SlideShare a Scribd company logo
1 of 35
Prepared for directors
of Singapore private
limited companies.
As of 2013
STARTING A
COMPANY IN
SINGAPORE:
INTRODUCTION
www.futurebooks.com.sg
LAUNCH YOUR
BIG IDEA
STRUCTURES AND
COMPLIANCE
www.futurebooks.com.sg
LEGAL STRUCTURES:
LOCAL DIRECTORS
www.futurebooks.com.sg
LEGAL STRUCTURES:
FOREIGN DIRECTORS
www.futurebooks.com.sg
IMPORTANT
GOVT BODIES
www.futurebooks.com.sg
COMPLIANCE WITH
ACRA’S BIG 4
www.futurebooks.com.sg
#1 APPOINTING A
LOCAL DIRECTOR
www.futurebooks.com.sg
#2 REGISTER MAILING
ADDRESS
www.futurebooks.com.sg
#3 APPOINTING A
COMPANY SECRETARY
Can I handle asset
registers?
Can I handle
share transfers?
Can I file
on time?
www.futurebooks.com.sg
#4 APPOINTING
AN AUDIT FIRM
Do I want to attend a
planning meeting?
Will I answer
email?
Will I get it
done?
Will I maintain
the budget?
INCORPORATING
A PRIVATE LIMITED
COMPANY
www.futurebooks.com.sg
PLAN YOUR
INCORPORATION
www.futurebooks.com.sg
Q/A
WIN TALK -
TIME WORTH
$500 WITH A
CONSULTANT
www.futurebooks.com.sg
COMPLETING AN
INCORPORATION
•
•
•
•
www.futurebooks.com.sg
#1 BIZFILE
Download
www.futurebooks.com.sg
#2 M+AA
Download
Approx 100
articles
www.futurebooks.com.sg
#3 SHARE
CERTIFICATE
Download
Common seal
www.futurebooks.com.sg
#4 BOARD OF DIRECTORS
RESOLUTION
Download
www.futurebooks.com.sg
COMPANY
STAMP + SEAL
Do I need a
company seal?
www.futurebooks.com.sg
Search for
‘Singapore
incorporation’
on the App Store.
OPENING A
CORPORATE
BANK ACCOUNT
www.futurebooks.com.sg
STARTUP FRIENDLY
BANKS
Account name Min. opening
balance
Min. avg. daily
balance
Directors living
abroad
DBS Startup
Entrepreneur
Account
$500 $10,000 Easy
OCBC Business
Entrepreneur
$500 $8,000 Easy
Standard Chartered BusinessOne none $10,000 Easy
UOB Current $1,000 $8,000 Hard
MayBank Company Current $3,000 $10,000 Hard
HSBC Business Vantage $30,000 $30,000 Hard
Citibank Commercial Bank $100,000 $50,000 Hard
www.futurebooks.com.sg
GET USED TO
CORPORATE BANKING
START-UP
FRIENDLY
VISAS
www.futurebooks.com.sg
OVERVIEW ON
WORK PASSES
Employment
pass
Entrepass
Business
visa
LOC
www.futurebooks.com.sg
SUMMARY OF
IMPORTANT TIMINGS
Activity Description
Incorporation
10 days to incorporate (7 days to collect and sign docs + 3 days to
process)
Update MOM
e-records
10-14 days for Ministry of Manpower to recognise a newly
incorporate company before application can be submitted online
Work visa 1-8 weeks to secure the EP application (if an EP is required)
Open bank account
with foreign director
Allow 30-60 for a foreign director who cannot visit Singapore to
open the bank account. For directors residing in Singapore, opening
an account is 7 days.
SCENARIOS
www.futurebooks.com.sg
A LOCAL WHO WANTS
TO TEST AN IDEA
www.futurebooks.com.sg
A LOCAL WHO WANTS
TO BUILD A PAYROLL
www.futurebooks.com.sg
A FOREIGNER ON A EP WHO
WANTS TO START A BUSINESS
www.futurebooks.com.sg
A FOREIGNER ON A DP WHO
WANTS TO START A BUSINESS
www.futurebooks.com.sg
A FOREIGNER WHO DOES NOT
WISH TO LIVE IN SINGAPORE
www.futurebooks.com.sg
www.futurebooks.com.sg
TERMS OF USE

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Start a company Singapore Introduction