The session will cover in great detail the problems directors encounter when trying to start a company in Singapore. These include: choosing the right legal entity; incorporation + compliance matters; corporate shareholders and tax; applying for work passes for foreign directors; finding a startup friendly local bank. See more here: http://futurebooks.asia/blog/starting-a-company-in-singapore-sponsore-byplug-inblk71/6816

1. Prepared for directors
of Singapore private
limited companies.
As of 2013
STARTING A
COMPANY IN
SINGAPORE:
INTRODUCTION

2. www.futurebooks.com.sg
LAUNCH YOUR
BIG IDEA

3. STRUCTURES AND
COMPLIANCE

4. www.futurebooks.com.sg
LEGAL STRUCTURES:
LOCAL DIRECTORS

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LEGAL STRUCTURES:
FOREIGN DIRECTORS

6. www.futurebooks.com.sg
IMPORTANT
GOVT BODIES

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COMPLIANCE WITH
ACRA’S BIG 4

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#1 APPOINTING A
LOCAL DIRECTOR

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#2 REGISTER MAILING
ADDRESS

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#3 APPOINTING A
COMPANY SECRETARY
Can I handle asset
registers?
Can I handle
share transfers?
Can I file
on time?

11. 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?

12. INCORPORATING
A PRIVATE LIMITED
COMPANY

13. www.futurebooks.com.sg
PLAN YOUR
INCORPORATION

14. www.futurebooks.com.sg
Q/A
WIN TALK -
TIME WORTH
$500 WITH A
CONSULTANT

15. www.futurebooks.com.sg
COMPLETING AN
INCORPORATION
•
•
•
•

16. www.futurebooks.com.sg
#1 BIZFILE
Download

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#2 M+AA
Download
Approx 100
articles

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#3 SHARE
CERTIFICATE
Download
Common seal

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#4 BOARD OF DIRECTORS
RESOLUTION
Download

20. www.futurebooks.com.sg
COMPANY
STAMP + SEAL
Do I need a
company seal?

21. www.futurebooks.com.sg
Search for
‘Singapore
incorporation’
on the App Store.

22. OPENING A
CORPORATE
BANK ACCOUNT

23. 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

24. www.futurebooks.com.sg
GET USED TO
CORPORATE BANKING

25. START-UP
FRIENDLY
VISAS

26. www.futurebooks.com.sg
OVERVIEW ON
WORK PASSES
Employment
pass
Entrepass
Business
visa
LOC

27. 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.

28. SCENARIOS

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A LOCAL WHO WANTS
TO TEST AN IDEA

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A LOCAL WHO WANTS
TO BUILD A PAYROLL

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A FOREIGNER ON A EP WHO
WANTS TO START A BUSINESS

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A FOREIGNER ON A DP WHO
WANTS TO START A BUSINESS

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A FOREIGNER WHO DOES NOT
WISH TO LIVE IN SINGAPORE

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TERMS OF USE