8 Basic Things You Have to Take Note When Incorporating a Company in Singapore

Posted by Cheryl Lee on April 6th, 2021

Incorporating a business in Singapore is easy, but it’s not enough to have just a great business idea. You first need to get your company registered to bring you that much closer to your dream of running your own show.

Before you can have an incorporated company of your own, you’ll need to make sure that you have the following elements of business incorporation in Singapore sorted. Just like cooking is made easier when you have all ingredients at arm’s reach; similarly, the process of incorporating your company can be a breeze if you have thought through these 8 items.

Important Things for Easy Business Incorporation

1) Company name

What would you like to call your company? Other than being unique and memorable, you should also check your ideal company name against ACRA’s guidelines for a company name and make sure that it hasn’t been taken up yet.

2) Registered mailing address

No, a P.O. Box won’t do. You’ll need a registered office in Singapore to register your company. Under the Home Office Scheme though, certain small-scale businesses may be use their residential HDB and private properties as their home offices.

3) Business activity

You need to categorise your business according to the Singapore Standard Industry Classification (SSIC) code. For example, the SSIC manufacturing code for tuition agencies is: 85509 (Educational support services).

4) Who are the directors?

At least one of your directors must be a Singapore resident. He/she must also be at least 18 years old, not bankrupt or not convicted of fraud and dishonesty cases.

5) Who are the shareholders?

Shareholders can be local, foreign, individuals or corporate holdings. Directors can also be shareholders.

Read more on how to incorporate a company in Singapore at Singapore Company Incorporation.