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 5-6 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 Servicesalso 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.

 




Take the next step, we are here to help.

Register a Singapore company.
Open a Singapore bank account.

  Resources:

Cyprus Regulatory Update: Shell Company Definition & Exceptions

Cyprus Regulatory Update: Shell Company Definition & Exceptions

The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:

Singapore Variable Capital Company VCC: New Features & Benefits

Singapore Variable Capital Company VCC: New Features & Benefits

The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.

Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements

Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements

As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.

Challenges of Our Time: Cryptocurrencies & Their Regulation

Challenges of Our Time: Cryptocurrencies & Their Regulation

The very concept of cryptocurrencies derives from technologies and the creation of alternatives to existing payment systems, which for the most part is caused by the negative consequences of financial crises and the injustice within the sphere of financial and legal regulation. Many people are convinced that the cryptocurrency is likely to become an alternative to the established global financial system and open new opportunities to those segments of the population and citizens of those countries that are deprived of the opportunity to work with the banking financial system.

The Tax System in Poland: Benefits & Overview

The Tax System in Poland: Benefits & Overview

The tax system in Poland is one of the most loyal for both large and small businesses in the country. There are two levels in the system that relate not only to residents of Poland, but also to foreigners. The Polish tax system consists of administrative taxes (duties are paid directly to state bodies) and local taxes (the process is similar to the previous type). Therefore, Poland is one of the European countries with a stable economic position, whose attractive system attracts citizens from neighbouring countries to conduct business within the country. It is the Polish taxation system that is advantageous for businessmen willing to enter the international market.

The reasons of abolition of the Company Secretary in UK Private Companies

The reasons of abolition of the Company Secretary in UK Private Companies

The role of Corporate Secretary can be a position in a private sector company or within the public sector organisation. In large, publicly-listed corporations, a Company Secretary is typically named a Corporate Secretary or just a Secretary. The Company Secretary is responsible for the efficient administration of a company, particularly with regards to ensuring compliance with statutory and regulatory requirements and also for ensuring that decisions of the board of directors are implemented.

The Dematerialisation of Shares in the UK: Current Update & Assessment

The Dematerialisation of Shares in the UK: Current Update & Assessment

Business is an area that is continuously developing. An integral part of both business and economics are companies. It is possible to say that companies dictate the conditions of the market to a certain extent. Any public or private company has its own shares; a share is a security that provides a portion of ownership of the company and gives the holder the right to a part of the profits.

Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income

Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income

Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.