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 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.

Take the next step, we are here to help.

Register a Singapore company.
Open a Singapore bank account.

  Resources:

HONG KONG: Cryptocurrency & ICOs as securities & virtual commodities

HONG KONG: Cryptocurrency & ICOs as securities & virtual commodities

The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.

New licensing regulations for Trusts & Service Providers in Hong Kong

New licensing regulations for Trusts & Service Providers in Hong Kong

As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.

The terms of Hong Kong's new register of significant controllers and what it means for companies

The terms of Hong Kong's new register of significant controllers and what it means for companies

As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.

The pros & cons of European Passport-by-Investment schemes

The pros & cons of European Passport-by-Investment schemes

In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.

Using the Cyprus Non-Dom scheme for beneficial tax planning

Using the Cyprus Non-Dom scheme for beneficial tax planning

In an attempt to improve and simplify the Cyprus tax system as well as to remain a highly compliant and attractive jurisdiction, the introduction of the non-domicile (shortened to Non-Dom) scheme aims to give Cyprus a competitive edge over other jurisdictions.

How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?

How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?

It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.

Income tax exemptions for expats living in Cyprus: what are your options?

Income tax exemptions for expats living in Cyprus: what are your options?

Situated in the Eastern Mediterranean, the Republic of Cyprus boasts a strategic geographical location at the hub of three continents; Europe, Asia and Africa and a pleasant sunny climate year round.

The UK Persons of Significant Control Register & its impact on companies

The UK Persons of Significant Control Register & its impact on companies

The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.