Singapore Company Incorporation – Steps to Take
Before Tetra Consultants starts to incorporate Singapore company, it is important for our clients to be clear of the steps required for Singapore business set up. This is to minimize future surprises while our clients are conducting their businesses.
- Our team of experts will recommend the most suitable business entity depending on our international clients’ business goals and activities. Our team will communicate closely with our clients to determine the optimum paid up share capital, corporate structure and whether there is a need to apply for any licenses.
- Tetra Consultants will assist you to reserve your preferred company name. Tetra Consultants will provide our international clients a local registered address and a local Singapore nominee resident director. Our legal team will draft a nominee director agreement to ensure that the appointed nominee director has no decision-making power in your company. For transparency, our team will provide KYC documents of our nominee including passport copy and proof of address. Our team will also draft articles of incorporation, business plan and other required incorporation documents before submitting the same to ACRA.
- On average, the company registration will be completed within 1 business day. Once the company is registered, Tetra Consultants will courier the Certificate of Incorporation, Memorandum & Articles of Association, Register of Directors and Register of Shareholders to our clients’ preferred addresses.
- Immediately, Tetra Consultants will proceed to open a corporate bank account for your newly-established company. There will be 2 options for our clients to choose from. Firstly, you can choose to open a corporate bank account with a reputable Singapore bank such as DBS or OCBC. These banks are world-class institutions with excellent internet banking facilities. However, Singapore banks will require our clients to travel to Singapore for a face-to-face interview at a local bank branch. Our team of experts will accompany our clients to the bank meetings to ensure a seamless and swift account opening process.
- Alternatively, Tetra Consultants can provide our clients non-travel corporate banking solutions. We will contact global banks to board your newly-established Singapore companies. In most cases, Tetra Consultants secure banking solutions in Switzerland, Hong Kong and other European banks for our international clients. Assuming your business’ management team, customers and suppliers are outside of Singapore, your Singapore company is legally tax exempt. Using this solution, you are subject to 0% corporate tax in Singapore.
- On average, the corporate bank account will be opened within 4 weeks after company incorporation. Tetra Consultants will courier the internet banking token and access codes to our clients’ preferred addresses. See this webpage to find out more about corporate bank account opening for Singapore companies.
- Tetra Consultants’ Chartered Accountants will ensure that your Singapore company remains in good standing by meeting all regulatory deadlines. In the event you decide to outsource accounting to Tetra Consultants, our team is proficient with monthly bookkeeping, annual return filing, GST registration and other relevant services.
- Contact us to find out more about how to set up business in Singapore. Our team of experts will revert within the next 24 hours.