Epica Learn Series
Is the company registration process in Singapore easy?
Is the company registration process in Singapore easy?
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Steps or Stages in Singapore Company Formation
The World Bank has consistently ranked Singapore as one of the easiest countries for doing business. Every year thousands of companies are registered in Singapore, including locals and foreigners. With thousands of foreigners incorporating their companies in Singapore each year, this question arises quite often, whether the Singapore company registration process is easy.
To get this question’s answer, you must understand the Singapore company registration process first. This article briefly discusses the Singapore company registration to provide you an overview of the incorporation procedure.
Singapore Company Registration Procedure
All businesses in Singapore must register with the Accounting and Corporate Regulatory Authority, commonly known as ACRA.
Key Factors about Singapore Registration Process
Registration Procedure
You can best understand the simplicity of the process by understanding the steps involved. Here is an overview of it:
Engagement
You get engaged with a corporate services provider (like Epica) on a telephone call. If you contact us, we will ask questions regarding your business model and clarify any doubts you have regarding the Singapore company incorporation.
Provide Details
In this step, you send the required documents, including passport copy, address proof, and KYC form.
Video Conference
A video conference is conducted with the proposed company’s directors and shareholders for identity verification.
Documentation
Incorporation Documents are prepared by us and send to you for review and signing.
Registration
Documents are submitted on ACRA’s online portal BizFile+. After incorporation, registration documents will be sent to you.
Account Opening
Many local and international banks in Singapore allow opening a corporate bank account without visiting Singapore.
In case you can visit Singapore to incorporate your company, the first two steps are the same. However, you do not need a video conference as you will be physically meeting us. The documentation will also not take long as all the documents are prepared and signed by you simultaneously.
Overall the process will usually take 7 days from start to finish.
Conclusion
As seen above, there are not many steps and requirements for registering a company in Singapore. The registration itself is not lengthy and does not take more than few hours in most cases. Hiring a corporate service provider also takes off the burden of preparing the required documents.This proves that the company registration process in Singapore is easy.
Foreigner Package
New Company Setup
S$2,400
Local Package
New Company Setup
S$1,100
Transfer Package
Existing Company
S$1,000
Singapore Branch
New Branch Setup
S$4,000
Representative Office
New Setup
S$2,500
BVI Company
Singapore Bank Account
US$2,200
