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As an entrepreneur with business ideas, you need to understand the basics. How to create and run a Singapore company (G.C.) completely digitally (online)? There’s no need to worry as all that you need is now available for your use, right at the tip of your fingers.
No matter how much business experience you have or how much you study about business management, you can’t find a better guide than this – How to create and run a Singapore company (G.C.) completely digitally (online).
- 1 Steps to be taken for incorporating online company:
- 2 What things to keep in mind before starting the process?
- 3 Other important information:
- 4 What next if ACRA rejects my online company incorporation?
- 5 What are the conditions for an LLC/G.C.?
- 6 Is Singapore a good place to set up a company?
- 7 What are the advantages and disadvantages of establishing an online presence?
- 8 What are the advantages of registering a company in Singapore?
- 9 What are the disadvantages of setting up a company in Singapore?
- 10 Where can you get Singapore company formation documents?
- 11 Final Word:
Steps to be taken for incorporating online company:
- The first thing to do is make sure that you have a decent laptop or desktop. Then, get your hands on the Singapore e-registration kit for company incorporation through ACRA’s website at https://www.acra.gov.sg/. The kit comprises an instruction manual, tax invoice application form, invoices, company seal, and stamps.
- The next thing is to register and reserve your company name. All you need to do is visit the Singapore Company and Business Names search page at https://www.sgn.gov.sg/, or go directly to http://app1.csd.gov.sg/CBN/.
- Once you’re on the page, find the ‘Search for a company name’ link, and an online form will appear before you. You can then input your desired denomination in the relevant boxes, but bear in mind that there is a list of prohibited names displayed on the right-hand side of your screen.
- Having done that, your search results should have more companies registered with the same name. You can then choose to reserve/register the name you like by clicking the respective button.
- The last step is for you to fill up an online application form (ACRA-1). You’ll need to answer several questions in this part, including details about your director(s), shareholder(s), and officers. You can start by selecting the appropriate links available on the ACRA website.
Just follow their simple steps, and you’re good to go.
What things to keep in mind before starting the process?
Before you can go ahead and fill out your application form for incorporation, you need to make sure that all these requirements are met.
- Meet the official requirements:
Before you start, it’s important to first be aware of who can incorporate an LLC or G.C. As long as you are at least 21 years of age and have the following qualifications, you are qualified to set up a company. Also, you need:
- Company Secretary
Before you start, it’s important that you understand why a Company Secretary is needed in Singapore. The company secretary ensures that all board decisions and resolutions are duly recorded, and he/she is the custodian of important company documents such as Board minutes, financial statements, etc.
- Nominee Director
A nominee director is expected to act in the best interest of the company and its shareholders. The nominee director is appointed for this purpose, but he must be free from any conflict of interest while doing so.
- Registered Address
The last main requirement is a registered address where all official company mail should be sent. When you apply, ACRA will issue you with a Certificate of Incumbency as proof of your registered office address. But don’t forget to provide the details on the exact location, as some places aren’t allowed, like PO boxes or residential units.
- Open a bank account:
Having gone through all the requirements, you can then proceed to open a bank account. How do you go about doing this? You need to visit your preferred financial institution and ask for help. Be prepared to provide them with certain documents such as your NRIC number, the name of the company you’re setting up, and an acceptable purpose of the account.
- Start building a company name:
Having chosen the company name, you need to register it with the Accounting and Corporate Regulatory Authority’s Business Entity Search portal at https://www.sgn.gov.sg/. You can start by clicking on the ‘Registry Search’ link, or going directly to https://app1.csd.gov.sg/CBN/.
- Register for GST:
When your company is ready to be registered with ACRA as a business entity, you also need to register with the Inland Revenue Authority of Singapore (IRAS) for GST purposes. All you need to do is visit their GST registration portal at https://www.iras.gov.sg/gst-registration/, and follow their simple steps online, which includes uploading your company’s documents as well as your banking details.
- Link company bank account:
After having registered for GST, you need to link your company’s bank account with the IRAS website. You can follow their simple steps to complete this process, which includes verifying your business using a one-time password (OTP).
- Petition a judicial management company:
In some cases, you may need to petition a judicial management company for your business. You can start by visiting the Judicial Management of Companies page at http://www.jmcos.gov.sg/Pages/index.aspx for more information and guidelines on how to petition against your company.
- Draw up a memorandum and articles of association:
To set up a business in Singapore, you need to draw up a company constitution as well as its by-laws. You can start by heading over to How To Create And Draw Up A Memorandum And Articles Of Association For A New Singapore Company (GC) Completely Digitally (Online).
- Register for e-statements:
To enable your company to receive digital statements each month, you need to register with the Public Utilities Board (PUB), and its Energy Web Foundations (EWF). You can start by visiting their EWF registration portal at http://www.ewf.gov.sg/. You need to provide PUB with certain details, after which they will be able to provide you with access links for your e-statement needs.
Other important information:
If you start your application process without completing all the requirements, ACRA may reject your application later on. So to make sure you don’t hit any obstacles along the way, make sure that your application is complete and accurate before submitting it.
What next if ACRA rejects my online company incorporation?
If ACRA rejects your company incorporation application, you can try again after the first 14 days of submission. If you are rejected twice, ACRA will share the reasons for your rejection with you.
What are the conditions for an LLC/G.C.?
To avoid legal conflicts, Singapore law needs you to adhere to some rules when setting up a company. Failure to comply with these rules will result in penalties and can even lead to your business being shut down. With this in mind, make sure you read and understand the following rules before submitting your application for company incorporation.
Is Singapore a good place to set up a company?
Many people decide to incorporate their businesses in Singapore because of its business-friendly environment and diverse market. This country is also considered the easiest place to start a business within Southeast Asia.
What are the advantages and disadvantages of establishing an online presence?
There are many advantages and disadvantages associated with setting up an online business or website:
One of the biggest advantages of establishing an online presence is its scalability. Since it’s easy to set up a website and there are minimal costs involved, you can grow your business as much as you want without worrying about high operating expenses. In addition, since websites are accessible from anywhere in the world at any time, you’ll be able to attract more customers from different locations.
In comparison, a brick-and-mortar business can be difficult to expand because of the necessary investments required in physical infrastructure and fixed overhead costs. It is also much harder for you to attract customers from other countries when operating a traditional business.
Setting up your own website gives you a lot of exposure. Since there are millions of websites on the internet, you will likely face a lot of competition when trying to establish your business online. You may end up competing with some larger and more established brands that already have a significant presence in the market.
- High entry barriers:
Establishing an online presence is relatively easy and inexpensive, which means it may be open to anyone who is interested. However, the problem is that it’s still relatively new and not many people are familiar with this concept yet, so there’s low brand awareness. This can make it harder for you to gain customers when establishing your business online because most of them will still prefer traditional modes of doing business such as brick-and-mortar stores.
The good thing about having an online presence is that you can respond to customer concerns and queries quickly. This also helps strengthen customer loyalty because they will feel more appreciated if they receive a quick response from you whenever they write to your business website.
However, there may be times when the responsiveness of your website and that of your customers doesn’t match up. For example, a customer may contact you via a contact form on your website if he or she is experiencing a problem with your product. However, the time it takes for him or her to receive a response from you might be longer than expected if there are many people contacting you at once and slowing down the overall responsiveness of your website.
What are the advantages of registering a company in Singapore?
There are several advantages to registering a company in Singapore. For example, there is no minimum capital requirement when you set up a business here, and if you choose to go for an LLC or G.C., it would cost you less than 4% of your total capital to set it up. The following are the benefits :
- High legal security:
Singapore is widely considered to be one of the safest places in the world to establish a company, which means that your business will be protected by law. You can rest assured that if you find yourself entangled in any legal issues with your clients or other companies, Singapore’s court’s system would take care of them for you.
- Low tax rates:
The Singaporean government has designed its tax system to be simple and straightforward, which means that your business will have lower costs every year. There are several types of taxes you need to pay when your business is running, but they are relatively low in comparison to other countries.
- Ease of incorporation:
When it comes down to starting a business, Singapore is one of the easiest places to set up shop. It only takes a few hours for new companies to be registered and running on an operational basis, which means you can get started as soon as possible as opposed to other countries such as the United States of America where incorporation can take several days.
- Modern bureaucracy:
The government has done away with the monopoly of service provision from traditional service providers such as law firms and accounting companies, which means that you can choose from a larger pool of professional service providers. This also leads to competition between these service providers, which will lead to better quality services for you at a lower cost.
- Reliable infrastructure:
Singapore has a reliable, well-developed infrastructure that helps new businesses get started with ease. This includes the availability of a reliable power supply and a fast internet connection. All these elements help you avoid significant disruptions to your business while it gets started.
- Credible financial institutions:
Another reason why many businesses decide to incorporate their operations in Singapore is the credibility of the financial institutions here. Many of these institutions offer attractive financing rates and other services to help new businesses succeed.
- Thriving economy:
Singapore holds a significant place in the world economy, which means that there is a lot of potentials for your company to grow and succeed. In addition, most businesses here are small and mid-sized enterprises (SMEs), so you will likely find it easy to team up with other companies and enter new markets.
- Cultural diversity:
This country offers a thriving and multicultural environment for businesses to thrive in. The people here speak English fluently, which means you won’t have any issues interacting with potential clients or partners in this business-friendly nation. There is also less competition in the market compared to other countries such as China and India.
What are the disadvantages of setting up a company in Singapore?
The major drawback that you need to consider when deciding on where to register your business is the high cost of living in this country, especially for housing and groceries. The following are the disadvantages:
- Expensive retail and office space:
The retail and commercial property markets in Singapore are among the most expensive in the world, which can increase your costs significantly when buying a business space. This is especially true if you intend to take over an existing office or space rather than establish something from scratch.
- High cost of living:
Singapore is considered one of the priciest places to live in the world, with transportation and utility costs being particularly high. In fact, it is not uncommon for executives who move to Singapore from other nations to see their salaries decrease significantly due to the cost of living here.
- Shortage of skilled labor:
Singapore’s workforce relies heavily on foreign labor, which means there can be a shortage of skilled labor at times. This can be a problem for businesses that need highly-skilled employees because it may be hard to find them in this country.
Where can you get Singapore company formation documents?
We know how important it is to find the perfect company for your needs, and we want to make sure that you can do this with ease. Let’s look at some of the companies in Singapore that offer services such as incorporation and documentation:
CompanyDocs is a Digital Company Registration specialist that has helped thousands of new businesses get started with ease. It offers a complete end-to-end solution for document processing, documentation, and electronic filing services, which makes this company an ideal partner for your business. You can also work with the best lawyers in Singapore to find out more about incorporating your company here.
If you are looking for a complete e-commerce solution, you should consider working with iRegistry. This company provides document processing and electronic filing services as well as domain name registration and search capabilities for over 200 countries around the world. It also offers free automation tools that will help you improve your productivity and meet all your compliance needs.
As far as we know:
CompanyDocs is the only digital company incorporation specialist in Singapore that provides document processing, documentation, and electronic filing services.
CompanyDocs offers a complete end-to-end solution for document processing, documentation, and electronic filing services to more than 1,000 clients around the world.
iRegistry is one of the leading domain name and company registration specialists in Singapore and offers free automation tools that can help improve your productivity.
iRegistry has helped more than 200,000 clients from around the world create their companies with ease.
- Aspire is the only company in Singapore that specializes in providing fast and affordable incorporations with full-service customer care.
- Aspire has helped many local entrepreneurs create their companies quickly and easily.
- Aspire focuses on cost-effective incorporations, which means you will notice a significant reduction in your business costs.
- Aspire offers personalized service and full compliance with all Singapore business laws.
- Aspire prepares your company documents quickly so that you can focus on other business matters.
- Aspire can help you incorporate a Singapore company from any location, from the comfort of your own home.
- Osome Ltd is a leading authorized agent for incorporation and company formation in Singapore.
- Osome provides an affordable solution for incorporating your company quickly and easily, without the need to visit an office or court.
- Osome offers online document processing that includes everything you need for business purposes such as name search, customizing forms, and filing and registering documents.
- Osome processes your incorporation quickly and can help you open a business bank account at OCBC, UOB, or POSB within minutes.
- Osome specializes in providing quality customer service that is personalized for each individual client’s needs.
- Sleek Pte Ltd offers an affordable solution for turning your idea into a reality by providing professional consultancy services.
- Sleek has helped thousands of new entrepreneurs create their businesses with ease and can help you turn your idea into a reality within just three days.
- Sleek helps you complete all official documentation in strict compliance with Singapore laws, which means you can enjoy all the benefits of a professional company with no hidden costs.
- Sleek provides fast and affordable incorporations without compromising on quality, security, or reliability.
- Sleek helps you create your business from any location at any time.
- CorporateOutbox is the only company in Singapore that specializes in providing fast and affordable incorporations with free branding assistance.
- CorporateOutbox has helped many local entrepreneurs simplify the process of creating their companies quickly and easily without compromising on quality or reliability.
- CorporateOutbox offers online document processing that includes everything you need for business purposes such as name search, customizing forms, and filing and registering documents.
- CorporateOutbox can help you open a business bank account at OCBC, UOB, or POSB within minutes.
- CorporateOutbox simplifies the process of company formation by providing free branding assistance to help you get your company up and running quickly.
Establishing an online presence has many advantages, but it also comes with some disadvantages. However, the benefits typically outweigh the disadvantage because you can easily expand your business without having to worry about high costs and overhead expenses. Most online businesses are scalable, which means you can grow at your own pace. It’s also easy to get more exposure and attract customers from other locations when you have an online presence. The only major downside of this is that it does not guarantee success, especially in a highly-competitive industry where there are already many established brands with a significant customer base in the market.