Steps involved in Singapore Company Incorporation explained in detail.
In this video, we will see what are the steps involved in Singapore Company Incorporation by a foreigner. Before we start to understand the steps, please keep it in mind, the first point is you must use a corporate secretarial provider, what is called a CSP company like ours. So Epica Consulting is an authorized corporate secretarial provider. As a foreigner, you will not be able to do this process on your own. You must engage an agent. The next point that you need to remember is you need to have one local resident director for your company. In case you don't have it, we will provide you a nominee director at extra cost. Let's move on to the next slide. First let's have a look at doing a remote incorporation without a visit. Here, you are not going to visit Singapore for the incorporation. Instead, you want to do it remotely. Typically, the steps involved are, first there will be some engagement between you and a corporate secretarial agent or his employees. You will typically get in touch with the company. You will have some questions, doubts, or clarifications about your business model, and maybe this can be resolved over a telephone call or over email. This process generally lasts for two to three days. It can be longer also, if you have many questions or many doubts. In the next step, you will provide the required details. Once you are ready to move ahead, you will typically provide a passport copy, proof of address, and a KYC form. Now, each CSP firm has their own policy and accordingly these documents will change, but these three documents are bare minimum. You can typically provide scanned copies of this, and it may take around two to three days for you to possibly provide all these details. Of course, sometimes people provide these details to us within a span of one hour also. Out of this, KYC form normally summarizes all the details about you, your background, and the proposed details of the company like what is the name and who are the directors and shareholders, and their details like address, telephone number, and all information as prescribed by ACRA. In the next stage, normally a video conference will happen with each of the director and shareholders where the corporate service agent's employee will interact with you and verify identity documents and your face. This will be normally through a video conference and the conference may get recorded for record keeping purpose. The next step after this, step number four is to prepare the necessary documents for incorporation and signing of those documents. These documents are typically Form 45, Form 45B, constitution of the company, subscription to the shares of the company, first board meeting resolution, maybe nominee director indemnity agreement. This process can normally take few hours to a day. Once the documents are prepared, these will be sent so you for signing and you can take the printout and sign and scan back these copies to us. Some companies also use some e-signature software to do it online. Once this step is finished and the documents are signed, then come the most important step that is of actual incorporation. Here, we will incorporate the company with all the details provided by you. And when the incorporation is completed, the documents will be sent to you after incorporation. The typical documents include BizProfile of your new company, memorandum and articles of association of the company. Once the step number five is completed, the last step, step number six is to introduce you to the bank account or bank representative so that the bank's account opening work can start. As you can see, people often claim that the company can be incorporated within one hour, which is actually true because from the time we start entering the details to getting the details back from ACRA's system, it normally takes not more than 30 minutes, but if you realistically consider all the steps, it is a process of 8 to 10 days in my opinion. Now, moving to the next slide. If you are incorporating a company by visiting Singapore. Here, you are personally visiting Singapore and you will be coming to our office. Then the process remains more or less similar logically, except some changes. Let me briefly explain that to you. The first step will remain as is, where the engagement, questions, doubts, clarifications are resolved. The second step also remains more or less same, where you provide the necessary details. The stage number three actually happens while your visit in Singapore. During this visit, on the first day, you will normally come to our office. We will verify your identity documents. Incorporation documents will be also ready on that day and you will sign those documents. After signing, you can leave and rest of the day, it's free for you. Normally on the same day or if you have visited our office late in the afternoon, on the next day, we will do the actual incorporation. After incorporation, we will send all the relevant documents to you. The last step will be arranging meeting with the bank representative, which can happen either on the second day or on the third day. We recommend clients to typically plan for a three days visit. Now, three additional points that you need to keep it in mind are as follows. First of all, at some point of time, you will need to make the payment for the services that you avail from us or from any CSP firm, so please check when the payment is to be made. Secondly, you will need to deposit initial funds to your company's proposed new bank account. Now, banks' policies differ here. Some banks don't need any deposit, whereas some banks require minimum 3000 deposit to be attached by way of a check at the time of opening the bank account. This also, you need to check and plan accordingly. The last point that you need to keep it in mind is even if we are introducing you to the bank representative on the third day. After the first introduction, banks will take two to three weeks to finish the entire account opening process and for you to get the access. Plan your activities accordingly. Don't expect that we have incorporated a company and next day, the bank account should be ready. Thank you. Thank you for watching this video. This video was brought to you by Epica Consulting Singapore. Subscribe to our channel today to get notified when new videos are posted.