activities, registered address, and information about directors and shareholders. It’s advisable to seek professional advice or consult with legal experts to ensure compliance with all regulations and optimize your business setup process.
-
How long does it take for you to incorporate a private limited company in Singapore with Counto?
- The timeline for incorporating a private limited company in Singapore with Counto typically is one to two days. However, the overall timeframe may vary depending on factors such as the business activity if high risk, complexity of your business structure, stautory license requirements, etc, Once application is submitted to ACRA, incorporation is near instantaneous. However occasionally, ACRA may reserve approval due to name similarity or due to a random audit check. If this happens, usually we are able to resolve with ACRA in 5-7 days. If the business activity codes, triigger the need for the application to be referred to another agency for approval or review, it might take between 14 days and two months. You can review the activity codes that trigger Referral Authorities here
-
What steps are involved in incorporate a business in Singapore with Counto?
Steps to Incorporate a Company:
1. Provide Company Details:
Fill out the required details for incorporation, including information about the company’s Directors, Shareholders, Share Structure, and Capital. - 2. Identity Verification (KYC):
Attend a Know Your Customer (KYC) call where your identity and the details of the company will be verified. - 3. Payment and Compliance Checks:
Upon payment of the invoice raised, we will conduct compliance checks to ensure alignment with local laws and regulations. We will then prepare the necessary paperwork. - 4. Document Distribution:
Once compliance is approved, the prepared documents will be sent to all members of the company for review and signatures. - 5. Application Submission:
After all members sign the paperwork, Counto will file the application with the Accounting and Corporate Regulatory Authority (ACRA). - 6. Company Details Provided:
Once the incorporation is complete, Counto will share the details of the newly incorporated company with you. - For information on the incorporation timeline, please refer to our [link FAQ] link
-
I am a foreigner, can I be a director of my company?
- Yes, as a foreigner, you can be a director of a company in Singapore. However, there must be at least one director who is ordinarily resident in Singapore. This can be achieved by appointing a local resident director, such as a Singaporean citizen or a permanent resident. Counto can provide you a Nominee Director service should you not have anyone locally in Singapore.
-
Is it mandatory to have a local director for a Singapore company?
- Yes, it is mandatory for a Singapore company to have at least one local director. This requirement is in place to ensure that there is a responsible individual who can represent the company locally and fulfill legal obligations. Counto can provide you a Nominee Director service should you not have anyone locally in Singapore.
-
How many share holders do I need to register a company in Singapore?
- To register a company in Singapore, you need a minimum of one shareholder. A private limited company can have a maximum of 50 shareholders.
-
What is the minumum number of shares I need to register a company in Singapore?
- To register a company in Singapore, you only need to issue a minimum of one share.
-
What is the minimum share capital I need to register a company in Singapore?
- To register a company in Singapore, you only need to issue a minimum capital of 1 Singapore Dollar. However some regulated business activity codes might require you to maintain more capital e.g. travel agents, public accounting firmsWhile S$1 is the minimum required amount, having a higher paid-up capital can lend credibility to your business and instill confidence in potential investors and creditors.
-
Is it still possible to change the declared and filed financial YE in ACRA?
- Businesses may alter the FYE for the current or just-completed fiscal year. However, companies cannot change their FYE if statutory deadlines for the holding of AGM has passed. Note though that a company is allowed to change this only once within the first 5 years.
-
What is a Share?
- A share represents ownership in a company and entitles the shareholder to certain rights, such as voting rights, dividends, and a share in the company’s profits. When someone owns shares in a company, they are considered a shareholder or stockholder. Shares are typically issued by companies as a way to raise capital or funds for business operations and expansion.
-
Can an entity be a shareholder in a company?
- Yes, an entity can be a shareholder in a company. In corporate law, a shareholder is simply an individual, company, or other legal entity that owns shares in a corporation.
-
In what currency should issued shares be?
- Issued shares can be denominated in any currency agreed upon by the company and its shareholders. In Singapore, it’s common for companies to issue shares denominated in Singapore dollars (SGD), as Singapore is the jurisdiction where the company is incorporated and operates. However, there are no strict regulations dictating the currency in which shares must be issued.
-
What is SSIC code?
- The SSIC code stands for Singapore Standard Industrial Classification code. It is a system of categorization used in Singapore to classify business activities and industries. The SSIC code helps to standardize the classification of economic activities for various administrative and statistical purposes, including business registration, economic analysis, and government policy formulation.To incorporate a company in Singapore you have a choose atleast one Primary Activity Code. You can add an optional Secondary Activity code.
-
Can a S Pass or Work Permit holder be a director of a company in Singapore?
- No. S Pass or Work Permit holders are not allowed to carry on or manage any business in Singapore. As such, they cannot register themselves as sole-proprietors, partners or directors of any Singapore-registered company.
-
Can S pass holder (a student at a university to be precise) be a shareholder in a company?
- No, S Pass or Work Permit holders are not allowed to be shareholder, or to own or manage any business in Singapore. Therefore, they cannot register themselves as sole-proprietors, partners, directors or secretaries of any Singapore-registered company with the Accounting and Corporate Regulatory Authority ( ACRA ).
-
Can I change my company name?
- Yes, you can change your company name in Singapore. This process typically involves checking the availability of the new name, passing a resolution to approve the change, submitting an application to the Accounting and Corporate Regulatory Authority (ACRA), waiting for approval, and updating all relevant records and documents to reflect the new name.