Singapore is widely welcomed by business professionals due to its political stability, developed commercial sector, friendly business atmosphere, and favorable policies. Most importantly, Singapore is a country with a single-tier flat corporate tax system, and its tax rates are lower than those in other countries. The corporate tax rate in Singapore is 17%, and the government provides many tax incentives and relief measures, which can reduce the tax rate to around 8.5% for the first three years. Therefore, Singapore is an excellent country for doing business.
When clients are preparing to register a company in Singapore, a common question they ask is: How long does it take to set up a company in Singapore? After receiving all the due diligence documents, it usually takes only one working day to register a company in Singapore. However, there are many factors to consider during the preparation phase.
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How Long Does It Take to Register a Company in Singapore?
To register a company in Singapore, if all the required documents are fully prepared, we can help you register a company within an hour. However, if your company’s business involves certain restricted sectors, such as education, finance, etc., it may need to be referred to the relevant government departments for approval, and the waiting time can be as long as 2 weeks to 2 months.
The actual process of incorporating a company in Singapore can be done entirely on a computer, and the registration procedures can be completed very quickly. Foreigners only need an agent to handle the online process to complete it.
However, due to the need to prepare documents, the entire process may take several days to several weeks, depending on the preliminary preparation work.
Process and Steps for Setting Up a Singapore Company
To set up a company in Singapore, you need to collect all the required documents (quite a few documents are needed, which may take some time). The company will also need to pass due diligence checks for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in compliance with the Companies Act.
Although foreigners can complete the company incorporation procedures without being physically present, the review and signing of documents will involve several back-and-forths, which may extend the number of days required.
The process of setting up a company in Singapore includes:
- Organizing and preparing all necessary information for registering a Singapore company: company constitution, personal details and signatures of directors and shareholders.
- Applying for company name approval online with ACRA, which is valid for 60 days or up to a maximum of 120 days.
- Submitting identity and address proof documents, and resumes of the company’s key personnel, including:
- Appointment of first directors
- Notice of appointment of first directors and secretary
- Consent to act as a director
- Notice of registered address
- Other relevant documents
- Registering the company online on the Bizfile platform.
- Receiving the “Electronic Certificate of Incorporation” and “Company Business Profile” (BizProfile) upon successful registration.
The Accounting and Corporate Regulatory Authority (ACRA) is the regulatory body that oversees companies in Singapore, responsible for the regulation of companies and public accountants, and promoting corporate development. ACRA has its own official website, “Bizfile,” where over 400 services can be easily accessed online.
After submitting the application materials for registration and once they are approved, the Accounting and Corporate Regulatory Authority will issue a certificate of incorporation.
What Procedures Need to be Completed After a Singapore Company is Incorporated?
After a Singapore company is incorporated, you can immediately start business activities. However, you may need to perform the following procedures (if applicable):
- Open a bank account.
- Apply for business licenses (if your business requires one or more licenses, you may need to obtain the relevant licenses before starting business activities).
- Hire legal counsel to handle tax and legal responsibilities.
- Register for Goods and Services Tax (GST), if necessary. GST registration is not mandatory unless your company’s annual revenue exceeds S$1 million.
Summary of the Timeline for Registering a Company in Singapore
| Documents to Prepare | Time Required
(if documents are ready) |
|
For Foreign Business Professionals:
Company Information:
|
One day |
| ACRA approval of company name | One day |
|
Company registration documents required by ACRA:
|
One day |
| ACRA online registration | 1-2 hours |
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