Incorporation

This is a list of necessary steps and requirements for incorporating a company in Singapore:

Choose a Company Name:

Select a unique and suitable name for your company. Ensure that the name complies with the guidelines set by the Accounting and Corporate Regulatory Authority (ACRA). The name should not be identical or too similar to existing company names, trademarks, or reserved names, and should not be vulgar, obscene or offensive.

Singapore Standard Industrial Classification (SSIC) Code:

Determine the primary business activity of your company by selecting the appropriate SSIC code that represents the nature of your business. The SSIC code helps classify your company’s activities for regulatory and statistical purposes.

Business Activities:

Clearly define the intended business activities your company will engage in. Prepare a comprehensive description of the business activities in your company’s constitution (Memorandum and Articles of Association). Ensure that your business activities align with the selected SSIC code. Comply with any specific licensing requirements or regulations relevant to your industry.

Financial Year End:

Determine the financial year end date for your company. The financial year end date should be within 12 months from the date of incorporation. Choose any date for your financial year end that suits your business operations. Subsequent financial years should also have year ends within 12 months of the previous financial year end.

Responsibilities of the Company Director:

Appoint at least one director who is a resident of Singapore (Singapore citizen, Permanent Resident, or Employment Pass/EntrePass holder). Directors must fulfil their duties and responsibilities under the Companies Act and other relevant legislation. A director must act in the best interests of the company and exercise reasonable care, skill, and diligence, avoid conflicts of interest and disclose any potential conflicts to the board of directors. They must maintain proper books of accounts and financial records as well as ensure compliance with statutory obligations, including filing annual returns and financial statements with ACRA.

It is important to note that the incorporation process involves additional steps such as preparing the necessary documents, appointing a company secretary, and fulfilling any industry-specific requirements or licenses.