FAQs

Company Incorporation FAQs

Do I need to seek permission to use my residential address as my business address?

For some residential addresses, you need to seek permission from the Housing and Development Board (HDB) or Urban Development Authority. If you are not the owner of the address, but a tenant, it would be wise to check with your landlord if he allows you to use the premises as the registered address.

Post-Incorporation Considerations

Once the Singapore company has been incorporated, what are the post incorporation issues I need to consider before I can start my company business activities?

After your Singapore company has been setup, you can start your business activities immediately. However, you may need to do the following if it is applicable to you.

  • Open bank accounts. You may want to choose a bank that serves your corporate banking needs. i.e. Letter of credit, multi currency, location of the bank, banking hours, and check the other services they can offer you, etc.
  • If your business requires one or more licenses, you may need to obtain the relevant licences first before you can commence your business activities.
  • Register for Goods & Services Tax (GST) if necessary. The registration of GST is not mandatory unless your annual turnover exceeds S$1 million. We can help to register for GST, if you so require.
  • If your company activities involves import and exports of goods, you will need to register and obtain a Central Registration (CR) number. The CR number is used in all import, export and transshipment permits, certificates and any other documents issued by the Singapore Customs. We can help obtain a CR number for your company if required.
  • If you plan to hire any foreign employee including yourself, your company will need to apply for employment pass (EP) for that person. We can assist you with Employment Pass applications.
  • If you intend to hire local employees (Singapore Citizens and Permanent Residents) you will need to open a CPF account with the Central Provident Fund (CPF) Board and a percentage of the local employees’ salaries will be contributed to this Board on a monthly basis as part of their retirement fund. For more details, please visit the CPF website. We can help you register your Company CPF account and manage your staff payroll, if required.
  • You will need to decide on your company’s financial year end which can be any date within 18 months from the date of incorporation of your company.
  • You will need to keep track of your income and expenses (bookkeeping) according to Singapore accounting standards. Depending upon the volume of transactions, we can provide bookkeeping services either on a weekly, monthly, quarterly or yearly accounting basis

What are the Requirements for Registering a Singapore Company?

To proceed with your Singapore company formation, you need the following:

Requirements Description
Company Name For your Singapore registered company, you must avoid choosing a company name that is: 

  • identical to existing local company names;
  • offensive, obscene or abusive names; or
  • already reserved.
Paid-Up Capital The minimum paid-up capital for setting up a Singapore company is S$1.
Registered Address A local Singapore address is a requisite to incorporating your Singapore company. The registered address can be either a residential or commercial address, but not a PO Box.
Directors For setting up your Singapore company, a minimum of one (1) local director is mandatory. The local director must either be a Singapore Citizen, a Singapore Permanent Resident, or an EntrePass, Employment Pass, or Dependent Pass holder.
Shareholders The Singapore private limited company set-up requires a minimum of one (1) shareholder and a maximum of 50 shareholders. Foreign corporate and individual shareholders are allowed to own 100% of the shares.
Company Secretary The Singapore Companies Act requires every Singapore incorporated company to have a company secretary within 6 months of its incorporation.

What is paid up Capital?

Paid-up capital is essentially the portion of share that the company has issued and received payment for in full.

A Singapore company can be registered with a minimum paid up capital of S$1 (Or its equivalent in any currency).

Issued Share Capital funds

Upon incorporation, the issued share capital must be paid up immediately into the corporate bank accounts.

In the unfortunate event that the company goes under, the creditor can inspect the company’s accounts and lay their claim for the balance paid up, if it has not been utilized.

What is the procedure for increasing paid-up capital at a later date?

You will first need to inject the necessary capital into your company bank account and send us a copy of the bank deposit slip showing the capital injection.

Upon receipt of the proof of capital injection, we will prepare the documents and lodged with the corporate authorities.

Upon obtaining your signature on the above documents, we will be able to lodge them with ACRA and get an updated company profile showing the revised paid-up capital for your Singapore company.

Usage of Paid-Up Capital

After we have injected the money into our company as paid-up capital, how soon can we start using it towards business expenses or investment?

There is no lockup period as such. You can start using it towards your company’s needs immediately.

Can we use non-cash consideration to increase the paid-up capital of our company?

Yes, non-cash considerations such as fixed assets can be used to increase the paid-up capital. However, sufficient evidence of the valuation of the assets must be provided.

Need help starting a business in Singapore?

We’ve got it all covered. With AsiaBiz, you get a dedicated one-stop solution for your company incorporation, immigration, offshore setup, accounting, taxation, and corporate compliance needs.

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