Before incorporation, you need to reserve a unique company name through the Accounting and Corporate Regulatory Authority (ACRA). Ensure the name: 

• Is not identical or too similar to existing company names.
• Does not contain restricted or sensitive words unless approvals are obtained.

Process Tips:

• Use ACRA’s BizFile + portal to check for name availability.
• Reserved names are valid for 120 days and must be used within this period.
• Restricted words like “bank”, “insurance”, or “university” require prior approval from relevant authorities.

Provide the following information for each shareholder:

• Full name (as per identification document).
• Nationality and residential address.
• Identification document (e.g., NRIC for Singapore citizens or passport for foreigners).
• Share allocation details (percentage of ownership).

Additional Notes:

• Singapore allows up to 50 shareholders for a private limited company.
• Both individual and corporate shareholders are permitted.
• Foreign shareholders need to provide notarized identification documents if they are not in Singapore.

The minimum paid-up capital to incorporate a company in Singapore is S$1. However, businesses in certain industries (e.g., finance) may require higher capital.

Ensure you have:

• Initial paid-up capital amount.
• Proof of capital injection (e.g., bank statement or transaction receipt).

Important Considerations:

• Paid-up capital can be increased after incorporation, based on business needs.
• Industry specific licensing requirements may dictate the minimum capital (e.g., S$500,000 for travel agencies).

At least one director must be a local resident (Singapore citizen, Permanent Resident, or EntrePass holder). For each director, prepare:

• Full name and residential address.
• Identification document (NRIC or passport).
• Consent to Act as Director form (signed).

Nominee Directors:
If you do not have a local director, you can engage nominee director services. Ensure that the nominee’s responsibilities and liabilities are clearly outlined in the agreement.

Every incorporated company must appoint a company secretary within six (6) months of incorporation. The company secretary must:

• Be a local resident.
• Not be the sole director or shareholder.

Role of a Company Secretary:

• Maintaining statutory registers.
• Filing annual returns and other compliance documents.
• Advising the board on regulatory obligations.

A local physical address is mandatory. Ensure the address:

• Is operational during standard business hours.
• Is not a P.O. Box.

Virtual Office Solutions:

• For businesses without a physical office, virtual office services are an acceptable option.
• Ensure the service provider offers mail handling and forwarding capabilities.

Provide a clear outline of your business activities using the Singapore Standard Industrial Classification (SSIC) code. This helps ACRA classify your company correctly.

Examples of SSIC Codes:

• Retail trade: 47711.
• IT consultancy: 62021.
• Food and beverage services: 56111.

The constitution (formerly known as the Memorandum and Articles of Association) outlines the company’s governance structure and operational guidelines. You can:

• Use a standard template provided by ACRA.
• Customize the document to reflect specific business needs, such as shareholder agreements or voting rights.

Depending on your circumstances, additional documents may be required, such as:

• Approval letters for using restricted company names.
• Work permits or visa for foreign directors.
• Supporting documents for specific licenses or permits.
• For corporate shareholders: Certificate of Incorporation and company resolutions authorizing shareholding.

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To streamline the incorporation process, use this checklist to ensure you have everything ready:

1. Reserved company name (approved by ACRA).
2. Shareholder details (name, address, ID, share allocation).
3. Paid-up capital proof.
4. Director details and signed Consent to Act form.
5. Company secretary’s information.
6. Registered office address.
7. Description of business activities (SSIC code).
8. Company constitution (standard or customized).
9. Additional permits or approval letters (if required).
10. Supporting documents for foreign shareholders or licenses.

• Submitting Incomplete or Incorrect Information
  Double check all details before submission to avoid delays or rejections.
• Using a Non-Compliant Office Address
  Ensure the registered office address meets all regulatory requirements.
• Forgetting Post-Incorporation Requirements
  Appoint a company secretary within six (6) months and maintain compliance with annual filings.

Preparing the required documents for incorporation in Singapore is a straightforward process if you understand the requirements. By having all the necessary information and documents ready, you can ensure a smooth and efficient incorporation experience.

Ready to incorporate your business? Contact Lett for expert guidance and a seamless incorporation process. Don’t forget to sign up for our newsletter to download your free incorporation checklist!

Disclaimer: The information provided in this article is accurate as of [insert date]. Policies and regulatory requirements are subject to change. Readers are encouraged to consult official sources or seek professional advice to ensure compliance with the latest regulations.