As one of the Four Asian Tigers, Singapore is renowned as the "Business Hub of Asia" due to its strategic location and favorable governmental policies for business. This reputation attracts countless entrepreneurs and investors to start businesses in Singapore.
If you are also considering registering a new company in Singapore, follow this guide to understand the procedures and precautions involved in registering a new company in Singapore.

I Basic Registration Requirements

All new company registrations in Singapore must be carried out through the Accounting and Corporate Regulatory Authority (ACRA), which is the regulatory agency for corporate entities and public accountants in Singapore, similar to the Administration for Industry and Commerce in China.
In addition to registration, financial statements and tax forms are also processed through ACRA.

II Types of Companies in Singapore

There are four main types of business structures in Singapore:
1 Sole Proprietorship or Partnership
2 Company
3 Limited Partnership (LP)
4 Limited Liability Partnership (LLP)

i Sole Proprietorship or Partnership

1 Sole Proprietorship: A business owned by an individual or a single company, without partners, where the owner has absolute authority in business operations.
2 Partnership: A business entity consisting of 2 to 20 partners. If there are more than twenty partners, the partnership must be registered as a company under Section 50 of the Companies Act.

ii Company

1 Exempt Private Company: No more than 20 natural persons, without corporate shareholders;
2 Private Company: No more than 50 natural persons or corporate entities;
3 Public Company: Can have more than 50 natural persons or corporate entities;

iii Limited Partnership (LP)

A partnership formed by two or more persons, with at least one general partner and one limited partner.

iv Limited Liability Partnership (LLP)

A partnership where the liability of individual partners is typically limited. An LLP offers owners the flexibility of being partners while having a separate legal identity similar to a private limited company.

III Corporate Members

1 Directors

Directors of a company in Singapore must be natural persons over 18 years old;
The board of directors may consist of one or more directors, but must include at least one local director primarily responsible for managing the company (excluding nominee local directors provided by secretarial companies).

2 Shareholders

There are no restrictions on the composition of shareholders in a company in Singapore; shareholders can be individuals or companies;
There are no restrictions on the shareholding proportions of foreigners or foreign companies in Singapore companies;
Natural person shareholders can also serve as directors of the company.

3 Company Secretary

A company in Singapore must appoint at least one local resident (Singapore citizen/Singapore permanent resident) as the company secretary. If the company has only one director, technically, the director cannot also serve as the company secretary, and the appointed secretary must have over three years of secretarial experience.

IV Registration Required Information

1 Company Name

Provide the intended pure English name for registration of the new Singapore company;

2 Registered Capital

The minimum is 1 Singapore dollar, and options for other currencies such as USD, RMB are available; there is no strict timeline for full payment of registered capital, which can be increased later without incurring stamp duty. If there are multiple shareholders, provide the proportion of shares held by each.

3 Registered Address

Must be a local address in Singapore suitable for business use; P.O. boxes are not acceptable for registration addresses; ensure to provide a detailed local business service address for enterprise registration.

4 Scope of Business

Since the revision of the Companies Act in 2005, unless the company's constitution restricts its business scope, a Singapore company can engage in any legal business activities. However, one or two main business activities must be selected at the time of registration.
In addition to the above, a company needs to appoint a statutory secretary to handle related matters.

5 Key Company Members

Directors, shareholders, company directors, and the company secretary.

V New Company Registration Conditions

1 Singapore Citizen or Singapore Permanent Resident

Can directly register a company. If there is only one person, they can also serve as both director and shareholder but must appoint a secretary.

2 Singapore Citizen or Permanent Resident + Foreigner

A Singapore citizen or permanent resident must serve as a director and can also be a shareholder, while foreigners may also be shareholders/directors.

3 Foreigners Alone

Must apply for an EntrePass / Self-Employed Employment Pass. After approval, can directly register the company.

4 Restrictions for Work Permit Holders on Starting a Company

EP, DP holders can be shareholders but may not participate in company operations (unless the EP was applied for this company). SP/WP holders cannot be directors but can be minority shareholders.

VI New Company Registration Process

i Prepare the Required Documents

1 Written information about directors, shareholders, and secretary;
2 Written information about the registered address;
3 Written information about the company constitution;

ii Apply for the Company Name

1 Log in to the Accounting and Corporate Regulatory Authority (ACRA) to register the company name. After confirming the availability of the name, fill in the company's scope of business.
2 Once the company name is successfully registered, it will be reserved for 120 days, during which the company registration must be completed; otherwise, you will need to re-register the company name.

iii Fill in the Company Address

Typically, a business address is required. For small-scale companies, after obtaining consent from HDB/URA, the home address can be used as the company address.

iv Submit Registration Documents

1 Log in to BizFile+ to submit the application materials. The application is usually approved within one business day, and the electronic certificate of company registration is issued on the second business day.
2 Note that if the company's business requires licenses from other official agencies, such as travel agencies and restaurants, which require permits from the Singapore Tourism Board (STB) and the National Environment Agency (NEA) respectively, the registration application may take 14 days to 60 days to be approved.

v What You Receive After Successful Registration

1 An electronic certificate of registration issued by the Accounting and Corporate Regulatory Authority (ACRA)
2 Original shares certificates for each shareholder of the Singapore company
3 A copy of the Singapore company's business profile BIZFILE (establishment time, registered address, issued and paid-up capital, directors, shareholders, shares, and secretary)
This comprehensive guide covers all essential aspects of registering a new company in Singapore, ensuring that potential registrants are well-informed and prepared for the registration process.