Singapore Company Incorporation FAQ

Singapore Company Incorporation Frequently Asked Questions:

Q: What are the requirements to incorporate a company in Singapore?

Local and foreign individuals can incorporate a company in Singapore as long as these requirements are satisfied:
• At least one (1) local Company Director
(Singapore Citizen, Permanent Resident, EP holder, EntrePass holder, Dependant Pass holder)
• At least one (1) Shareholder
• Local qualified Company Secretary
• Local Registered Office Address
• Minimum paid-up capital of $1

Q: How long does the incorporation process take?

The proposed company can be incorporated in two (2) hours once the incorporation documents have been duly signed and payment of the incorporation fees has been made.

Q: Who can be appointed as Company Director?

All Company Directors must be at least 18 years of age upon appointment and must not have any record of either one of the following: fraud, bankruptcy, or any business malpractice. Companies in Singapore must also have at least 1 local Company Director who may be one of the following: Singapore Citizen, Permanent Resident, EP holder, EntrePass holder, and Dependant Pass holder.

Q: What if I don’t have a registered office address in Singapore?

You can simply avail of our Registered Office Address services. We can provide this service at a fee of S$120.00 per annum which comprises the receipt and collection of all business correspondences on your behalf.

Q: What is the cost of incorporating a Private Limited Company in Singapore?

Richmond’s incorporation fee is S$600 if the shareholder is an individual OR $800 should there be a corporate shareholder. Our incorporation packages include the following:
• Incorporation professional service fee
• ACRA fees for application of company name
• ACRA incorporation fees
• Statutory Register and Minute Book
• Common Seal
• Company Profile
• Memorandum and Articles of Association
• Share Certificates
• 1 Year Corporate Secretarial Services Fee

Q: What are the Secretarial Services covered by your Incorporation Package?

Secretarial services covered by the package include appointment of the Company Secretary, updating and maintaining the Company’s statutory records, preparation of AGM documents and filing of the Annual Return.

Q: When do I need to appoint a Company Secretary?

All companies in Singapore must appoint a Company Secretary within six (6) months after its incorporation. Our incorporation packages are already inclusive of secretarial services for one (1) year which makes it more convenient for our clients.

Q: What does paid-up capital mean?

Paid-up capital refers to the amount of capital funded by the shareholders.

Q: What is the minimum paid-up capital needed to incorporate in Singapore?

The required minimum paid-up capital is at least $1.

Q: Can a 100% foreign-owned company incorporate in Singapore?

Yes, Singapore allows companies entirely owned by foreigners to incorporate in Singapore as long as all the requirements are met. Richmond offers Nominee Director Services for the purpose of satisfying said requirement of having a local Company Director.

Q: What’s the cost and scope of your Nominee Director Services?

Our fee for the provision of a Nominee Director is S$3,500.00 a year along with a security deposit of S$5,000. The security deposit will be refunded when you no longer need our Nominee Director Service.

Q: Do I need to be physically present in Singapore during the incorporation?

While it is ideal to have a physical representative, foreigners are not required to be physically present during the incorporation process. The process may take longer than usual as the documents will be couriered. Kindly note that documents signed overseas have to be witnessed by a notary public. We can assist you in your Singapore Company Incorporation and ensure the process is smooth and hassle-free.

Q: Do I need to open a corporate bank account in Singapore?

Opening a corporate bank account is mandatory for Singapore incorporated companies. The presence of the company’s directors and shareholders is required.

Q: Do I need to relocate to Singapore to run my business?

Foreign entrepreneurs may manage their business remotely and visit Singapore at their convenient time. Those who wish to relocate and manage their business may do so by applying for an Employment Pass at Singapore’s Ministry of Manpower.

Q: Do you assist in registering a Sole Proprietorship?

No. We can, however, assist you in incorporating a Private Limited Company, registration of Foreign Company, or formation of a BVI Company in Singapore.

Q: What is the cost for registering a Singapore Branch Office?

At Richmond, we provide efficient and cost-effective Foreign Branch Registration services. Our fee for the registration of a Foreign Company (Singapore Branch) is S$1,200 which is already inclusive of secretarial services for one year.

Q: What are the requirements for registering a Singapore Branch Office?

According to Singapore Companies Act, mandatory requirements for Singapore Branch Office are two (2) local resident agents and a local registered address.

Q: Who can be appointed as local resident agents?

The following can be appointed as your Branch Office’s local resident agents: Singapore citizen, Permanent Resident, Employment Pass holder, EntrePass holder, or Dependant Pass holder.

Q: What documents do I need for the Singapore Branch Office registration?

In order to enable us to prepare the necessary documents for the registration of a Singapore Branch, we require the following information and documents:
1. Name and registration number, registered office address and authorized capital of the Foreign Company;
2. Business activities of the Foreign Company;
3. Names, passport numbers, and addresses of the Directors of the Foreign Company;
4. Names, Identification numbers, and addresses of two (2) Local Agents who must be Singapore Citizens or Singapore Permanent Residents who are residing in Singapore;
5. Registered office address in Singapore;
6. Certified true copy of the Certificate of Incorporation, duly notarized with Notarial Certificate;
7. Certified true copy of the Memorandum and Articles of Association, duly notarized with Notarial Certificate.