ENG

Company Formation
회사 설립 서비스 – 싱가포르 [회사의 종류 및 설립절차]2020-04-30T12:13:54+09:00

SOLE-PROPRIETORSHIP

A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business.

The legal status of a sole proprietorship can be defined as follows:
  • It is not a separate legal entity from the business owner
  • The business owner has unlimited liability (i.e. the business owner is personally liable for all the debts and losses of the sole proprietorship)
  • It can sue or be sued in the owner’s name
To set up a sole proprietorship or partnership, you must be:
  • At least 18 years old
  • A Singapore Citizen, Singapore Permanent Resident, or an EntrePass Holder
Procedure for Setting up a Sole Proprietorship

Fill in our formation form and provide us with the following information and documentation:-

  • Proposed business name of the sole proprietorship;
  • Date of commencement of business;
  • Business activity code;
  • NRIC / Fin Number of owner/manager;
  • Detailed business address of the proposed sole proprietorship business;
  • Email address and handphone number;
  • Self-employed medisave must be up-to-date;

TNC (SG) will fill up the registration application form online and business registration fee will be paid together with e-submission.

Additional note:

From 1 January 1994, all self-employed persons are required to top up their Medisave account with CPF Board before they register a sole-proprietorship or partnership, become the new partner of an existing sole-proprietorship or partnership, or renew their business registration. This requirement is only applicable to Singaporean Citizens and Singapore Permanent Residents.

PARTNERSHIP

A partnership is a business owned by 2 to 20 partners.

The legal status of a partnership can be defined as follows:
  • It is not a separate legal entity from the business owners
  • The partners are personally liable for all the debts and losses of the partnership
  • It can sue or be sued in the partners’ names
Procedure for Setting up a Partnership

Fill in our formation form and provide us with the following information and documentation:-

  • Proposed business name of the Partnership;
  • Date of commencement of business;
  • Business activity code;
  • NRIC / Fin Number of owner/manager/partners;
  • Detailed business address of the proposed business;
  • Email address and handphone number;
  • Self-employed medisave must be up-to-date.

TNC (SG) will fill up the registration application form online and name approval fee will be paid together with e-submission.

The partnership can only be registered after all the partners have endorsed (or consented) to the submission of the online transaction and after the registration fee is paid (normally within 3 working days). After the endorsement, the registration number will be given by Accounting and Corporate Regulatory Authority (“ACRA”).

Additional note:

From 1 January 1994, all self-employed persons are required to top up their Medisave account with CPF Board before they register a sole-proprietorship or partnership, become the new partner of an existing sole-proprietorship or partnership, or renew their business registration. This requirement is only applicable to Singaporean Citizens and Singapore Permanent Residents.

LOCAL COMPANY

A local company is a business entity incorporated in Singapore. Companies have different setups and are distinguished by the company type e.g. private company limited by shares, an exempt private company, a public company limited by shares and a public company limited by guarantee.

The legal status of a local company can be defined as follows:
  • It is a separate legal entity from the business owners
  • It can sue or be sued in its own names
Procedure for Setting up a Local Company

Fill in our formation form and provide us with the following information and documentation:-

  • Proposed business name of the Company
  • Description of the business activity
  • Passport copy and latest address proof of the Directors and Shareholders
  • Email address and contact number of the Directors and Shareholders
Company name reservation

Every business needs a name to differentiate itself and to make it easy for others to find the business. The first step is to choose a suitable name and submit a name application.

Registration

Once the name application is approved, you can proceed to incorporate the company.
Submission of company information including particulars of directors and shareholders, registered office and etc. to Singapore Registrar of Companies (ACRA).
The company will be incorporated once ACRA is approved.

Post Registration

You may expect the following documents to be received after the company is duly incorporated:-

  • Business Profile – with the company structural details
  • Constitution – consist of Memorandum and Article of Association
  • Certificate of Incorporation
Additional note:

The company can only open a bank account after the company is incorporated. We will arrange the banker meeting based on your preferred schedule and we will join the meeting in order to assist you.

Foreign Company (Branch)

A foreign company is a company, corporation, association or any other body incorporated outside Singapore.

A foreign company may carry on business in Singapore by incorporating a local company or registering as a foreign branch under the Companies Act. The foreign company is required to have a registered name, at least 1 local authorized representative and a registered office in Singapore.

The legal status of a local company can be defined as follows:
  • It is not a separate legal entity from the business owners
  • Does not have a distinct legal personality, the liabilities may be enforced against all the assets of the foreign company.
Procedure for Setting up a Foreign Company (Branch)

Fill in our formation form and provide us with the following information and documentation:-

  • Business name of the branch must be the same as a holding company;
  • Description of the business activity;
  • Passport copy and latest address proof of all the Directors from the holding company;
  • Email address and contact number of the Directors.
Company name reservation:-

To check the availability of the company name.

Registration:-

Once the name application is approved, you can proceed to incorporate the branch.

Submission of company information including particulars of directors, registered office and etc. to Singapore Registrar of Companies (ACRA).

The branch will be incorporated once ACRA is approved.

Post Registration

You may expect the following documents to be received after the company is duly incorporated:-

  • Business Profile – with the company structural details
  • Certificate of Incorporation
Additional note:

The branch can only open a bank account after the branch is incorporated. We will arrange the banker meeting based on your preferred schedule and we will join the meeting in order to assist you.

The branch must prepare an audited report together with the holding’s financial report for annual submission purposes.

Representative Office

A Representative Office in Singapore is meant for promotional activities only and it cannot enter into any business transactions either in its own capacity or on behalf of the parent company. Approving authority for registering a Representative Office is under Enterprise Singapore.

A Representative Office in Singapore has very limited use since it cannot engage in any other business activities but promotional activities.

Procedure for Setting up a Representative Office (“RO”)

Fill in our formation form and provide us with the following information and documentation:-

  • A copy of the parent company’s Certificate of Incorporation (in English or an official translation)
  • The parent company’s latest annual report and audited accounts
  • Passport copy and latest address proof of the director of the holding company
Additional note:

Approval can take 1-2 weeks and will usually be valid for one year. A representative office in Singapore must re-apply for a continuation of its status after the expiry of the initial period of approval. A representative office can be renewed for a total of not more than 3 years. After the registration of a representative office, the foreign company can apply for employment pass for their overseas personnel that will be relocating to Singapore.