When you open a company in Singapore, you’re opening your business in one of the world’s most vibrant international business hubs. Often, you can register and start your business within a few days. This is a major draw for entrepreneurs from overseas who want to set up a Singapore business because of the ease and speed at which they can get started.
Aside from reserving your trade name, the most important first step for any new company in Singapore is to file its Memorandum of Association and Articles of Association with the Singapore Accounting and Corporate Regulatory Authority (ACRA). These documents are essential for the legal foundation of your company. They state your company’s mission and purpose, as well as how you plan to manage it. They also set out crucial details like your company’s share capital and the percentage of ownership each shareholder will receive. The document should also outline your administrative policies and processes for your company to follow, including a non-compete clause for directors.
You’ll need a minimum of one shareholder and a director to form a private limited company in Singapore. This person must be a Singapore citizen or permanent resident, or a worker holding an Employment Pass. In some cases, it may be beneficial for foreigners to use our nominee director service. You’ll also need to choose a company secretary and a company address. The company address can be your own home, a business location, or a professional firm’s address that’s registered with ACRA. open company in Singapore