Singapore Company Registration Process
Confirm Company Name and its Availability
A proposed name for the company must first be available and then approved by ACRA. The intended name should NOT: be identical or too similar to any existing local company names; infringe upon any trademarks; be obscene or vulgar; be already reserved. Also, a Singapore company name must be in letters belonging to the English alphabet. Chinese characters, for example, and other non-English scripts are not accepted.
An approved name will be reserved for 60 days from the date of application.
Confirm Company Directors and Shareholders
Local directors and shareholders are required to provide Singapore ID card and contact information; non-local directors and shareholders are required to provide passport, overseas address, KYC certification (bank certificate, water and electricity bill) and contact information; if the shareholder is a company shareholder, it is necessary to provide the holding company’s business Licence and shareholder registration certificate, as well as corporate passport and contact information.
In general, registration can be completed in 1-3 business days. After the registration is successful, ACRA will issue an e-notification of incorporation. These e-notifications do not have any signatures on them and will be emailed out to the officers of the company and the person in charge of the incorporation filings.
Yes, a company can arbitrarily increase its registered capital. However, it is necessary to call for a general meeting of shareholders and pass a resolution to increase the registered capital. Then the resolution, together with the completed form and the appropriate fees, is submitted to the relevant government authorities to make the change official.
The Companies Act does not specify the date on which a financial year shall commence or end. Determining the financial year, including any changes thereof, is entirely a company’s discrete decision. However, a Singapore company’s first financial year cannot exceed 18 months from its incorporation, and each subsequent financial year is fixed at 12 months. Companies that are regarded as a “small company” for a particular financial year, or are dormant, are exempt from audit requirements. Unless it meets the criteria of a dormant or “small company”, a Singapore company has to appoint one or more auditors to report the company’s accounts to the company’s shareholders within 3 months from the date of registration.