This document provides an introduction to starting a company in Singapore. It discusses legal structures for local and foreign directors, important government bodies, and compliance requirements. It also outlines the process for incorporating a private limited company, including completing necessary forms and documents. Additionally, it covers opening a corporate bank account and applying for work passes for foreigners to legally work in Singapore.

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

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ACCOUNTING
IS A
SERVICE, NOT A
TRANSACTION

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FUTUREBOOKS
SERVICES
Incorporation ,
company secretary,
work passes
Bookkeeping, annual
financials and
company tax
Sale of the
business

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LAUNCH YOUR
BIG IDEA

5. STRUCTURES AND
COMPLIANCE

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LEGAL STRUCTURES:
LOCAL DIRECTORS

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LEGAL STRUCTURES:
FOREIGN DIRECTORS

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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 REGISTERED
MAILING ADDRESS

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#3 APPOINTING A
COMPANY SECRETARY
Maintain the
statutory registers?
Can I handle
share transfers?
Can I file all
mandatory returns on
time?
Effect the changes
in the Company?

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#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?

14. INCORPORATING
A PRIVATE LIMITED
COMPANY

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PLAN YOUR
INCORPORATION

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COMPLETING AN
INCORPORATION
•
•
•
•

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#1 BIZFILE
Download

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#2 M+AA
Download

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#3 SHARE
CERTIFICATE
Download

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#4 BOARD OF DIRECTORS
RESOLUTION
Download

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COMPANY
STAMP + SEAL
Do I need a
company seal?

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Search for
‘Singapore
incorporation’
on the App Store.

23. OPENING A
CORPORATE
BANK ACCOUNT

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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

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GET USED TO
CORPORATE BANKING

26. APPLYING FOR
A WORK PASS

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LEGALLY WORKING
IN SINGAPORE
MOST DESIRABLE
LEAST DESIRABLE
Employment
pass
Entrepass
Permanent
residency

28. SCENARIOS

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A LOCAL WHO WANTS
TO TEST AN IDEA

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A FOREIGNER WHO WANTS TO START
A BUSINESS AND LIVE IN SINGAPORE

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A FOREIGNER WHO DOES NOT
WISH TO LIVE IN SINGAPORE

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TERMS OF USE