How Long Does it Take to Set up a Company in Singapore

Singapore: A Premier Destination for Business

Singapore serves as one of the best countries in the world to do business with. It offers a host of opportunities to its residents as well as foreign nationals in terms of employment, taxes, and even healthcare and education. Setting up a company in Singapore might seem like a lengthy process, but the country offers ease of doing business, including company incorporation within just 2 hours. Company incorporations in Singapore are mandated by ACRA (Accounting and Corporate Regulatory Authority). It is essential to go through the regulations issued by ACRA, or consult a trustworthy third-party service that can guide you through the process, including hiring local legal services and arranging meetings with banks.

How Long Does it Take to Set Up a Company in Singapore?

Setting up a company in Singapore can be quick and efficient. Here’s how you can set up your company within a day:

Documents Required for Foreign Entrepreneurs

Usually, the initial documents you need to submit to register your company in Singapore are not cumbersome and can be approved by ACRA within a day. The necessary documents include:

• An address proof bearing your overseas location
• A copy of your passport
• A detailed description of the activities and services pursued by your company

Documents Required for Setting Up a Subsidiary in Singapore

If you are a foreign national with an existing company and are looking to set up a subsidiary in Singapore, the following additional documents are required:

• All the aforementioned documents
• Memorandum and Articles of Association
• A detailed register of all the members or shareholders of the company
• Certificate of the existing company’s incorporation

As a foreign national establishing your company in Singapore, you are required to appoint a local resident as the company’s director to oversee the regulations of ACRA. Additionally, you can also serve as a foreign director and own 100 percent of the company’s shares.

Requirements for Setting Up a Business in Singapore

The following requirements apply to both residents and non-resident business owners in Singapore:

• At least one shareholder
• One local director
• One company secretary
• A paid-up share capital of S$1
• A physical registered office address in Singapore

Steps to Register Your Company with ACRA

The step-by-step process involves getting your company’s name approved by ACRA, which takes a few hours to a day. Once that is done, you can register your company within a day. You will need the following documents and approvals:

• Signed consent to act from each director of the company
• Signed consent to act from each secretary
• Articles of Association for the company
• ID and residential address proofs of all the officers and shareholders of the company
• A KYC (Know Your Customer) completed by your incorporation service provider

The registration is done on ACRA’s website and takes approximately one to two hours.

To ensure a quick and seamless experience while registering your company in Singapore, have all your documents in one place to avoid any issues. You can further consult with Water and Shark regarding the required duration and essential documents.