How to incorporate a company in Singapore?

2 mins video Singapore is one of the world's leading international financial centres, third most globalized economy among 60 of the world’s largest economies, a major capitalist service economy characterized by low taxation and free trade. Singapore is the best ease of doing business over the world as World Bank. Singapore private limited company is most popular and easier for foreigner.All business and bank account outside Singapore is tax-free (Offshore Status), Singapore company formation requires a minimum of one Local Director who is Singaporean citizen.How to incorporate a company in Singapore? Singapore Private Limited Company Formation (Pte. Ltd), initially Our Relationship Managers team will ask You have to provide the detailed information of the Shareholder/Director's names and information. You can select level of services you need, normal with 3 working days or 2 working days in urgent case. Furthermore, give the proposal company names so that we can check the eligibility of company name in Singapore Corporate Regulatory Authority (ACRA) system. Our services included Local Secretary who is local Singapore citizen. You settle the payment for Our Service fee and official Singapore Government Fee required. We accept payment by Credit/Debit Card , Paypal or Wire Transfer to our HSBC bank account See more : Payment Guidelines After collecting full information from you, Offshore Company Corp will send you a digital version (Certificate of Incorporation, Register of Shareholder/Directors, Share Certificate, Memorandum of Association and Articles etc.) via email. Full Singapore Offshore Company kit will courier to your resident address by express (TNT, DHL or UPS etc.).You can open bank account for your company in Singapore, European, Hong Kong or other other jurisdictions supported offshore bank accounts! You are freedom international money transfer under your offshore company.Your Singapore Pte. Ltd formation completed, ready to do international business!Read more: Singapore company formation Singapore offshore bank account×How it works?

What are the names that are prohibited to use for Singapore Company?

Are there any restrictions on company name in Singapore?While you can easily register for a new business in Singapore, you should be careful when choosing your company name. It is advisable to perform a name check to make sure that your company name can be approved for registration by the Singapore Accounting and Corporate Regulatory Authority (ACRA) in the first place. Here are the applicable restrictions for a new company name in Singapore. Undesirable. Your company name will be rejected if it contains offensive or vulgar words; Identical to an already available company name in Singapore Identical to an already reserved company name. There are companies in Singapore that have not been incorporated but have already registered their business name as a reservation to ACRA. Business names are reserved for at least 60 days, and up to 120 days. This is why anyone who plans to set up a new business in Singapore must perform a proper company name check. Prohibited by order of the Minister for Finance. The word Temasek is prohibited to be used as a company name. Currently, this is the only word which the Minister has directed the Registrar not to accept for registration.. Certain words such as “bank”, “insurance”, “university”, and “education” are not in the criteria for Singapore company name restrictions, but are strictly used under Government authorities and will require permission before you can set up a new business.

What is the required documents for incorporation of a company Singapore?

Recently, incorporating a Singapore company is one of the most popular business options for sea changers. In addition, the Singaporean Government brings attractive tax incentives for startups and preferential policies which help them during their initial days.However, the process of incorporating a Singapore company could be a burden for foreign business, as there are a few required documents that need to be filled and submitted to the Government. To shorten the process, foreign investors usually hire a corporate service provider to help incorporate a Singapore company for them. Registering for a company in Singapore is simpler than ever with the support of One IBC. We have a local office in Singapore and a team of experts, these professionals can guide you through the procedure for the Singapore company registration, saving valuable time & money.Here are required documents for incorporating a Singapore company: Director/Shareholder's Passport(s) Director/Shareholder's Residential Address Proof(s) (for example: Electricity/Water/Phone bill...not older than 03 months)

How to reinstate a Business License in Singapore?

Reinstating a business license in Singapore depends on the cause for suspension or revocation, as well as on the regulatory requirement. Legal, financial, and operational requirements should be met by companies prior to applying for reinstatement.1. Identify the Cause for Suspension or RevocationThere are grounds on which a business license can be suspended or revoked: Non-compliance with regulations, e.g., failure to make statutory filings. Payment of penalties or tax dues. Regulatory violations in certain industries.Knowledge of the reason is essential prior to proceeding with reinstatement.2. Settle Outstanding IssuesPrior to seeking reinstatement, the company has to: Rectify instances of non-compliance, i.e., revising filings with the Accounting and Corporate Regulatory Authority (ACRA). Clear outstanding regulatory body payments. Provide required reports or documents evidencing compliance.3. File a Reinstatement ApplicationReinstatement involves filing a formal application to the concerned authority, which could include: Documents verifying compliance. Explanation for reinstatement. Any additional approvals that might be required by industry regulators.4. Wait for Regulatory Review and Approval The government will consider the application, and if all is well, business licensing can be reinstated. Some industries might require additional inspections or conditions prior to approval.5. Remain Compliant to Prevent Future Suspension Once reinstated, businesses must remain compliant with ongoing requirements to prevent reinstatement. Periodic filings and audits help maintain good standing with authorities.Seeking professional guidance allows for easy reinstatement and prevents future regulatory issues.

What is the minimum share capital requirement for a PLC in Singapore?

In Singapore, public limited companies (PLC) are typically required to maintain a minimum registered capital of S$50,000 or its equivalent in any currency. It's crucial to distinguish between authorized capital and paid-up capital.Authorized capital signifies the maximum share capital a company is permitted to issue, while paid-up capital represents the actual amount of share capital that shareholders have contributed.Furthermore, it's worth noting that the minimum paid-up capital requirements can vary based on the nature of the business and industry. Certain businesses, particularly those necessitating licenses from government agencies, may be subject to higher paid-up capital prerequisites.Paid-up capital holds particular significance for entrepreneurs seeking to register a PLC in Singapore. It serves as a financial resource that can cover operational expenses without relying on reserves or external borrowing. Additionally, a higher paid-up capital can enhance the company's perceived credibility and standing.Contact us Offshore Company Corp to get a consultation for company formation in Singapore!

What banks can I open a corporate account with in Singapore?

Companies looking to open a corporate account in Singapore can choose from a lengthy list of reputable institutions, from long-standing domestic banks to internationally renowned foreign banks. These accounts offer the necessary infrastructure to process transactions, sustain operations, and conduct cross-border trade. Offshore Company Services points out that choosing the ideal bank requires that one factor in operational requirements, transaction levels, and digital functionalities to ensure that the account will be conducive to long-term business objectives.

Major Local Banks

DBS Bank – Offers end-to-end business banking solutions, multi-currency accounts, and strong digital integration for effortless day-to-day operations.
OCBC Bank – Famed for industry-specific corporate packages and relationship management for businesses at all stages.
UOB Bank – Offers grow-with-you solutions for SME and bigger businesses, with trade and treasury solutions for international operations.

International Banks in Singapore

Standard Chartered Bank – Provides comprehensive cross-border banking services, trade finance, and international payment solutions.
Citibank Singapore – Best for multinational corporations with worldwide operations, featuring integrated cash management and worldwide network support.
HSBC Singapore – International trade and corporate lending are its forte, with account packages to fit global expansion.

Digital and Fintech Solutions

Airwallex, Wise, and other online platforms – Allow fast account opening, competitive foreign exchange rates, and user-friendly online administration systems for those businesses with an international transaction focus.

Considerations Before Choosing a Bank

Minimum balance and fee structures.
Multi-currency support for global business.
Availability of online and mobile banking tools.
Strength of customer support and relationship management.

=> Full Information: Selecting the Right Corporate Bank Account in Singapore

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