FAQ ON COMPANY SET UP
The timetable for the incorporation process; under normal circumstances are set out as follows -
|Application for approval and reservation of name with the Accounting and Corporate Regulatory Authority (ACRA)||Usually 1 working day (provided no further referral / approval is required from other government bodies and all information pertaining to the proposed company is given to us to complete the incorporation procedure)|
|Preparation and execution of the incorporation documents in Singapore (if all the directors / subscribers are available in Singapore to sign the documents)||2 to 3 working days|
The time frame for incorporation (with local director/ shareholder) is usually around 3 working days (1 day for name reservation and 2 days for incorporation, subject to all requested information made available to AM Corporate Services beforehand and receipt of payment on our invoice). However, if the documents have to be sent overseas for execution by the directors / subscribers, the time taken will depend on when these documents can be returned to us for submission to ACRA. Please note that with effect from 13 January 2003 the ACRA does not issue hardcopy of Form 9 (Certificate of Incorporation). Only an E-Notice confirming incorporation will be transmitted to the applicant’s email address. If you require a hardcopy of certificate of confirmation of incorporation from ACRA, this can be purchased from ACRA at S$50.00.
Generally most banks have the following requirements for opening a corporate bank account for Singapore companies:
Documents required for opening of corporate bank account
- account opening forms which will be provided by the respective banks (to be signed by authorised signatories)
- Directors’ resolution for the opening of the account indicating the authorised signatories for the account (most of the banks have their own format for you to sign)
- Company’ profile from the ACRA
- Company’s Memorandum and Articles of Association (we will provide this)
- Passport / Identity Card of directors / authorised signatories for bank’s verification
- For single director companies some banks requires the company secretary to be present for verification purpose
- Proof of residential address of Directors (i.e. latest Utility bill, phone bill etc.)
- The banks may require additional documents on a case by case basis
Document Signing Requirements
Most banks will require the authorised signatories and majority of the directors to be physically present in Singapore for the signing of forms and documents for the opening of the corporate bank account. However, some banks will accept the signing of these forms and documents at one of their overseas branches or in front of a Notary Public or before a Singapore Embassy in the country where you reside.
- Business license: Certain business requires one or more licenses and you can check by visiting https://www.business.gov.sg/EN/StartingUp/LicencesNPermits/index.htm., fortunately, very few business activities in Singapore require business licenses. We can assist with application of relevant business licenses if required for your business.
- Opening of bank account soon after your company formation. This will help you with injecting funds into the company, receiving payments from customers, and paying your company bills. We can assist with the bank account opening process.
- You will need to decide whether you should register for Goods & Services Tax (GST). GST registration is not mandatory unless your annual turnover exceeds S$1 million. We can advise and assist you to register for GST, if required.
- In you are importing and exporting goods, you will need to obtain a Central Registration (CR) number. The CR number is for use in all import, export and transhipment permits, certificates and any other documents issued by the Singapore Customs. We can help obtain a CR number for your company if required.
- You should get basic stationary and marketing materials ready for your company as soon as possible. These include such items as business cards, letter heads, website, brochure, etc.
- If you plan to bring any foreign employees, you will need to apply for their employment pass (EP) before they can commence their employment with your newly formed Singapore Company. We can advise and assist you with EP applications.
- Renting an office space and acquiring office equipment to commence your business.
- Holding the first board of directors meeting within 3 month of the company’s incorporation to ratify pre-incorporation matters such as confirmation of registered address, adoption of company’s common seal, issuance of subscribers shares, appointment of directors/ company secretary/ company auditor and other routine matters.
- Review and sign the terms of engagement of the company secretary, company auditor, tax agent, bookkeepers, if you require all or some of these services.
- Review and select your required package by visiting our company set up service packages page.
- Once we receive your instruction / order and the duly completed incorporation questionnaire, we will work with you to clarify any other information (if required).
- Upon the receipt of the questionnaire and your payment, we will be able to commence our service immediately.