The Steps Involved in Registering a Foreign Company in Singapore

When opting for a remote company registration, an engagement between you and a CSP employee or agent will take place. In this engagement, you can ask questions, raise doubts, or clarify some issues about your business model. This engagement can be performed via phone or email and generally lasts for two to three days or longer if you have further concerns.

Presentation of the Requirements

For the next step, you will be required to present the following:

• A passport copy
• A proof of address
• A KYC form

Each CSP firm has its own policies; accordingly, these documents may vary. Nevertheless, these documents are the bare minimum. You can typically provide scanned copies of these documents, and it may take around two to three days for you to possibly prepare them. Once you submit these documents the next step can start.

What Is a KYC Form?

A Know Your Customer (KYC) form normally summarizes all your background details and the proposed company details (company name, company directors and shareholders, company address and contact information, nature of business and all other information as prescribed by ACRA).

Video Conference

In this stage, a video conference with each company director, shareholder, and a CSP agent will take place. The video conference aims to verify your identity documents. This conference may also get recorded for documentation purposes.

Preparation of the Requirements for Registration and Document Signing

In this stage we at Epica will prepare necessary incorporation documents. These requirements are:

• Form 45
• Form 45B
• Constitution of the Company
• Subscription to the Shares of the Company
• First Board Meeting Resolution
• Nominee Director Indemnity Agreement

The preparation of the requirements for registration and document signing normally takes a few hours to one day. You can take the printout of the documents to sign and scan them back to your CSP agent. Some CSPs may also use e-signature software to obtain your signature online.

The Actual Company Registration

Once the submitted documents are signed, the actual company registration comes next. Your company will be registered using all your provided company details. After the registration, the following documents will be sent to you:

• BizFile of your new company
• Constitution of your company
• Confirmation email from ACRA that your company is registered

Opening of the Company Bank Account

Lastly, you will be introduced to a bank representative. He or she will help you open your company bank account.

Foreign business owners may also opt to register their companies in Singapore by a personal visit. Some previously mentioned processes almost remain the same, such as the engagement and presentation of the required documents, while others do not.

The verification of your identity documents will take place during your visit here in Singapore. During your visit, you will personally come to the office of your CSP. Then, they will verify your identity documents and company registration documents. Next, you will sign these documents.

On the next day, the actual company registration will take place. Afterward, your CSP agent will send all the relevant documents to you. On the following or third day, your will meet with a bank representative, for finishing bank account opening formalities.

In general a personal presence for company incorporation and bank account opening is considered beneficial as the CSP representatives and bank representatives are able to meet you in person. So if possible, you should opt for this route. However, in recent coronavirus phase, when many countries banned the air travel, the only option left was of remote incorporation.