Company Registration and Formation Process in Singapore in Collaboration with Eltoma Global
In the Republic of Singapore, limited liability companies (LLC) are the most basic and widely spread business entity. LLC is an independent legal institution that offers company assets protection from possible liabilities and risks, that is why Shareholders take responsibility for the company’s debts only as much as they have put into the company (in terms of share capital).
Company incorporation in Singapore requires for a limited liability private company to include an abbreviation – Ltd., or a phrase Private Limited (PLC) to their name. This is a necessary condition for branch formation in Singapore.
Incomplete liability company registration in Singapore:
This process is not difficult and time-consuming, especially because now it is fully computerised.
The list of required documentation:
Eltoma Corporate Services will send you an e-mail letter with a form for company incorporation in Singapore and a Beneficial Owners Declaration form. You should complete these with the following information:
- Suggested name for the branch (approval normally takes about 2 days).
- General outline on the firm’s business activities.
- Materials concerning company authorities (Directors, Secretary, Shareholders).
- Office address of a registered branch.
- Details about share capital (currency, amount, type, division).
- If the standard Articles of your firm require any alterations or not.
You should sign a Beneficial Owners Declaration so that we can start the process of branch formation. And the owner’s personality should be identified by the documents listed below.
Eltoma Corporate Services requires the following documents for client identification:
- Beneficial Owner’s, Shareholders’ and Director’s passport copies.
- Proof of residence (Ex. Recent bank statement or reference, utility bill etc.).
- Copies of firm registration documents in case a Corporate Entity represents the Shareholder.
All the above listed documents should be translated into English (if they are originally not).
Company registration services in Singapore & incorporation process summary
- The client provides Eltoma Corporate Services with all the required information (completed forms of Beneficial Owners Declaration and company incorporation. KYC materials; permission to act on behalf of Director if necessary and signed M&AA etc.)
- An invoice (– 50% payment) will be send to a client by Eltoma Global in order to carry out an incorporation procedure.
- The company receives an approval of branch name and its Singapore registration number (the procedure takes about 2 working days).
- ECS will send the client necessary incorporation documents for signing and after that the client should return them back.
- When this is complete and the original documents receipt is received, the company becomes fully incorporated. Eltoma will also complete all post-incorporation formalities.
- The original company documents and stamp will be sent to the client by an ECS courier.
- For a full list of incorporation services in Singapore see here.
Time frame within which a company formation procedure in Singapore will be finalised:
In Singapore, organisation registration and formation process takes about 1-3 working days. The legalisation process can take additional 7-8 working days. After this is ready, the original documents are returned to the client.
Payment for the rendered services:
The first 50% of payment for the Eltoma Global services plus additional services costs (legislation, opening of bank account, nominees etc.) should be paid at the beginning of company incorporation process. The remainder should be paid when the formation procedure is fully complete.
Our company also annually issues an invoice for renewal fees to our clients company. This is an obligatory condition for organisation registration and formation in Singapore, which includes renewal fees for Singapore local Director, company Secretary and recorded office fees.
Amendments to the Articles of Association
For organisation registration and formation in Singapore, the beneficial owner should first make a decision whether to use the general M&AA (Memorandum and articles of association) standard or to prepare special amendments (requirements) to it. The Articles are very important and allow a certain person or group to manage the company, who can restrict the rights of the Director and make decisions concerning firm’s activities, assets etc.
Obtaining a license for certain company activities
If in future, the company is going to do some activities that require a special license, it should take care of all the documentation and obtain all licenses before the business starts operating. This especially concerns organisations such as: media companies, travel agencies, private schools, moneylenders, liquor distributors, special centres for children and private recovery centres etc.
The Accounting and Corporate Regulatory Authority (ACRA) is a Singapore based organisation that can turn to other authorities such as (MOE, MFA, STB, MOM, MAS etc.) if you need to include specific words in your company register name such as: school, Muslim, bank, army, estate agency, liquor distribution etc. This may delay registration procedure somewhere from 15 days to several months, until you receive the permission and license for such activities. You can also obtain a license before an application for registration has been made. For this, you should turn to governmental services, which give approval.
Eltoma Corporate Services inform our clients about those issues before the start of registration procedure.
For operations concerning exporting & importing goods out or to the Republic of Singapore, you should receive a permission of Singapore Customs before conducting any trading operations.
Post incorporation services
Eltoma Corporate Services provide:
- Clients’ companies support (deals with ACRA about possible future changes etc.).
- Accountancy and bookkeeping services.
- Help in audit process.
- Tax Return (statement preparation) & other annual reports.
- File services.
- Completion and maintenance of company Singapore Registration Certificates.
Eltoma Corporate Services also provide tax consulting (if necessary) about firm’s activities (their correspondence with different legislations and the Income Act) to avoid potential future problems with taxation and different governmental services.
Feel free to contact us for more information or support.