Documents for Setting up a Singapore Private Limited Company
Updated on Tuesday 02nd February 2021
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When setting up a private limited company in Singapore, investors are expected to provide a complete set of documents referring to the specifics of the company as well as those that serve as identity proof for the founders. These are mandatory and are to be submitted with the authorities for registration.
In this article, our team of Singapore limited company experts lists the main documents that are required to open this type of company as well as the order of the steps that need to be taken to accomplish the registration.
The actual preparation of these documents can take one or more days, depending on how fast all of the needed separate files are gathered. One of our agents can help investors during this step and will provide a complete list of documents, as per the company specifics, to shorten the incorporation time as much as possible. The process of setting up a company in Singapore is much more easier with the help of our incorporation agents.
The documents required to register a private limited company in Singapore
The Accounting and regulatory Authority (ACRA) is the authority responsible for regulating legal entities in Singapore and also the one receiving the applications for registration. When registering a new business, investors are required to provide a set of documents that will reflect the type of the new company and its business activities and also provide the personal information required to make the registration in their name.
The documents that are generally required to register a private limited company in Singapore are the following:
- Company name approval: this is the certification that the selected company name has been approved by the authorities (that does not match an existing one).
- Business activity description: the type or types of activities in which the business will be involved, described as per the standard classification code.
- Shareholding structure: the founders will need to provide an explanation of their shareholding pattern, how the shares are distributed.
- Shareholder agreement: the contract between the company shareholders; it can be used to avoid disputes.
- Registered address: proof of registered address and the details where it is located (the actual physical address in Singapore).
- Identification details: these are the identification details for the shareholders, the directors, and the company secretary.
- The constitutive documents: the Articles of Association, as well as the Memorandum, are essential for incorporation.
- Resolution: this is the first Board resolution during which the directors of the company are appointed.
Apart from these eight documents, another one that is usually relevant is the bank statement: proof of opening a bank account with a bank in Singapore and the payment of the capital, when applicable.
A limited liability in Singapore is easy to incorporate and, while the list of documents may seem comprehensive, they are easily drawn up within a short amount of time. Moreover, when working with one of our agents who are specialists in setting up a company in Singapore, the entire process can be streamlined.
Steps for company registration in Singapore
Preparing the documents needed for incorporation is just one of the steps investors go through when opening a private limited company in Singapore. The other ones include the following:
- Selecting the business name: this is the process before the name approval is issued, the document that is included with the rest of the required ones; the name can be checked and reserved.
- Obtaining permits: this is only required for some types of companies, once they are registered with ACRA.
- Tax registration: subsequent registration for the goods and services tax (GST) applies qualifying businesses.
- Others: preparing the company’s stamp and seal are both subsequent steps for company formation in Singapore.
Opening a private limited company in Singapore is not a complicated process, as seen above from the description of the steps. Investors who do need assistance during any of the phases can reach out to our team of specialists.
According to the Department of Statistics, the following numbers applied to company registration in 2019:
- 10,299 companies registered between January and March;
- 4,056 sole proprietorships and partnerships registered within the same period;
- 475 limited liability partnerships and 25 limited partnerships also registered from January to March.
Singapore offers a number of opportunities to investors interested in setting up a company in Singapore and, in most cases, the preferred business form will be the private limited company, as also reflected in the statistics above.
Contact our team if you are interested in setting up a private limited company in Singapore and need to know more about the registration steps and the requirements for investors.