Looking to incorporate your company in Singapore? Here are the key points on how to do it and what to look out for.
In 2010 we conducted market research and asked entrepreneurs in Singapore if they understood how their company had been incorporated. 60 percent of entrepreneurs who incorporated a Singapore company, had no clear picture of the incorporation process. This article aims to make the process and purpose of incorporating a private limited company in Singapore clearer.
When you sit down to incorporate a company, there are a few details you will need to have in front of you.
Company name.The name you would like to call the company.
Registered mailing address. A PO Box will not do. You can use your personal residence as the address.
Business activity. You need to understand how the company will make revenue, so you can best select what industry classification you want to apply (or SSIC).
Who will be the directors? At least one of them needs to be a Singapore resident.
Who will be shareholders? Shareholders can be local or foreign, individuals or corporate holdings. Shareholders can be directors.
Paid up capital. The minimum is $1. We recommend $1,000 as most local banks in Singapore require a minimum deposit of $1,000 to open a corporate bank account.
Share issue and allocation. The number of shares you plan to issue and the allocation of those shares to each shareholder. So if you issue 1,000 shares, and your paid-up capital is $1,000, the shares are worth $1 each today.
Company secretary. Appoint one within six months of incorporation.
The incorporation normally takes three days. It is done in two steps. Step One, the company name is registered. An administrator from ACRA checks the name is not taken, too similar to another name or offensive.
Assuming the name is approved, the company is incorporated. There are four important documents that are issued in soft copy once the incorporation is successful.
1. Bizfile
The first one is the bizfile. This outlines the company name, registered business number, shares and paid up capital. It also indicates the registered mailing address, who the shareholders are, the directors and the company secretary.

2. Memorandum and Article of Association
The second document is the Memorandum and Article of Association or MAA. This is the cover sheet. This document is important because it determines how the business is governed. When you incorporate, you are issued a standard MAA.
However you can have a legal person look over it and change the clauses. You may decide to amend the MAA to change distribution rights of dividends or control rights (how decisions are made).
Most importantly you will need this document to open a corporate account with a local bank.

3. Share certificate
The third document is your share certificate.

4. First board resolution
And lastly, you have the first board resolution which makes the appointment of the shareholders and directors official.

Download samples
All these documents are provided as original soft copies, and should be printed and stored in the company registry.
Download
To help guide you next time you need to incorporate a company, you can go to the app store and download our iPhone app. We have also created an online form to help you submit the details of your incorporation.
About Futurebooks
Futurebooks is Singapore’s and Hong Kong’s most progressive bookkeeping company. Futurebooks offer affordable incorporation, bookkeeping, business planning and brokering, to entrepreneurs with big ambitions. Whether your goal is to be acquired or to be more profitable this quarter, Futurebooks provide planning to keep your business on track and bookkeeping services that streamline the journey.
Using cloud computing solutions like Intuit’s QuickBooks Online, Xero, SaaSu, DropBox, Workflowmax, Vend, salesforce.com and Google Enterprise, Futurebooks are able to offer clients productivity improvements and reductions in the cost of accounting. Visit our website and chat to us live or follow us on Twitter.
About the author
Anthony Coundouris is the founder of an accounting and analytics firm Futurebooks Pte Ltd. Anthony is obsessed with helping start-up companies incorporate, conduct industry analysis and develop positioning. He has ten years experience in media and marketing, and was founder of Firestarter, a digital marketing agency.
Firestarter was acquired by Novus Media in 2010.
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