Company Incorporation Services

INCORPORATION OPTIONS

business incorporation files

Professional Company Incorporation Services in Singapore

Government initiatives and an extensive trade network contribute to Singapore’s economic success besides its few natural resources. Budding entrepreneurs or MNCs are tempted to set up their companies in Singapore because the incorporation process is easy. 

JL Accounts is one of the best incorporation services in Singapore you can partner with. The professionals can help you navigate smoothly through the company registration process right from the start.

Requirements for incorporating a company in Singapore

Before incorporation, determine several things before the incorporation process –

  • Business name

When choosing a company name follow the guidelines like make sure there are no inappropriate or vulgar words or use of national symbols. Certain sectors are under a specific governing body – for example, medical service providers may need referral or approval from governing body before registration of a business name.

  • Key activities

The main activities of the company can be chosen from the SSIC list [Singapore Standard Industrial Classification]. SSIC code must align with the business name you chose. 

  • Directors and shareholders

According to ACRA, the following incorporation criteria are – at least one shareholder, one director, one secretary, and a local registered office address. According to the Companies Act, the local director criteria include 18 years and more with a sound mind, does not have bankrupt status [in or outside Singapore], is not convicted for dishonesty or fraud, and more. 

The shareholders and directors need to disclose personal details during the incorporation process. The information is made public when the business is registered on ACRA. ACRA takes incorrect details seriously, so be cautious, while filling in personal details. 

  • Secretary

According to the Companies Act, a company secretary has to be appointed within 6 months from the incorporation date. The secretary assists in administrative tasks and ensures that shareholders and directors are kept informed about statutory obligations like account audits and annual general meetings. A sole director is unable to fulfill the duties of the company secretary. 

  • Registered office

The registered office of the company has to meet the following criteria.

  1. It has to be open at the least 5 hours on business days.
  2. The office address must be in Singapore.
  3. P.O. Box is not allowed.

While establishing a registered office, the companies get a chance to choose options.

  1. Choose a virtual office.
  2. Rent office space.
  3. Apply for a home office license

If there is no urgency in the incorporation process then the company can consider options B and C. The home office license process is lengthy and the possibility of getting disapproved by the Housing Development Board or Urban Redevelopment Authority is high. Option A can be structured within minutes. 

In terms of cost, option C is inexpensive because no rental payment is needed. Option A can be sensible for offering complimentary business services like mail scanning, receptionist services, teleconferencing facilities, etc. 

  • Constitutional documents

Article of association and memorandum are the constitution documents that define how the business will run. Before approving and signing the ‘M & AA’ the business owners need to read and understand the terms carefully because it can cause unintentional complications down the road. 

Shareholder’s contract or employee’s share scheme are some documents unique to your company. However, consult a lawyer before signing any documents. 

  • Share capital

The minimum obligation for issued & paid-up share capital is S$1. It is extremely low than specific foreign jurisdictions. Besides, the company does not have to provide a bank statement as proof of share capital. So, the corporate bank account can be set up after the incorporation process. 

  • Singpass

For submitting an incorporation application, there is a need for SingPass. SingPass is an e-identity provided to every Singapore citizen. Even foreigners with FINs can apply for SingPass. Using SingPass, you can submit the incorporation application form to Acra via its e-portal Bizfile. 

There is an array of administrative steps to consider. Therefore hire professionals incorporating services because they are experienced and can identify the concerned areas. The experts help to communicate with governing bodies to resolve any issues, if necessary. 

How long does the registration of a company take in Singapore?

To prevent delays submit the complete information and IDs for compliance approval. The compliance team can request extra documents for further verification. It takes 20 minutes for reserving the company name. There can be a name rejection if too similar one exists. Sensitive names may take a week to a couple of months for approval as they will be referred to relevant governing bodies. 

On approval, the name is reserved for 60 days. You have to complete the incorporation process within this timeframe. You can apply for an extension of 60 days, if necessary. 

When your Singapore Company is incorporated, you will receive a Certificate for Good Standing with ACRAs e-signature. It includes your company name, incorporation date, activities, and status. 

  • Name reservation
  • Preparing Incorporation Documents
  • Registering with Registrar of Companies- Bank account opening assistance
  • Electronic Certificate of Registration
  • Company Profile Extract from Registrar of Companies
  • Minutes of First Board Meeting
  • Share Certificates- Company Seal
  • Company Rubber Stamp
  • JL professional fee (excluding Govt. Fees) $650
  • Company Secretary for 1 year (incl. AGM Docs) $500
  • Nominee Director for 1 year./ OR EP* $1500
  • Company Registered Address for 1 year $400
Subtotal $3050
Package Discount $250
Package Price $2800

Optional services with this package

Dependent Pass (Spouse) $500
Dependent Pass (per Child) $300
Mail Receiving & Forwarding $300
  • Name reservation- Preparing Incorporation Documents
  • Registering with Registrar of Companies
  • Bank account opening assistance
  • Electronic Certificate of Registration
  • Company Profile Extract from Registrar of Companies
  • Minutes of First Board Meeting
  • Share Certificates
  • Company Seal- Company Rubber Stamp
  • JL professional fee (excluding Govt. Fees) $650
  • Company Secretary for 1 year (incl. AGM Docs) $500
  • Nominee Director for 2 months./ + 1 EP* $1500
Subtotal $2650
Package Discount $250
Package Price $2400

Optional services with this package

Dependent Pass (Spouse) $500
Dependent Pass (per Child) $300
Mail Receiving & Forwarding $300
  • EntrePass Application Filing & Status Tracking $1800
  • Preparation of Business Plan as per prescribed format
  • Advise on compiling Supporting documents
  • Acting as sponsor for EntrePass application
  • Name reservation
  • Preparing Incorporation Documents
  • Registering with Registrar of Companies
  • Bank account opening assistance
  • Electronic Certificate of Registration
  • Company Profile Extract from Registrar of Companies
  • Minutes of First Board Meeting
  • Share Certificates
  • Company Seal
  • Company Rubber Stamp
  • JL professional fee (excluding Govt. Fees) $650
  • Company Secretary for 1 year (incl. AGM Docs) $500
  • Nominee Director (2 months) $500
Subtotal $3450
Package Discount $500
Package Price $2950

Optional services with this package

Dependent Pass (Spouse) $500
Dependent Pass (per Child) $300
Mail Receiving & Forwarding $300
  • Name reservation- Preparing Incorporation Documents
  • Registering with Registrar of Companies
  • Bank account opening assistance
  • Electronic Certificate of Registration
  • Company Profile Extract from Registrar of Companies
  • Minutes of First Board Meeting
  • Share Certificates
  • Company Seal- Company Rubber Stamp
  • JL professional fee (excluding Govt. Fees) $650
  • Company Secretary for 1 year (incl. AGM Docs) $500
  • Nominee Director for 1 Year $1500
  • Company Registered Address for 1 Year $400
Subtotal $3050
Package Discount $250
Package Price $2800

Optional services with this package

Dependent Pass (Spouse) $500
Dependent Pass (per Child) $300
Mail Receiving & Forwarding $300
  • Name reservation- Preparing Incorporation Documents
  • Registering with Registrar of Companies
  • Bank account opening assistance
  • Electronic Certificate of Registration
  • Company Profile Extract from Registrar of Companies
  • Minutes of First Board Meeting
  • Share Certificates
  • Company Seal
  • Company Rubber Stamp
  • JL professional fee (excluding Govt. Fees) $650
  • Company Secretary for 1 year (incl. AGM Docs) $500
  • Nominee Director for 1 Year $1500
  • Company Registered Address for 1 Year $400
Subtotal $3050
Package Discount $250
Package Price $2800

Optional services with this package

Company Registered Address for 1 Year $400
EP $800
Dependent Pass (Spouse) $500
Dependent Pass (per Child) $300
Mail Receiving & Forwarding $300
  • REP Office registration +
  • Bank account opening support
  • JLAM professional fee $800

Optional services with this package

Company Registered Address for 1 Year $400
EP $800
Dependent Pass (Spouse) $500
Dependent Pass (per Child) $300
Mail Receiving & Forwarding $300
  • Name reservation
  • Preparing Incorporation Documents
  • Registering with Registrar of Companies
  • Bank account opening assistance
  • Electronic Certificate of Registration
  • Branch Office Profile Extract from Registrar of Companies
  • Minutes of First Board Meeting
  • Share Certificates
  • Branch Office Rubber Stamp
  • JL professional fee (excluding Govt. Fees) $650
  • TWO Nominee Local Agents for 1 Year $1500×2
Subtotal $3650
Package Discount $300
Package Price $3350

Optional services with this package

Company Registered Address for 1 Year $400
Dependent Pass (Spouse) $500
Dependent Pass (per Child) $300
Mail Receiving & Forwarding $300
  • Name reservation
  • Preparing Documents
  • Registering with Registrar of Companies
  • Bank account opening assistance
  • Electronic Certificate of Registration
  • Branch Office Profile Extract from Registrar of Companies
  • Minutes of First Board Meeting
  • Share Certificates
  • Branch Office Rubber Stamp
  • JL professional fee (excluding Govt. Fees) $650
  • Nominee Agent for 1 Year $1500
  • Employment Pass application filing for 1 applicant $1000
Subtotal $3150
Package Discount $350
Package Price $2800

Optional services with this package

Company Registered Address for 1 Year $400
EP $800
Dependent Pass (Spouse) $500
Dependent Pass (per Child) $300
Mail Receiving & Forwarding $300
  • Name reservation
  • Preparing Incorporation Documents
  • Registering with Registrar of Companies
  • Bank account opening assistance
  • Electronic Certificate of Registration
  • Company Profile Extract from Registrar of Companies
  • Minutes of First Board Meeting
  • Share Certificates
  • Company Seal
  • Company Rubber Stamp
  • JL professional fee (excluding Govt. Fees) $650
  • Company Secretary for 1 year (incl. AGM Docs) $500
Subtotal $1150
Package Discount $50
Package Price $1100

Optional services with this package

Company Registered Address for 1 Year $400
Co Sec $500
  • Name reservation
  • Preparing Registration Documents
  • Bank account opening assistance
  • Electronic Certificate of Registration
  • Business Profile Extract for ACRA
  • Year End Personal Tax filing
  • Home Office Scheme License Application
  • Company Rubber Stamp
  • JL professional fee (excluding Govt. Fees) $1500
  • Eligibility Assessment
  • Documentation
  • Scheduling PR Interview at ICA
  • Advise on Interview process
  • Follow up $1800
Subtotal $1800
Package Discount $200
Package Price $1600